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
