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Big Mac
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Discussion Starter · #1 ·
Last night, on my way home from a ride, I was rear ended. I stopped at a red light and the guy behind me didn't. The good news is that no one was hurt. The bad news is that I have a hitch mounted rack, which is now completely destroyed. My bike suffered quite a bit as well. The rear tire is totally wacked and the chain stay is severely bent. It's dual squishy, so I can't help but think that there is other damage also, like to linkages, shock mounts, etc... My question is what can I expect from the insurance company (his, Progressive) Replacement value of the whole bike is quite high. So, anyone dealt with this? What happened? Time frame? Thanks!
 

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If we are talking total bike replacement, they likely only owe you actual cash value, not full replacement value. i.e. they owe you for a used bike in similar condition to yours, not a brand new 2009 model.
 

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I think I need to Upgrade
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1,620 Posts
They will have to compensate you to the point that you were before the accident. In other words actual cash value(ACV) for the bike. Best thing you can do is take the bike into a bike shop and have a formal apprasial(what it would cost to replace that bike with current model parts) done on the bike and submit that to the insurance company. Hold your ground with them also, they will try to low ball you at first but hold your ground. If you get 75% of what the bike would cost new then you did good. How old was the bike? Miles? Condition?


Another thing that they may do is tell you the they will give you only X amount for the bike, but if you submit recipts for the remaining balance then they will compensate you with the rest to return you to where you were before the accident.
 

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Insurance

I dealt with a simialr issue recently. The insurance adjuster's job is to get you to settle quickly for an accpetable amount. They will try at first to get you to take an amount that is much lower than what you may need to repair the bike. Hold your ground and decline, they will contiunue to work with you until both parties are satisfied with the amount. It is more of a waiting game. You have the advantage of being the "victim", they have the advantage of "holding the purse strings".

They will request the amount that you paid for the bike and the approximate age. In my instance the depcreciation was not figured into the settlement. Other comapnies may be different. The settlement will be for a comaprable replacement.
 

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Nice no rass
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682 Posts
Take it to the best shop in your area, have them go over the bike w/ a fine tooth comb and write you an estimate for repair. Hand a copy of that estimate to the ass hat adjuster (believe me, they will be an ass hat) of the clown that rear ended you. Don't accept any less than a full repair or replacement at no cost to you. If you have to, mention the word "lawsuit".
 

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Big Mac
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4,989 Posts
Discussion Starter · #8 ·
It's finally done with. They gave me full replacement value for the frame, front and rear wheels, and the rack. Plus repair costs for the very minor damage done to the bed of my truck, which I will not repair. They also included something for a shop fee to build a new bike. They kept the frame, I kept all the parts. I'am pleased with the outcome. And actually, the whole experience was painless and civil. No asshats! Not the experience I was expecting. Thanksfor the comments. Gotta go bike shopping!
 
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