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.

I have found Progressive to be pretty on the ball with regard to this stuff.

One thing I have seen is when people fill out applications online, they don't always look closely at what they are applying for. They look for what costs the least.

Replacement cost policies are more expensive than actual value, but who but an insurance geek would know the difference between the policies?

The other biggie? "How much insurance should I buy"? You'd have to know the depreciated market price. Overestimating a boat's value just means you're paying more premium. Understating the value puts you in a co-insurance penalty situation (meaning you won't get as much as you think on the claim payment)....

So unless you have the marine "blue-book" with your boat listed, I'd contact your agent or some reliable industry expert to help...

I will look into them.... thanks

PS "supposedly" they will pay out the full amount of my policy (7K)regardless of actual value, depreciation, replacement cost (minus the $500 deductable)... for the first 3 years.... this is part of their "premium" plan.... but i wouldn't be surprised to learn there were "factors i wasn't aware of" that mitigate that somehow....

My coverage is for agreed value (more than what i paid for it) and is only $136 a year through state farm. I have my home and car insurance through them as well.

I recently switched from the gowerie (US Sailing) plan because they wouldn't increase my coverage. With what has happened with the mast in the N20 class, I felt that I needed to get more coverage so that if something DID happen, my boat wouldn't be totaled with me sitting with a check that wouldn't even come CLOSE to buying a replacement 20. So now I'm happy with State farm.

OK, it took a while, but I finally got the receipt and everything in order for the sails to send to the insurance guy. Monroe County Sheriff's department was astonishingly efficient at sending me the report several weeks ago. I made one phone call and spoke to one person with my case number and she had emailed me a PDF of the report within minutes. Talked to the local progressive adjuster in town this morning and faxed over the report, the receipt, and the current exchange rate between the AUS dollar and the US dollar. I was honest that I actually paid a little less for the sail because the exchange rate was better in early December but he said don't worry about it and I used today's rate...the difference was about $100 in my favor (but it will probably cost me a little more than that difference to replace the sail with the current exchange rate and shipping). Everything was faxed over this morning and I have a feeling I will have a check by week's end.

As for the agreed vs. replacement value on the policy, I confirmed that my boat policy is replacement value but that does not extend to this kind of claim. If the boat was a complete loss, the policy will cover what it takes to replace the boat with something of equal or greater value should an equal replacement not be able to be located.

thanks for the continued updates