How To Value Your Bicycle After An Accident

With few exceptions, a road bicycle is going to sustain its own injuries when a motor vehicle of any size strikes a rider and his or her bicycle, so it’s important to know how to approach an insurance company when negotiating a property damage claim.

Claims For Personal Injuries And Claims For Property Damage Are Handled Separately

The way most insurance companies are run, they will assign your claims to two different adjusters: one for personal injuries and one for property damage. And even though one adjuster will be tasked with handling your claim for damage to your bicycle, he or she may not have the foggiest idea of what bicycles are worth and, therefore, may have no idea how to go about evaluating your claim.

So what can you do? The more you’re prepared with information, the better off you may be with the final result.

Placing A Value On A Used Bicycle

The first and easiest way to try and value your bicycle would include starting at the purchase price you paid when you bought the bike and then work backwards from there. The more recently you purchased the bike and, considering how much you’ve ridden it (or not), could serve as a way to try and calculate approximate depreciation.

There are also online calculators such as BicycleBlueBook.com. As good of a tool as it is, the options are limited. For example, Canyon is not listed as a manufacturer so, if I were trying to value my 2019 Canyon Ultimate using BicycleBlueBook, it wouldn’t be of much help.

Another option may include performing online searches to find the same bicycle you were riding before it was damaged to identify a range of sale prices based on age and condition.

Replace Or Repair

Other factors to consider when negotiating a property damage claim includes whether a damaged part can be repaired or whether it needs to be replaced.

Of course, an insurance company will attempt to save as much money as possible, so attempting to argue that a head unit that suffered a few superficial scratches but is otherwise in good working condition must be replaced will be met with resistance.

Likewise, if an accident results in several broken spokes but otherwise left the rest of the wheels unscathed, then identifying the cost of the repair will result in an easier negotiation rather than attempting to demand an entirely new wheelset.

Conversely, any adjuster who believes that a frame cracked in several spots can be repaired probably isn’t familiar with how a bicycle works so, in that event, it is best for the cyclist to push hard for the frame to be replaced.

In the event that most of the damage can be repaired, it’s worthwhile to collect a few written estimates from local bike shops that you can be provide to the adjuster.

However, it’s important to remember that you should NOT attempt any repairs and you should NOT replace any parts until your property claim is settled. Your bicycle is the only evidence you have of the damages sustained, so don’t take any action that would disturb that evidence.

Settlements Are Negotiable

Discussions with insurance adjusters are negotiations. Like most business offers, it is best to reject the first offer presented and, rather, submit a counteroffer. But to be successful, you need to have your ducks in a row by way of sufficient information.

How do you do that? Provide screenshots of used bikes for sale that are comparable to your bike. Provide written repair estimates from your local bike shop. Send screenshots of replacement parts readily available on Amazon and other online sellers. In other words, give the adjuster the information he or she will need to create a value for the repairs and replacements required to get your bike back to where it was before their driver messed up everything.

Remain Professional

Above all, try to (a) keep emotion out of your discussions with an insurance adjuster, and (b) try to remain reasonable. Attempting to take the position that the insurance company owes you a new $10,000 Pinarello when you were riding a $2,500 Giant will only frustrate the process rather than facilitate it.

Accidents happen. The insurance company doesn’t want to be having the conversation any more than you do but, if you try to approach it professionally and reasonably, you might end up in a better position than you were previously.