Kevin,
I have racing insurance through State Farm. It costs me about $150 a year to insure my boat. It covers up to $15000 with no deductible. I have turned in claims for ripped sails, broken daggerboards, a broken boom and broken rudders all at seperate times with no questions asked. I think this is definitley the way to go. If you hit shallows and bust a board or hit another boat , you just make a phone call and its taken care of.
Leah