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  1. #1

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    PSA: Progressive Insurance - "Market Value"

    Hey All.

    So my ski was ran into some rocks and got hull damage. At the time I signed up for progressive they asked me for "Market Value" of the Ski. So nieve me, put in what I bought it for.

    Just an FYI. Market Value means... MAX PAYOUT. Including Trailer, and all mods. They valued the ski at about $3,500, but are only paying out $2,500 and I HAVE to include the trailer with it because of this. So if you have Mods a good working ski and trailer. I highly recommend you check the Market Value and value your ski accordingly. Market value.... Does not mean Market value....

    If the trailer is listed on the JetSki Policy, its included also and has to be returned. So if you don't want the trailer included. Then it needs to be its own thing and not apart of the Ski policy in however that works in trailer land.

    Edit: I have a GP1200R

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    Last edited by MrMitch; 07-15-2020 at 10:38 AM.

  2. #2
    bill321's Avatar
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    Thanks for the info.....i'll check my policy....

  3. #3

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    For sure. and if the trailer is listed on the JetSki Policy, its included also. So if you don't want the trailer included. Then it needs to be its own thing and not apart of the Ski policy in however that works in trailer land.

  4. #4
    bill321's Avatar
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    Just talked to Progressive....for example my '18 RXT 300 I valued at $16000. If total loss they would pay me the blue book value along average of market value at time of loss less $375.00 deductible. Sounds reasonable....
    Last edited by bill321; 07-16-2020 at 05:56 PM. Reason: add

  5. #5
    moparguy's Avatar
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    Quote Originally Posted by bill321 View Post
    Just talked to Progressive....for example my '18 RXT 300 I valued at $16000. If total loss they would pay me the blue book value along with market value at time of loss less $375.00 deductible. Sounds reasonable....
    All-State up here in Canada, has insured my 2016 Stage 4 Rxpx 400 for 35k cdn replacement should it be deemed a total loss. Statefarm would only base replacement value on KBB, regardless of mods.

  6. #6

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    Quote Originally Posted by bill321 View Post
    Just talked to Progressive....for example my '18 RXT 300 I valued at $16000. If total loss they would pay me the blue book value along with market value at time of loss less $375.00 deductible. Sounds reasonable....

    Yeah, check the dates on that tho, because those values change depending on how old it is. I thought I read in my contract that years 1-2 are replacement value, years 4-5 might be something else, and year 5+ is the boat that I'm in. So right now, your in the sweet spot, but next year and on, there *might* be differences.

  7. #7

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    Quote Originally Posted by moparguy View Post
    All-State up here in Canada, has insured my 2016 Stage 4 Rxpx 400 for 35k cdn replacement should it be deemed a total loss. Statefarm would only base replacement value on KBB, regardless of mods.

    That sounds good! What I'm talking about is prob more for old Ski's.

  8. #8
    I can probably help to clarify this. With a typical ACV policy they'll ask you the value and use this for the rate base of the policy. They'll also ask if you want a trailer included. Where the lack of communication occurs (mostly with agents) is they don't explain to the customer that the value they are looking for isn't what you paid, its the current value of the boat / motor / trailer if you added a trailer to the policy. The value you put on the package is what your premium will be based on. It's NOT an agreed value. What this means is if you have an accident the most that would be paid is the "lesser" of the ACV less deductible or the rate base that you selected when you purchased the policy. If you selected a rate base of $10K but the package has an ACV of $14K then all they're going to get is $10K which is what you've been paying a premium on. On the other hand if your rate base is $14K but it's only worth $10K then that, less your deductible is all your getting. So check you rate base and make sure they are accurate and updated as your vehicle depreciates.

    Lastly regarding the trailers. If your trailer is listed on your policy all that means is that you have coverage for it. It doesn't mean that if you total your PWC that the insurance can automatically take it. If the PWC is a Total Loss then they owe the ACV of the PWC, less the deductible up to the limit of the rate base. If they take the trailer then they owe you the ACV of the PWC and the trailer, less deductible, up to your rate base. Most of the time if you have a single PWC on a single trailer and the PWC is a TTL then just let them take it. If however you have two PWC's and on double trailer and one of the PWC's is a TTL in that case you may want to keep the trailer and have that right. The trailer just being on the policy only means its got coverage, not that they're entitled to take it the PWC becomes a TTL.

    If I were the OP and they weren't paying for the trailer because it was underinsured well then they don't get the trailer. You don't have much of a choice with the PWC because you selected the rate base so $2500 is all they owe. On the other hand since you're underinsured then you're entitled to a percentage of the salvage return in this situation. For example if you had a $10K policy but your vehicle was worth $20K then you only insured it for 50% of it's value. The insurance only owes you $10K (50%) however in return they're also only entitled to 50% of it's slvg return. So if the salvage sells for $2K then they owe the customer his 50% of it ($1,000). (This may all vary slightly from state to state as some states have strange laws)
    Last edited by Supertoyz; 07-15-2020 at 09:59 PM.

  9. #9

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    That sounds like a lot of insurance talk for "Market Value... Don't mean market value"

    I never talked to an agent because I signed up online. And they asked me "Estimated Market Value". So I just filled it out.

    My Policy states that if the trailer is listed, It's apart if the value.

    "The watercraft dollar amount that is listed on the declarations page is the amount that you indicated includes thewatercraft, motor(s), trailer (if you selected coverage for your trailer), permanently attached equipment and portableboating equipment."

  10. #10
    Quote Originally Posted by bill321 View Post
    Just talked to Progressive....for example my '18 RXT 300 I valued at $16000. If total loss they would pay me the blue book value along with market value at time of loss less $375.00 deductible. Sounds reasonable....
    Should check the wording on your dec page to be sure. You're state may be different but take on what you posted is that you have a dual source valuation meaning they will average blue book with market search results for an ACV. They will then pay the ACV less deductible or your $16K rate base (limit) whichever is less. Keep in mind the $16K limit includes the value of your trailer if it's listed on the dec page.


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