As I've mentioned before, I went with the big "P" insurance company. They automatically included racing in the insurance for no additional premium.

Go with a high deductible, like $500 or $1000 and your premium will be pretty cheap. Besides, you will fix anything less than that yourself anyway.

Regardless of who you choose, make sure they include racing - it's normally EXCLUDED in marine policies (they usually deal with power boaters, and may not be used to sailing)