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Telematics — A device or method used to monitor driving behavior. Insurers use telematics data to determine auto insurance rates, often described to consumers as pay-as-you-go or usage-based insurance.
Totaled Vehicle Options — Some definition...Totaled Vehicle Options: All options, except Liability only, provide the same coverage to repair vehicles that are not a total loss. However, if the vehicle is a total loss, they provide very different settlements.
Actual Cash Value: Actual Cash Value is available for all vehicles qualifying for full coverage. In the event of a total loss, this coverage pays the lesser of the rating base or the actual cash value at the time of loss minus the deductible. Actual cash value is determined by the market value, age, and condition of the vehicles at the time of the loss.
Agreed Value: Agreed value is the agreed value of your vehicle, including the vehicle and all accessory coverage.
Owners with vehicles that have an Agreed value equal to or less than $15,000 are required to maintain the following documents: four or more color side-view photos that clearly show the accessories covered, copy of the title, and receipts (optional). These documents will be used to assist in the settlement of a claim.
Owners with vehicles that have an Agreed value greater than $15,000 are required to have a vehicle inspection. If you purchase a policy with Progressive for this vehicle an inspection company appointed by Progressive will call you within 7 days to schedule an appointment. A copy of the title is required at the time of inspection.
"Accessory Coverage" means equipment, devices, accessories, enhancements and changes other than those which are original manufacturer installed, which alter the appearance or performance of the vehicle. This includes, but is not limited to:
any electronic equipment, antennas, and other devices used exclusively to send or receive audio, visual, or data signals, or play back recorded media;
sidecars;
trailers designed to be pulled behind a motorcycle or off-road vehicle;
custom paint, custom chrome plating, or custom exhaust;
safety riding apparel, including helmets. (Coverage is only provided in the event of a collision loss. Theft is not covered.)
Total Loss Coverage: In the event of a total loss, this optional coverage pays the MSRP of a current model year vehicle of the same make and model. Qualifying vehicles can keep this coverage for 2-4 years, depending upon the model year of the vehicle and when the policy first starts. Once a vehicle no longer qualifies for Total Loss Coverage, the policy automatically converts to Actual Cash Value (ACV) at renewal. Total Loss Coverage is not available for all models or vehicle types.
Totaled vessel option — Actual Cash Value is available for all boats and PWCs qualifying for Comprehensive and Collision coverages. In the event of a total loss, this coverage pays the lesser of the actual cash value at the time of loss less deductible or the market value you provided for the watercraft. Actual cash value is determined by the market value, age, and condition of the watercraft at the time of the loss. Disappearing Deductibles are optional with Actual Cash Value.
Agreed Value is available on all boats qualifying for Comprehensive and Collision coverages. In the event of a total loss, this coverage pays the agreed value shown on the declarations page regardless of the actual cash value at the time of loss. All losses, whether partial or total, are subject to the applicable deductible. Disappearing Deductibles are included with Agreed Value. Agreed Value is not available on PWCs.
Total Loss Replacement/Purchase Price is available on previously untitled boats up to one (1) model year old. In the event of a total loss, this coverage replaces the insured boat with a new boat that is, to the extent possible, the same make, class, size and type, and which contains comparable equipment. (If the insured chooses not to replace the totaled boat, we will pay the purchase price.) For watercraft over five model years old, we will pay the purchase price as shown on the declarations page. All losses, whether partial or total, are subject to the applicable deductible. Disappearing Deductibles are included with Total Loss Replacement/Purchase Price. Total Loss Replacement/Purchase Price is not available on PWCs.
Total Loss Coverage is available at new business or upon endorsement on previously untitled personal watercraft up to one model year old. In the event of a total loss, this optional coverage pays the MSRP of a current model year PWC of the same make and model, less any applicable deductible. Qualifying PWCs can keep this coverage for 2-3 years, depending upon the model year of the PWC and when the policy first incepts. Total Loss Coverage(TLC) coverage can remain in place until the inception year of the next renewal term is more than two years greater than the model year of the PWC. Once a PWC no longer qualifies for TLC, the policy automatically converts to Actual Cash Value (described above) at renewal.
Disappearing Deductibles provide a reduction of twenty-five percent (25%) in Comprehensive and Collision deductibles at renewal for each consecutive preceding claim-free policy period you experience. Upon renewal after four consecutive claim-free policy periods, there will be no deductible. Deductibles return to their original amounts upon the next renewal after a Comprehensive or Collision claim has been paid.