It depends on where you are and what the police decide. Either way, you should have the police report and the insurance information from both other drivers. The insurance company of whomever is deemed at fault should cover your bikes under their more general liability coverage, because they damaged your personal property in the accident. If the driver is underinsured, then it may be for your insurance company to step in, provided you have protection in your plan against incidents with uninsured/underinsured drivers.

Like others said, do not approve any insurance settlement amount until you get everything taken care of. The company may want some quotes from your bike shop for replacement value, because this would be the relevant amount.