I'm new here, but wanted to contribute to this thread. I have been interested in adding insulation to my spa. I purchased two part spray foam from this company http://www.polytechfoam.com/index.php?page=TWOCOMPSPRAY It was $250 shipped to my door for the 200 board foot kit. That should easily be enough foam to put 2" on the skirt of my spa. The claimed R value is 7.2 per inch. I feel more comfortable with a spray foam than rigid foam because it will fill all voids easily and be seamless.
I am not sure when I will have time to install it but will update when I do.