I often hear boat owners talk about shopping for the cheapest annual premium for boat insurance. This is a perfect example of you get what you pay for. I have a 1983 32' former working lobster boat that I insured with Geico. The policy is bare minimum with more pages of what they don't cover than what is actually covered. She is an old girl with not a big value so the cheap rate is welcome. That got me thinkin I better read my Eastbay policy. The Eastbay insurance is with Chubb. I was pleasantly surprised.