The value on my a-cat is similar - I pay $115 per year...but I also have a second boat, a Hunter 23 monohull, insured with them too at about the same rate and similar value. Both plans cover racing, the trailers, and towing.

I am in no way promoting one insurance company over another. I just thought you guys might find the experience interesting as it happens since it's something you hope to never have to use. It's the first insurance claim I've ever had against my own insurance boat/auto/home or otherwise.