Posting for a colleague of mine. Basically he was riding with another cyclist and myself. A car at an intersection tried to outrun us(perpendicular side) and he T-boned into the car. The cops and ambulances came, driver got a citation and he openly admitted to be at fault(apologized profusely actually). Anyways, my colleague sent his Specialized bike to a Specialized dealer and they claimed it as a total wreck. Replacement value for a 2009 Specialized Tarmac Pro was listed at $5500 by the Specialized dealer. He spoke to his regular lawyer and he said that he won’t get the replacement value but the depreciated value(which I think is BS cause he would need to buy a used version and warranty would not be carried over which he had on his current bike). The lawyer even said the only way he would get the value of a replacement would be to go after under pain and suffering. He’s pretty banged up and will be out of cycling for another month or so but still working.
So what can he do? Is it really the depreciated value? Or should he look at another lawyer?
Posting for a colleague of mine. Basically he was riding with another cyclist and myself. A car at an intersection tried to outrun us(perpendicular side) and he T-boned into the car. The cops and ambulances came, driver got a citation and he openly admitted to be at fault(apologized profusely actually). Anyways, my colleague sent his Specialized bike to a Specialized dealer and they claimed it as a total wreck. Replacement value for a 2009 Specialized Tarmac Pro was listed at $5500 by the Specialized dealer. He spoke to his regular lawyer and he said that he won’t get the replacement value but the depreciated value(which I think is BS cause he would need to buy a used version and warranty would not be carried over which he had on his current bike). The lawyer even said the only way he would get the value of a replacement would be to go after under pain and suffering. He’s pretty banged up and will be out of cycling for another month or so but still working.
So what can he do? Is it really the depreciated value? Or should he look at another lawyer?
You get the depreciated value. If he bought the bike last week, then it’s pretty close to new. You are entitled to a “comparable replacement”. If the bike is three years old, then he gets the replacement cost for a 3 year old bike.
Now, if there are NEW things on the bike such as brand new wheels, etc. that are not salvageable, he does get the replacement cost for those if he has the receipts to back up the claim.
The angle to look at there is “lifestyle impingement” or whatever they are calling it. he lives a certain lifestyle, which includes regular exercise (biking) and possibly racing. he is entitled to compensation for that loss.
I’m not a lawyer, but when I had much the same experience a few years ago (I ran into a car that made a turn in front of me, couldn’t stop in time), I got exactly new value from the insurance co. I would imagine that for an '09 you should be able to do the same. Just make sure you document everything.
I sent an itemized list of everything on the bike - before & after pics, a copy of the receipt from the shop where I bought the bike, etc. I actually even sent PayPal confirmations for stuff I bought on eBay.
forget the lawyer, what is it with everybody running to thier lawyer. Call his insurance agent, get a replacement quote from a shop ( full replacement value) and gather any ER, ambulance, and hospital bills. I can imagine it will get paid and he will be riding a new bike. The lawyer comes in after the insurance rejects the claim.
Legally, it may be depreciated value, but practically it is not necessarily easy to find a similar bike of similar age for sale used and the reality is that the insurance company probably does not want to unnecessarily fight over the replacement v. depreciated value, especially when there is also a bodily injury component to the claim. I agree that he should just get an estimate signed by a local shop for a new replacement bike and present that as evidence of cost. Then, I would also make a claim for pain and suffering, any medical expenses, and any lost wages if he had lost time from work and/or had to use vacation time to take days off from work. Between all that, he should be able to get a new bike and something on top of that for pain/suffering/medicals/lost work.
Legally, it may be depreciated value, but practically it is not necessarily easy to find a similar bike of similar age for sale used and the reality is that the insurance company probably does not want to unnecessarily fight over the replacement v. depreciated value, especially when there is also a bodily injury component to the claim. I agree that he should just get an estimate signed by a local shop for a new replacement bike and present that as evidence of cost. Then, I would also make a claim for pain and suffering, any medical expenses, and any lost wages if he had lost time from work and/or had to use vacation time to take days off from work. Between all that, he should be able to get a new bike and something on top of that for pain/suffering/medicals/lost work.
Yep. It used to be 3x “specials” (medical bills, etc) for pain and suffering compensation, but now insurance companies use a system called “Colossus” (or a derivative) that they plug in numbers and it spits out a compensation offer.
I got hit by a truck and it ruined my Oval A900 bars that I had bought used. The insurance didn’t give me any trouble at all. All I did was got an estimate for new bars, shifters, glasses, shorts and jersey for $900 and they just sent me a check. I agree with the others. Skip the lawyer and don’t even give the insurance company that option.
I was hit by a car, and the rear wheel was trashed, as well as the handlebars and right shifter. I took it into a shop, got a “crash-replacement estimate” ($20), and they gave me an invoice. Faxed that to the insurance company, and had a check in a week. They will most likely give you “replacement value”, which will probably be the cost of the bike.
Get a quote for MSRP, Manufacturer Suggested Retail Price, from a bike shop, and give it to the insurance adjuster. Also come up with the costs for any clothing loss- cycling wear are knits, any damage and they unravel. Fax all that to the insurance adjuster. Did your shoes get damaged? Seeing at how it was a 2009 model with very little mileage, you should be able to negotiate a decent offer.** If they come in low, tell them it is inadequate. They have some flexibility, and you need to be pushy. At this time you only want to settle for property damage.** You do not want to worry about medical bills or pain and suffering at this time. Just get the property damage taken care of- and yes they can settle on this alone right now. Read anything before you sign.
They are trying to settle low, and you are trying to get them higher. It is a negotiation. We submitted a new replacement estimate, MSRP, for a 4 or 5 year-old totaled Litespeed recently. They came back with about a 70% offer. It seemed fair, so my buddy accepted it. They are still working on the medical and pain and suffering.