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Insurance value after accident?

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Insurance value after accident?

Old 08-23-20, 08:46 AM
  #1  
dougphoto
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Insurance value after accident?

So I got doored about 2 weeks ago. I don't recommend it, it sucks. Anyway my bike has a big ugly dent in the frame. I have/had a Cannondale Slate 105, so It's a bike that hasn't been made for a few years. Should I submit the price I paid for the bike to insurance, or the price for an equivalent new bike? so I guess that would be a topstone lefty, but those are carbon and my bike was aluminum. hmmmm
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Old 08-23-20, 09:32 AM
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GlennR
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They'll look as the price when sold and then delete depreciation. You'll only get a fraction of what you paid or what a replacement would cost.

Sux, but that reality.
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Old 08-23-20, 09:51 AM
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In my only two dealings with insurance companies and bicycle related stuff I didn't have issues with depreciation. I think it in part has to do with no standards for what depreciation is for a bicycle unlike cars which have high rates of resale. In both cases I had the LBS give an estimate of the replacement cost of the item and sent it to the insurance company. The thing is that you crashed, so I'd be demanding the replacement cost of the frame and labor, if you have anything carbon I'd include that in the replacement since you can't verify that they're still sound so fork and handlebars is necessary. You also have the right to have things restored but since that can't really happen with bike parts I'd toss in anything significantly damaged, so possibly the shifters that hit the ground or the door, scraped parts etc. Since these parts plus labor can exceed the cost of an equivalent replacement offer both to the insurance company and let them decide.
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Old 08-23-20, 12:21 PM
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Iride01
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Just the bike got hurt? I'd try to make them pay for my band-aids too.
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Old 08-23-20, 12:40 PM
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Originally Posted by dougphoto View Post
So I got doored about 2 weeks ago. I don't recommend it, it sucks. Anyway my bike has a big ugly dent in the frame. I have/had a Cannondale Slate 105, so It's a bike that hasn't been made for a few years. Should I submit the price I paid for the bike to insurance, or the price for an equivalent new bike? so I guess that would be a topstone lefty, but those are carbon and my bike was aluminum. hmmmm
It'll be valued as less than new. Ask for the comparisons they used and then you can then show actual real comparisons that are higher than what they claim to get more $.
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Old 08-23-20, 12:47 PM
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I got rear-ended when my bike was on a rack. The bike was totaled. The insurance company (GEICO) gave me 90% of the price I paid. I was completely happy with that.

I didn't expect it, but as it turned out, I was able to buy an equivalent replacement for less than I was reimbursed... doubly happy.
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Old 08-23-20, 03:35 PM
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I had a similar experience. I was struck by a vehicle in such a way that my front fork legs snapped off completely. I had a estimate for bike frame replacement and component install done at a bike shop, and sent that to Geico. They reimbursed me that amount + the value of my helmet for which I had a receipt.
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Old 08-23-20, 04:26 PM
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It depends on your insurance. The only time I ever made a bike-related claim was in the 90s, when my mountain bike got stolen. My renter's insurance was a replacement-value policy. They wound up paying me more than I even asked for, and much more than I had paid for the bike 6 years earlier.
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Old 08-23-20, 04:31 PM
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Do you not have an agent? Talk to them. You may get replacement value, you may get a depreciated value, but talk to your agent.
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Old 08-23-20, 09:12 PM
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I would recommend that everyone look at their homeowners/renters insurance and see if they have replacement value coverage. If not, you should definitely find out how much it would cost to upgrade your insurance. My recollection is that it's not that big of a difference in cost.
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Old 08-23-20, 11:50 PM
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Originally Posted by GlennR View Post
They'll look as the price when sold and then delete depreciation. You'll only get a fraction of what you paid or what a replacement would cost.

Sux, but that reality.
It depends on what insurance coverage you have if going through your insurance or the adjuster if going through the person at faultís insurance. I have always gotten as new replacement value the 3 times I have dealt with insurance and my bike.
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Old 08-24-20, 06:21 AM
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I got full new replacement cost for my frame. The frame was close to 10 years old at the time too.

