I don’t know what Iowa law is like but in California , the insurance company is obligated to restore you to where you were prior to the accident. This is not including physical injury if applicable, that is a separate issue. The property damage and injury are separate. Some insurance companies are reasonable , others are not. I’m glad you weren’t seriously injured , that is most important. As far as your bike , the best you could do is look for another one or comparable bike to come up with value . Also any receipts you have for the bike you have would be helpful. Good luck, I can’t imagine what it would be like to have one of my bikes damaged by someone’s carelessness or inattentive action.