I was unaware of this. Really appreciate it. On Tue, Jun 28, 2022 at 9:25 AM Matthew via CnC-List <cnc-list@cnc-list.com> wrote:
> Aside from premium increases, the problem with Geico policies – as this > list exposed – is the annual reduction of part replacement cost for older > boats until you hit the 20% floor. As I understand the issue, if I lose my > mast and the replacement is, say $30K, Geico will pay $6K. That is totally > unacceptable. > > > > *From:* Brian Davis via CnC-List <cnc-list@cnc-list.com> > *Sent:* Sunday, June 26, 2022 5:55 PM > *To:* C&c Stus List <cnc-list@cnc-list.com> > *Cc:* Brian Davis <brianwdavis...@gmail.com> > *Subject:* Stus-List Insurance... what is to much? > > > > 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 > -- Brian Davis Brian W Davis Inc (954) 892-1128
