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@c4shr
^^^Not dependant on type of claim or who makes it.
The aim of any award at this stage is to replicate what would happen if you were to make a claim for loss or damage due to the accident. This is to put you back in the position you would have been in had the incident not occurred.
Normally, it would be necessary to award sufficient damages to enable you to replace the damaged property. The fairest way of assessing the value of the property would be to consider current market value (taking into account depreciation, wear and tear from use).
Insurance companies would likely give you the replacement cost (£1600) but odd that they are reducing by 20%. As above, they are well within their rights to do so. That said, nothing stopping you from asking them to replace as @Howard mentions or you asking for a 'like for like' cost of new. If not, argue that you have been unable to ride the bike and have been getting public transport/private car and claim this cost too - this would be reasonable.