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Old 06-13-2021, 04:13 PM   #1
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UPDATE on Total Replacement Insuranace.

I just received the Notice of Changes from Progressive on my policy renewal that is one year old:
Damage to a Vehicle
We Clarified that with Total Loss Replacement/Purchase Price Coverage, when you replace the covered vehicle, our limit of liability shall be the cost not to exceed 120% of the purchase price. This change represents a reduction in coverage.
It looks like Progressive is no longer covering all of the increased costs and demand increases caused by the Pandemic. Those of us that purchased pre-pandemic now have a cap on our replacement cost that may not give us full replacement. Look at policy renewals closely and weigh the cost of coverage.
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Old 06-13-2021, 04:51 PM   #2
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Quote:
Originally Posted by brobox View Post
I just received the Notice of Changes from Progressive on my policy renewal that is one year old:
Damage to a Vehicle
We Clarified that with Total Loss Replacement/Purchase Price Coverage, when you replace the covered vehicle, our limit of liability shall be the cost not to exceed 120% of the purchase price. This change represents a reduction in coverage.
It looks like Progressive is no longer covering all of the increased costs and demand increases caused by the Pandemic. Those of us that purchased pre-pandemic now have a cap on our replacement cost that may not give us full replacement. Look at policy renewals closely and weigh the cost of coverage.
Interesting. I opted for a cash settlement worth 100% of the purchase price. It will be interesting to see if they change that. Originally I had the guaranteed replacement coverage. I have Safeco
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Old 06-13-2021, 05:28 PM   #3
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Originally Posted by buddy110 View Post
Interesting. I opted for a cash settlement worth 100% of the purchase price. It will be interesting to see if they change that. Originally I had the guaranteed replacement coverage. I have Safeco
The way the rates are going and the number of cut backs, I will probably do the same thing on renewal. I will be checking both rates on quotes, I don't think it is only going to be a few dollars anymore as it was in the past.
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