Originally Posted by CliffordK

If the insurance company loses in court, then they would be liable for your attorney fees plus the settlement.

You don't necessarily have to hire an attorney, or even consult one. Just make the insurance company think that the next step will be a mountain of legal fees.

Depreciation is tricky. Just taking possession of a new bike, and it will depreciate. Not that you would necessarily expect to be able to buy a bicycle that is 5 minutes old for half price. So, the replacement value may well be the full price it was at the store.

So, a 20 year bike, do you adjust the value up or down based on time? Absolutely.

A 5 year old bike? I'd still push for replacement. Or, perhaps find a similar used bike (noting that you may lose warranty support).

A 1 year old bike? I'd consider that equivalent to the new bike, and push for full replacement. There are lots of 2015 bikes still in the stores. Perhaps even some 2014 bikes.