Insurance replacement

Hi 

Always reject the first offer.  Insurance staff will try and get away with a minimal payout - it is in their job description.

Put forward your reasons in writing and hopefully, you will see a better outcome.

Good luck.

This isn't like dealing with your own insurance company in a fault claim (where they will pay you whatever they can get away with). You, as the injured party, have a legal right to be returned to the position you were in pre-crash. This is the most important thing to remember.

Scour ebay and bike classifieds for bikes of the same age model and condition as yours, these figures are your starting point, then add on fair values for any upgrades you've made (less the value of the parts you've removed). This will give you a price that you can go to the other party and say "this is what a like for like replacement will cost me".

Also, if you don't have a car, make it clear that you've lost your means of transportation and so will be claiming for the costs of alternate arragements while the matter is being resolved.

No, you don't take the third off, you present it to the insurance company as the proposed cost of repair and negotiations start from there. You are allowed to refuse any offer they make, but if it is a reasonable offer you might be as well to take it. It is a negotiation.

You could ask the LBS to provide another quote which is  for replacement of damaged parts (insurance company isn't allowed to do second hand) and associated re-build which will come to more than the quote they've provided; and then make the offer to the insurance company that they just pay for a new bike as it would be cheaper. Personally I always get the insurace company to give me the money so I can spend it as I wish. 

The first thing to so is READ YOUR POLICIES VERY CAREFULLY to see what they say, so you know what you are covered for if anything.  Many many people have legal expenses cover etc in their household policies for example, but never use it because they have no clue it's there.  Plus, is your bike covered itself by any insurance you have?

THEN you can do into bat with the insueres.  You are basically wasting your time talking in cash terms - they have supply agreements for new bikes that are aften below trade.  When presented with a decent and reasonable argument, it's often entirely cost neutral to them to supply a new machine with no deduction for wear and tear.  Failing that, find some used bikes/bits that match the spec and condition of yours, and submit those.  As parts building is always more expensive than new bikes, they pay for new.

Finally, you can of course bring an action against the driver for and shortfall between what their insurers pay and what you get, though that is likely to be a long and tedious process.  Again, check if you have any cover for legal costs of this.

and +1 to Srchr's suggestion. That's how it works.

"I should not be left worse off " - This is supposed to be the central tenet of insurance. You were riding an 18 month old bike, and so there's no reason you should be supplied with a new one.  They should either supply you with a very similar 18 month old bike, or money to put yourself in that situation.

Normally cyclists come off quite well as the insurance company says "It's only the frame and wheels that got damaged, so we're only going to replace those, at market/ depreciated value". Of course market value for a frame, and maket value for the wheels to be then rebuilt into a replacement bike often adds up to more than the cost of the same bike on the second hand market. This has happened to me 3 times now, and each time it was a cannondale evo himod frame only, RRP $6500. For the 3 incidents I've been paid out a total of $14,500. Each time I've been able to buy a complete replacement bike for only $3500 off (ebay), which leaves me with groupset parts to sell / swap. I'm probably $4k better off overall. 

I've had this happen before - you need to play them at their own game.

Go to your LBS, explain that you got knocked off and are being dicked around by the driver's insurer.   Ask them to produce a quote to build your bike, as new, from parts at full RRP (frame, groupset, wheels etc, all listed separately), with a labour charge reflecting the attention to detail you require in the build.  You may want to buy them coffee/beer for their trouble, and/or pay for their time.

Supply this to the insurer and suggest they discount it by 1/3 to cover any depreciation - remember, you did keep your steed in pristine condition. Add on a hundred quid for your time. Tell them that you are happy for your solicitor to take things further if they don't agree with the resulting figure.

You should get paid out enough to cover the cost of a new replacement.

The insurer will argue that their duty is to put the cyclist back in the position he held before the incident,  ie the owner of an 18-month-old used bicycle.  It's hard to say they are wrong.

Never accept the first offer.

Their entire world is built around the motor vehicle, which have defined prices for everything, there are television adverts for car buying websites.

Remenber to factor in the costs of all the mechanic time, and the costs of replacement brake and gear cables.

And every time your soliciter does anything it will cost them more.

They decided to take the money of the awful driver, I'm shocked how cheap it seems to be.

Same happened to me. My bike was old, but had upgraded most of it over time. They offered me a derisory amount. After some negotiations, I settled for something between mine and their valuation. I was advised they're under no obligation to replace new for old, so I just got the best I could. As it was a personal injury case, I could have made it part of that, however could do with the money up front.

Yes they will always try this, my experience with insurance companies has found that they hate questions. I would ask them where you can purchase a replacement bike and wheels at the price they are offering. 

They're well within their right to make deductions for wear & tear based upon age etc.  They even do it for their own client's motor claims in the event of a total loss or write off.

I'd bypass a solictor (wholly unnecessary to have one in most cases), get on the phone yourself and give the very reason you've provided - why should you be at a loss due to somebody elses poor driving. You'd be surprised how often they'll back down.

If not then ask your solicitor to pursue it through the courts. You'll also be surprised how often an insurer backs down with this threat too!