See what other boats like yours are selling for on Yachtworld.com to give you a better idea of what to insure her for. Also get a quote from Progressive. I had insurance through BoatUS for decades, but a quote from Progressive was less than half of what GEICO wanted. Don't skimp on liability insurance. That will cover you if youy damage someone else's property, and it's cheaper hthat hull insurance. Things like spars and sails are depreciated, unless the boat is totaled. $70k does sound high to me. Don't expect to get back what you put into her.
Alan Bergen 35 Mk III Thirsty Rose City YC Portland, OR On Sun, Jun 26, 2022 at 2:55 PM Brian Davis via CnC-List < cnc-list@cnc-list.com> wrote: > I have an insurance question for my fellow C&C'ers. My wife and I bought > Nina (1980 Landfall 38) 6 years ago for $25k. I've had Geico Marine ever > since for an insured value of $30k with a vanishing deductible that is now > zero. I have since restored her to about 95% and tracked all my receipts in > a spreadsheet totalling $45k. We are very happy with the result and the > only remaining 2 projects are a dodger/bimini and replacing the side plexi > windows. > > I inquired with Geico Marine about increasing the coverage from $30k to > $70k. I would first need to pay for a surveyor to inspect and write a > report (I don't know how much this is). Then my rate would go from $1,759 > to $2,372 per year. > > I know this is a sliding scale based on the condition of each boat, and > I'm cool with the money I've put into her so far since we love her. Nearly > all of it is parts cost only because I am a skilled craftsman. Is $70k to > much insurance, and is $2,372 to much to pay for it? > > Would appreciate any thoughts and advice. > > Regards, > Brian >
