Understanding Total Loss Replacement For Your Boat

Progressive offers a range of insurance options for boats, including total loss replacement purchase price. This type of coverage is available for purchase if you are the original owner of your boat and it is no more than one model year old. If your boat is totaled within five model years, Progressive will either buy you a new one or give you the amount you originally paid for the boat. If you are outside the five-model-year window, Progressive will still give you the original purchase price of your boat. This coverage can provide peace of mind and financial protection in the event of a total loss, ensuring that you can replace your boat without incurring depreciation costs.

Total loss replacement is available for boats that are no more than one model year old

Total Loss Replacement is an optional coverage offered by Progressive for boats that are no more than one model year old. This coverage is available for purchase if you are the original owner of the boat. In the event that your boat is totalled within the first five model years, Progressive will either buy you a new boat or give you the amount you originally paid for the totalled boat. This gives you the flexibility to choose the option that best suits your needs.

If you are outside the five-model-year window, Progressive will still provide you with the original purchase price of your boat. This ensures that you receive the full value of your boat, regardless of any depreciation. This coverage provides peace of mind and financial protection in the event of a total loss.

To illustrate with an example, let's say you purchased a new boat three years ago for $15,000, but due to depreciation, it is now only worth $10,000. If your boat is totalled, it will cost you at least $15,000 to buy a brand new one. With Total Loss Replacement coverage from Progressive, they will spend the $15,000 to replace your boat, saving you $5,000 in depreciation.

It's important to note that a boat is typically considered a total loss when the cost of returning it to its pre-loss condition exceeds the value of the boat itself. Progressive will determine the value of your boat by considering factors such as its pre-loss condition, age, options, mileage, and comparable vehicle values. Progressive's Total Loss Replacement coverage ensures that you are adequately compensated in the unfortunate event of a total loss, allowing you to replace your boat without incurring additional costs due to depreciation.

If your boat is totalled within 5 model years, Progressive will buy you a new one

If your boat is no more than one model year old and you are its original owner, you can purchase total loss replacement coverage from Progressive. This means that if your boat is totalled within five model years, Progressive will buy you a new one or give you the amount you originally paid for the boat. You get to choose the option that works best for you.

Let's say you bought a new boat three years ago for $15,000, but it's now only worth $10,000. If you have a total loss, it will cost you at least $15,000 to buy a brand new one. With Progressive's total loss replacement coverage, the insurance company will spend the $15,000 and save you $5,000 in depreciation.

Progressive's total loss replacement coverage is especially useful if you cannot pay to repair or replace your boat out of pocket. It is also beneficial if you live in an area prone to hurricanes, storm surges, or winter blizzards because your boat could have a higher risk of unforeseen physical damage.

In addition to total loss replacement coverage, Progressive offers a variety of other boat insurance coverage options, including Sign & Glide® on-water towing, water sports coverage, fishing equipment coverage, and more. These coverage options can provide peace of mind and financial protection in the event of a boat accident or damage.

If you're outside the 5-year window, Progressive will pay out the original purchase price of your boat

For example, if you bought a new boat three years ago for $15,000, but it's now only worth $10,000, a total loss would cost you at least $15,000 to buy a new one. In this case, Progressive will cover the $15,000, saving you $5,000 in depreciation. This coverage is especially useful if you cannot afford to repair or replace your boat out of pocket.

Progressive's boat insurance coverage includes comprehensive and collision coverage, which can pay to repair or replace your boat if it's physically damaged in a covered incident, up to your policy's limits and after you pay your deductible. Comprehensive coverage protects your boat from unexpected events outside of your control, such as vandalism, theft, or severe weather, while collision coverage pays for damage to your boat if you collide with another watercraft or object, regardless of fault.

In addition to comprehensive and collision coverage, Progressive also offers optional coverages such as Sign & Glide® on-water towing, which provides jump-starts, soft un-groundings, and fuel delivery if your boat is disabled on the water; water sports coverage, which pays for any injuries or damages caused by activities like tubing, knee boarding, and wake boarding; and fishing equipment or carry-on items coverage, which provides replacement cost for up to $10,000 in lost or stolen fishing equipment or personal effects.

Total loss replacement is an optional coverage

With total loss replacement, you have the peace of mind of knowing that you will receive the full purchase price of your boat, regardless of its current market value or condition. This can be especially beneficial if you have a boat that has depreciated significantly since you purchased it. In the event of a total loss, you won't have to worry about being able to afford a new boat, as Progressive will take care of it for you.

For example, let's say you bought a new boat three years ago for $15,000, but due to depreciation, it is now only worth $10,000. If your boat is totaled, it will cost you at least $15,000 to buy a brand new one. With total loss replacement coverage, Progressive will spend the $15,000 and save you the $5,000 difference. This coverage option ensures that you are not left financially burdened in the event of a total loss.

Total loss replacement is just one of the many optional coverages offered by Progressive for boat insurance. Other optional coverages include Sign & Glide® on-water towing, fishing equipment or carry-on items coverage, and Propulsion Plus® mechanical breakdown coverage. These optional coverages allow you to customize your policy to fit your specific needs and provide additional protection beyond what is included in a standard boat insurance policy.

By offering a range of optional coverages, Progressive gives boat owners the flexibility to choose the level of protection that is right for them. While some coverages may not be necessary for everyone, it is important to carefully consider your individual needs and the potential risks you face while boating. Total loss replacement coverage, in particular, can provide valuable financial protection and peace of mind for boat owners who want to ensure they can replace their boat in the event of a total loss.

Progressive will manage the total loss process for you

When an accident causes extensive or costly damage to your vehicle, we may determine that it's not practical to complete repairs. This usually means that the cost of repairs is more than the actual cash value of your vehicle. If this is the case, your car is determined to be a total loss, and we issue you and/or your lienholder payment for the value of your car (minus your deductible if you're a Progressive policyholder).

Before we can determine the value of your vehicle and whether it's a total loss, we need to complete an inspection. We'll review the mileage, options, and condition of your vehicle against the current values of comparable vehicles. We'll also need to obtain the physical title and have you fill out the necessary fields, including the odometer disclosure statement, and sign the title.

Once we've determined that your vehicle is a total loss, we'll issue payment to you, the vehicle owner, your lender, or both. The payment amount will be the actual cash value of your vehicle, which is the market value based on factors such as its pre-loss condition, age, options, and mileage, minus any applicable deductible.

If you have a loan or lease on your vehicle, you may still owe money on it if the actual cash value is less than what you owe. In this case, our Loan/Lease Payoff (or gap) coverage can help pay off the difference up to the available policy limits listed on your declaration page.

You have the option to either retain your vehicle's salvage or transfer the title to us once we pay your claim. If you transfer the vehicle, we'll dispose of your totaled car and comply with the appropriate laws and regulations.

We're here to help you through the total loss process and ensure you have the support you need.

Frequently asked questions