Insurance claims for accident w/ truck

drewsw1

My high-end Titanium/ Carbon TT bike and I were hit by a truck in July. Assuming that the bike is a total loss which this insurance company has agreed, and knowing that they won't give me full replacement value knowing it was:

1. Custom built, not store bought 4-5 years old < 2000 miles
2. Excellent/ pristine shape (no cosmetic or mechanical problems).

What percentage would you try to recoup from your total cost for a bike knowing that you have plenty of time to wait for the right buyer (classifieds, ebay etc..)?

State Farm is wanting to give me approx. 25% of what I paid to have my bike built. I am trying to gather data that a reasonable person, not in a hurray, would get a much higher value (50 - 60%). Any discussion on insurance claims would be helpful as well. The person that hit me already pleaded guilty for "failure to yield" in traffic court.

Originally they had offered the following:

Total $2500
1,500 bike
1,000 other (helmet, shoes, clothe Polar S625X
I keep the bike (could be used for an indoor trainer only or wall ornament)

or

Total $3000
2,000 bike
1,000 other (helmet, shoes, clothe Polar S625X
State Farm keeps the bike

I came back with a counter offer by way of a demand letter through an attorney, friend who was doing it for free for basically option #2 3,000 ALTHOUGH I keep the bike and the came back and said, no they had done more internet research and they dropped their offer amount to $2,000. I had more than $4,800 invested in the bike.

dgregory57

How much are the components worth, and what (if anything) is still functional?

This makes a big difference in the decision.

Unless you wanted the components for the new build, I would say to let them keep the bike and take the larger settlement... unless you have a driving need for a dedicated trainer bike.

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JTE83

If you paid more than $4,800 and the accident wasn't your fault shouldn't the guilty party pay you your $4800 +?

I do State Farm Renters for $15,000 rental insurance. I get replacement cost. My former bad roomate stole $1090 worth of my stuff. At $500 deductible (State Farm won't go lower) - I got only $336 back. The rest they say is recoverable once I buy all the thing that were lost. They'll pay the difference in price. I think they suck though.

And then Allstate sucks too. I think the last they told me there was a $1000 deductible on my $5700 Cervelo.

mongooseboy

what shape is the truck in? sue the guy for his truck if its worth 4800...

and no, im not kidding. get the right lawyer you can make it happen, of course legal fees are another thing

then when you see him walking and your driving his truck you can beep the horn and wave!

there has to be a way you can get the FULL replacement value of the bike. not just half....(or less)

drewsw1

The Full size Toyota Tundra truck didn't just turn in front of me, he turned into me. I hit at 22+mph (i estimate he was traveling between 8 -12 mph) the drivers side corner headlamp, flipped over the hood, broke his mirror off then landed on the pavement and slid 40 feet.

The list of parts that are damaged adds up to approx. $3,000 When I say damaged, that doesn't mean broken. Just like in car crash if your side panel gets dented or scratched, it gets replaced so what is my remedy for the scratches, dings, marks on my titanium and carbon frame, fork, DA crankset & deraileur, TT bars etc. Parts are still functional, but are they safe? My full carbon fork and carbon seatstays have marks from the side impact of the truck, the rims are very slightly bent but were trued......Would you want to ride my bike knowing that? I have no intention of ever riding it on the road, maybe as a indoor trainer.

I am not guarnteed any money from "pain & suffering" to make up the difference. None of this is fair and I am only trying to be reasonable. Why take the larger settment and give them the bike when that means I am only getting $2,000 for the bike and $1000 for the other stuff. $2,000 is less than half what it would cost me to get another similar bike.

jhuskey

The best leverage you can use in such a case is personal injury. If you are not injured the insurnace company will try and settle for depreciated value.
They do not generally deal in replacement cost in a liability claim and an attorney will cost you $200.00 to $250.00 an hour.
I deal with such claims and if you like I will PM you with my advise as a courtesy to a fellow cyclist.

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