As the story goes... I was cycling along on my way to work, minding my own business when I get side swiped by a fella who didn't see me. Nothing too exciting or extravagant in the story but it was his fault, he accepted liability, I was largely ok, bike was largely ok (minus a few scratches) and so we swapped details and I left the bike into the mechanic to get a quote for repairs which he was going to pick up the cost for.
The mechanic came back to me a week later with his diagnostic report which wrote the bike off as they said they had no way of determining any unseen damage to the frame, hidden cracks and the like without xraying it so labelled it not safe for road use and advised that the only way forward was a replacement bike. Happy enough with this I forwarded all relevant information on to his insurance company.
The insurance company have accepted this report and come back to me with what they would be willing to offer. I'm wondering what I should be accepting as adequate coverage from them.
The bike is a Van Nicholas Ventus and less than a year old. Cost £1,600 new 8 months ago. They have offered the value of the bike minus 20% for depreciation. So £1320.
I'm wondering is the minus 20% depreciation fair enough or should I go for the whole hog?