Unfortunately, your profile does not indicate the boat you have. For most Cal's however, (you did say Jensen) you may be able to obtain replacement rub-rail material from Steve Seal at
Seal's Spars and Rigging . Steve worked for Jensen for years and has made a business out of providing replacement parts and materials for Cal's.
If the foregoing doesn't work for you, you might also get a few more years out of your old rub rail by giving it a good scrub to get down to un-oxidized rubber (it's there somewhere), wiping down the material thoroughly with acetone and then coating it with Nicrocote (contact Marineco through
Marinco.com/Brand/Nicro ). The material is designed to refurbish Nicro's white plastic cowl vents but it can be used on about any rubber/plastic so long as the prep's good.
FWIW...