Originally Posted by articfriends

I have had progressive for various recreational vehicles and they do not insure for stated value,only actual market value so I can see where your buddy had a problem. Lets say you insure your boat with them for 50,000$ and your premium is 500$,your boat has a total loss and they feel the market value is 35,000,thats what they are going to pay. If you talk to a agent they are usually pretty clear about it. Lets say you insured your boat for 35,000 and the premium is 350$ but your boat is worth 50,000$,they are only going to pay you 35,000 on a total loss. They encourage you to lower your insured value as they only cover vehicles for market value,your rates would reflect the lower value so if someone bought a new boat for 90,000$ 5 years ago and they never lowered their coverage limit they might as well so they can pay a lower premium as any claim will be based on current market value,its just the way it is,Smitty