At least in FL (I am pretty sure elsewhere, too), Progressive does not have any Lotus listed. As such, the policy has to be written as Stated Amount. As you stated, the value would not automatically be decreased later on renewal to reflect depreciation; however, you can request that they decrease coverage to reflect the actual cash value of the vehicle. It is in your best interest to do so as the most they will pay is ACV regardless of the Stated Amount. That way you aren't paying for coverage you'll never get.