I got the replacement value. I had put a power meter on for $1,500 and paid $3,500 for my stolen bike. I actually got two checks totaling $5,000 for my bike. Of course, I had to pay $400 for a replacement back window on my car, my deductible of $200, and the headache of dealing with it all. I got a lot of money back for my bike, but I wouldn't wish anyone to have to go through it.