Do you depreciate bike value?
Our policy states that we will pay for the amount necessary to repair or replace the insured bicycle with like kind and quality less the deductible and up to the insured value shown on the Declaration Page for ‘Bicycle Physical Damage’. Deprecation is not factored into the calculations but understand that technology and pricing change. For example, it may only cost $2,500 to purchase a similar bike with the same quality components as the original bike, and in this particular case, the insured would get $2,500 less the deductible. If it costs more than $3,000 to buy a bike with the same quality and characteristics of the insured bicycle, the maximum amount paid would be $3,000. Along with other valuation tools, we may work with a reputable bicycle shop to determine the amount necessary to replace the stolen bicycle.