A totaled bike is no different than a totaled car in Florida. The insurance company for the driver who caused the crash is obligated to pay you its fair market value, not its full replacement cost. Fair market value is what it was worth just before the crash taking depreciation into consideration. There is no set formula to calculate fair market value. Insurance adjusters typically want to apply a 5 or 10% depreciation for each year since it was purchased. Many times your dealer can help.
There is also a “blue book” for bicycles which I have had insurance companies rely upon. In practice, I always suggest to my client to begin with the replacement value. We have had many situations where this has been paid. If that doesn’t work, we fall back to purchase price and see if we can reach an agreement. We are always working to get the very highest number. The circumstances of every case varies as does what they will pay.
We don’t charge any attorney fee for helping get your bike replaced if it is part of your injury case. The most expensive bike we have had so far is $15,000, along with some $12,000 ones.