WASHINGTON--(BUSINESS WIRE)--It is estimated that Hurricane Sandy destroyed more than 65,000 boats and caused $650 million dollars in losses in New York, New Jersey and Connecticut alone according to BoatUS. In the storm’s aftermath, boat owners without insurance now face the financial burden of having to repair or replace their boats on their own.
“Hurricane Sandy taught us how critically important it is to protect your investment, especially during a natural disaster,” said John Zinno, president of the GEICO Insurance Agency. “With every boater that received a check for their loss, there are those who did not have insurance coverage. From a financial perspective, it’s a tough pill to swallow.”
Boaters in the Northeast are expected to spend more than $700 million dollars in the coming months to replace their losses. In addition, the National Marine Manufacturers Association says, industry sales are expected to increase by 10 percent in 2013. The unprecedented amount of insurance payouts stemming from the destruction of Hurricane Sandy will allow boaters to replace their destroyed vessels.
“The surge in boat sales on the heels of Hurricane Sandy could be attributed to boaters being able to recoup their losses through insurance,” said Zinno. “As more and more consumers look to make purchases before the start of boating season, GEICO wants to make them aware of the potential rewards of having appropriate boat coverage.”
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the third-largest private passenger auto insurance company in the United States. GEICO provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 11 million private passenger customers and insures more than 18 million vehicles (auto & cycle).
GEICO’s online service center helps policyholders take care of policy sales, policy changes, claims reporting and to print insurance ID cards. GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs). Coverage for boats, life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Commercial auto insurance and personal umbrella protection are also available. For more information, go to www.geico.com.