In fact, they wanted to cut me a check for a whole new bike, but they would take what I had. I didn't want to give up my PM or CK hubs. Since only the frame and rear rim were damaged, they agreed to pay for a new frame and wheel repair - which was also less than a complete bike.
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Old 08-24-20, 09:12 AM
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I got hit by a car that destroyed the bike. GEICO was her insurance company. I think the claims guy was use to car valuations not bikes. He did a comparison of other similar bikes for sale in the area. The offer was less than new, but I felt it was fair.
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Old 08-24-20, 12:04 PM
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Do your homework

You can achieve the best possible result by working your claim. Take good pictures of everything damaged. Prepare a list of each item damaged with as much specificity as possible. Then, for each item, set forth what you claim it’s worth with copies of what you are relying on for each item. The more sources and backup, the better. When you are making an educated guess, say so. Include damages for loss of use of your bicycle, supported by evidence of what a daily rental would cost you.

The objective is to show the adjuster that your claim is proper, supported and substantiated, and that you are ready, willing, and able, to defend it. Make it clear through your (voluminous and not overstated) submission, that he’s going to have to spend a lot of time getting smart about bicycles and doing a lot of spade work to adjust a claim that, even with high end stuff, is a small claim compared to wadding up an F-150.

It’s a lot of work, but, in effect, a well-prepared claim makes it easier for the adjuster to evaluate and to allow your claim. Which is your goal.

Last edited by mbailey; 08-24-20 at 12:06 PM. Reason: Typo
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Old 08-24-20, 02:29 PM
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Depends on whether you have a replacement rider. Even at that, insurance companies look at bikes as a niche product, so it will pay to have a good relationship with your agent.
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Old 08-24-20, 08:13 PM
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Originally Posted by Iride01 View Post
Just the bike got hurt? I'd try to make them pay for my band-aids too.
Oh I'm in plenty of hurt too, but I will heal my bike frame won't. But they will be paying for me to heal.
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Old 08-29-20, 06:32 PM
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Originally Posted by dougphoto View Post
So I got doored about 2 weeks ago. I don't recommend it, it sucks. Anyway my bike has a big ugly dent in the frame. I have/had a Cannondale Slate 105, so It's a bike that hasn't been made for a few years. Should I submit the price I paid for the bike to insurance, or the price for an equivalent new bike? so I guess that would be a topstone lefty, but those are carbon and my bike was aluminum. hmmmm
I'm an agent, are you filing a claim against the vehicle's insurance carrier or your homeowners policy?
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Old 08-29-20, 07:13 PM
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^^Yes, I think that matters. You'll be more likely to get replacement value if you are being paid by the perp's insurance.
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Old 08-30-20, 01:21 AM
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How does replacement work when the bike shops don't have anything comparable in stock? You want to wait till November?
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Old 08-30-20, 06:42 AM
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I was rear-ended a few years ago with my bike on a trunk rack. Brought it to my LBS and the mechanic said we needed to replace the front wheel and, to be safe, the fork. Provided an estimate of $600. I gave that to the insurance company of the woman who hit me and they reimbursed the whole price. Now, they were probably surprised and happy I didn't really care about the small dent on my bumper and didn't even ask for the car to be repaired .... just my bike :-).
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Old 08-30-20, 11:49 AM
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Originally Posted by Buddy of KS View Post
I'm an agent, are you filing a claim against the vehicle's insurance carrier or your homeowners policy?
against the drivers insurance
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Old 08-30-20, 03:43 PM
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Originally Posted by znomit View Post
How does replacement work when the bike shops don't have anything comparable in stock? You want to wait till November?
You get a check for the replacement value and spend it how you see fit.
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Old 08-30-20, 04:11 PM
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Originally Posted by indyfabz View Post
You get a check for the replacement value and spend it how you see fit.
Isnít it actual cash value (replacement less depreciation) if itís the other personís insurance and replacement cost under your own homeowners?
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Old 08-31-20, 08:32 PM
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Originally Posted by dougphoto View Post
against the drivers insurance
Technically they only owe you for the actual cash value of the bike (meaning they can apply depreciation), not replacement cost. That being said, they are VERY lucky they do not have a massive Bodily Injury exposure from your accident. Many people would run out to get at attorney in your situation, and in any pedestrian/cyclist collision the insurance company is potentially on the hook for a lot of $$ in general damages.

In my opinion, they are highly incentivized to take care of you. You have some room to negotiate.
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