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Bookmark or Share- What Is Agreed Value Insurance? - ProgressiveSome insurers offer stated value coverage, which insures your vehicle for the amount you say it's worth (with supporting documentation). However, your insurer isn't obligated to pay out the stated value of your vehicle if it's totaled. Instead, it'll either pay out your vehicle's stated value or actual cash value, whichever is lower.
- Understanding Home Replacement Cost | ProgressiveActual cash value is determined by taking your property’s replacement cost value, and then factoring in depreciation. Most home insurers offer replacement cost value for dwelling coverage since an actual cash value limit may not provide enough coverage to rebuild your home.
- What Is Gap Insurance and How Does It Work? | ProgressiveGap insurance is an optional auto insurance coverage that applies if your car is stolen or deemed a total loss. When your loan amount is more than your vehicle is worth, gap insurance coverage pays the difference. For example, if you owe $25,000 on your loan and your car is only worth $20,000, your ...
- What Happens When Your Car is Totaled? | ProgressiveGap insurance can cover the difference between what you owe on the vehicle and the vehicle's actual worth, so you aren't responsible for the total outstanding balance on your loan or lease. For example: Your insurer determines the actual cash value of your totaled car was $35,000. However, you owe $37,500 on your car loan.
- Comprehensive Car Insurance Deductibles | ProgressiveExample:If your car is worth $2,200 and you select a $2,000 comprehensive deductible, the most your coverage will pay out is $200 — the difference between the car's value and your deductible. Common hazards in your area
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