Do you depreciate bike value?
The cyclist policy states that you will be reimbursed for the amount necessary to repair or replace the insured bicycle with like kind and quality less the chosen 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 cost less to purchase a similar bike with the same quality components as the original insured bike, and in this particular case, the insured would be reimbursed for the cost to replace the insured bicycle less the deductible. If it costs more than the insured value to buy a bike with the same quality and characteristics of the insured bicycle, the maximum amount reimbursed would be the policy insured value, less the policy deductible. Along with other valuation tools, we may work with a reputable bicycle shop to determine the amount necessary to replace the stolen bicycle.