Average Wakeboard Boat Insurance Cost (With 15 Examples)

Getting your wakeboard boat insured can be quite a complicated process if you’ve never done it before, and getting an accurate average price can be almost impossible without spending entire days researching all the various insurance companies.

When I got my first wakeboard boatI spent two entire weeks looking through all the insurance possibilities, reading all the clauses in the contracts, and getting quotes from all the possible companies. 

When I got my second wakeboard boat and had to get it insured I already knew everything that there is to know about boat insurance so I managed to solve everything in just a couple of hours. So to help others that are entirely new to this process I decided to write this guide that will let you know everything that there is to know about insurance, from the average prices, to what influences those prices, to all the things that you have to be careful about.

The average wakeboard boat insurance cost is around $300 per year ($25 per month), but depending on the type of insurance prices can vary between $100 and $800 per year ($8,3 and $66,5 per month).

15 Examples of Average Insurance Prices

For those examples I went to multiple insurance companies and requested insurance prices for them for 15 different boats. In this article you will see that there are different types of insurances. For those examples I requested an insurance that will cover basic liabilities, so no extras.

So those are the average insurance costs that I got from multiple insurance companies. But it’s very important to keep in mind that I requested the most basic insurance, so if you want to get some extras you might spend some extra $50 or $100.

Another thing to keep in mind is that the insurance price will differ based on a lot of factors, when I requested a price for the examples above I tried to keep things as average as possible. So I assumed I have no prior experience with boats, very minor driving incidents, that the boat will be used at least a couple of weeks per month, and that I have an average credit score.

Those things are very important because they can influence the prices quite a lot. So let’s take a closer look at those factors and how they influence the insurance cost.

Factors That Influence Boat Insurance Cost

Use of the Boat, depending on how you will use your wakeboard boat the cost will increase or decrease accordingly. If you will take your boat out for fishing 3 or 4 times a year then the rates will be quite small, but if you will take it out every weekend for watersports then the rites will be higher.

Boating Experience, having a few years of experience with boats will make the rates cheaper, while having no prior experience will increase them.

Motor Vehicle Driving Record, most people don’t expect this to come into play but it does, and it’s really important. If you have a bad driving record it will reflect in the rates that you will have to pay for your boat insurance.

Other Drivers Experience, when you apply for boat insurance you will be asked who will be driving, and adding a person with no boating or driving experience to the list will increase the cost.

Boat Insurance Records, if you had multiple incidents in the past, your rates will go up.

Horsepower, the more horsepower your boat has, the higher the rates will be, but don’t let this discourage you from getting the boat you want, the increase in price is not that significant.

Specs of the Boat, this includes the year it was made, the model, the maker, inboard or outboard motor, etc.

Credit Score, insurance companies have found that a person with a lower credit score is statistically more prone to boating accidents. So a person with a low credit score will have to pay more for their insurance.

Ways to Reduce the Cost of the Insurance

Depending on the company that you choose, there might be some ways to reduce the cost of the insurance. Sometimes a company won’t put those information on their front page, so you might have to speak to somebody and ask them if they are available.

Multi-policy, most insurance companies will give you a discount if you already have some kind of insurance with them. So if you have your car, or your house already insured call those companies and ask them if they insure boats, and if they offer a discount.

First Owner, make sure you mention that you are the first owner, some companies will offer you smaller rates if you are the first owner. Most companies will ask you about the condition of the boat, but saying that the boat is in good condition, and saying that the boat is brand new can sometimes make a difference.

Changing Companies, if you already have an insurance but you are not pleased with it, mentioning this to another company can get you quite a considerable discount, if you want to change the insurer.

Multiple Boats, ensuring multiple boats will most often result in better rates, but make sure that you mention this from the start and don’t insure separately.

Association Member, if you are a member of an association like the United States Coast Guard Auxiliary (USCG) or United States Power Squadron (USPS), most companies will give you a discount.

Pay in Full, if you pay everything from the start, instead of monthly rates you will obtain quite a significant discount.

Safety Course, if you complete any state approved safety course you will obtain better rates from the insurance company. In the first year this won’t necessarily save you any money, but the next year you won’t have to pay for the course again and the discount will still be there. And since you took a safety course you will also be less likely to hit your boat.

Basic Insurance vs Comprehensive Insurance

Another important thing that will drastically influence the price is the type of insurance that you will get.

Basic insurance will usually only cover liabilities and it’s the cheapest option. What this insurance includes can vary slightly from company to company, but in general you can expect them to include:

• Property damage liability: Covers harm done to another person’s boat, dock, water skis or other possessions
• Pollution liability: Covers you in the event of a fuel spill
• Wreckage removal: Covers your legal obligation to remove debris after an incident

Comprehensive insurances will usually come with multiple options and they include the ones mentioned above, as well as medical treatment, damage to your own boat and some other stuff depending on the company. This option is usually more expensive, but in my opinion it’s usually worth it since a lot of basic insurances don’t cover the damage inflicted to your own boat, and of course the medical treatment.

If you only go fishing a few times a year in calm waters, the basic insurance is probably what you need. But if you want to every weekend of the summer on the boat, then a more comprehensive insurance might be better for you.

Final Thoughts

The price of the insurance can vary depending on a lot of factors, but most of those factors won’t change it that much. In most cases a person will have factors that increase and factors that decrease them, for example a person might not have any boating experience so this will add to the insurance coast, but he will have a very good credit score which will reduce the insurance cost.

But as I said in the beginning of the article on average you can expect to pay around $300 per year for the boat insurance.