How do you depreciate bike value?
- In your definitions section of the policy specimen "Actual Cash Value" is defined as: the cost to repair or replace the lost or damaged property
- We do not depreciate the bike value, ever. Depreciation only applies to clothing.
- On the website it mentions that you do not depreciate the value of bikes. For example, if I take out a $8000 policy to cover two bikes and they are both destroyed in a manner in which they will be covered, we would be insured for $8000 minus the deductible correct?
- Correct - no depreciation of bike value.