A yacht is an investment piece that the entire family can enjoy for years to come. However, purchasing a yacht is not quite the same as purchasing any other type of vessel. Yachts, particularly luxury yachts, are going to come with much higher costs than a pontoon or sailboat. When thinking about purchasing one, it’s important that there’s enough capital to purchase the boat. On top of that, it’s always good to have extra funds for good measure.
If you’re ready to take the dive into your next best hobby, here’s what you need to know. These are the collected costs of owning a yacht, with everything from yacht insurance to docking.
How Much Do Yachts Really Cost?
Everything depends on the type of vessel you purchase. About 95 percent of boat owners have a boat that’s under 26 feet, costing about $18,000, according to the National Marine Manufacturers Association.
As far as yachts go, the price varies drastically; a yacht is in a league of its own when it comes to cost. Only around five percent of the world’s most high-net-worth individuals own a yacht, and then there are superyachts, which cost $4.75 million to maintain yearly.
According to Kitty McGowan of the U.S. Superyacht Association, some of the key costs of owning a yacht will include:
- $400,000 for fuel
- $350,000 for dockage
- $240,000 for vessel insurance (such as California Yacht Insurance)
- $1 million for maintenance and repairs
- Approximately $1.4 million to maintain a crew
Additional Costs to Consider
Sails are going to be the cheap way out. But sometimes an engine is needed when there’s no wind or waves to push the vessel where it needs to go. Fuel prices are going to be a big part of your costs, but having enough fuel is essential to owning a yacht. The amount of gas you’ll need depends on the size; a yacht can range anywhere from 130 to 140 feet. The size will also determine how much an insurance premium is going to cost. Having California yacht insurance might seem like it’s going to be a hassle and an unnecessary extra cost. But if something happens, that coverage could be vital.
Just like a car, a boat is going to need maintenance year-round. Maintaining your yacht is the only way to ensure that you’re really getting your money’s worth. Repainting the bottom of a boat costs on average $30 per foot. Checking engines is an activity that shouldn’t be neglected either.
If you keep your boat clean, there’s going to be cleaning costs involved too. Waxing the hull and cleaning carpets to keep your beauty looking great will help extend its life immensely. Other costs include winter storage (if you actually store it out here), safety such as life jackets and amenities like a tugboat, canoe or some kind of water sports equipment.
Owning a yacht isn’t cheap, but it can be an incredibly fulfilling experience. At Mariners, we want to help you protect your investment so you can enjoy it for years to come.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.