Insurance can be such a crap shoot. I also had a similar situation, but I felt I got treated very fairly by the adjuster.
If I remember correctly, since bikes are kind of an odd category for car adjusters to deal with they usually use a standard depreciation rate table. Something like 30% for one year old and then 10% for each additional year. I'm probably wrong about the %, but it goes something like that. I think my adjuster also looked at some similar equiped bike listings on CL and Ebay to help him get an idea.
Last edited by bikecrate; 05-20-16 at 07:15 AM.