Originally Posted by
wphamilton
Why isn't depreciated value fair for an insurance payout? I don't know if the $750 is a low-ball value for the depreciated $3000 bike, but if it is accurate then $750 will get OP a bike of about the same value as the one he lost.
Before I bought my bike, I spent a couple of months choosing a bike that's right for me. There aren't many bikes on the market comparable in function to the bike that I chose, and those that are comparable, are also more expensive.
There is not a single bike of the same model as mine or comparable on the used market in my area (I checked Kijiji and Craigslist). And if there were, what would be the chance that it would also be of the right size for me? And what would be the chance that it would also be a 1-year old bike, just like mine? There is a huge second hand market for used cars, but not so much for used bikes.
So, even assuming that $750 is what I would have got for my bike should I have decided to sell it the day before the collision (which is questionable), what am I supposed to do with $750? I sure cannot ride the $750 cheque. I will have no choice but to buy a new bike and reinstate all the upgrades that I have installed on mine, that were damaged in the collision. Before you know it, I'll be out by a couple of grand.
How is that fair?