Pretty hard to compare policies without "apples to apples" on what boat is being insured. Would you expect to pay the same insurance for a 10 year old car worth $10K as a new Mercedes worth $100K? As much as I've heard State Farm thrown under the bus, they have insured multiple boats for me at a price I could not match from anyone. My agent tells me that I can pick how many thousands I want to insure my boat for (up to the value) and that's what my policy will be based on. If I pick too low to save money and total my boat, then I'll be paying the difference out of my pocket. I've insured my new boat for what it would cost to buy another identical new one (at a good discount) with full coverage for $490/year. When it gets a couple more years older, I'll go in and reduce what it's worth and lower my premium. Also, my boat is listed with 420 hp on my policy and makes no difference. My thoughts on insurance are, when you're a winner.....you're a loser.