Owning a Yacht
Indulging in a yacht is a wonderful fantasy, but just owning it isn’t enough. The indulgent sea-driven enthusiasts have to mind the economy of the different aspects of maintaining a yacht before going bankrupt. Fuel and insurance to repair and crew, Yachting is an all-expensive affair at the end of the day. Here are some tips on keeping the miscellaneous costs under check without missing out on the fun aspect of the yachting lifestyle.
Five Important Aspects to Consider:
It is said that the insurance and maintenance costs of yachts depend on their size. On an average, the annual expenses are believed to be around $5 million for a superyacht which includes the following:
Yachts are no exceptions to an insurance cover. Choosing agencies that specialize in yacht insurances would be a wise move. The clauses can be tricky and would need an in-depth understanding due to the complex nature of the asset. Depending on the facilities on your yacht the insurance premium would vary. If the yacht is a diesel engine variant instead of a gasoline-driven one, for example, the premium cost goes down. Built-in fire extinguishing systems, navigational systems, safety equipment, etc. may lead to discounted premiums as well.
Dockage, Mooring, and Storage:
Yacht docking, mooring costs, and slip rates are directly proportional to the proximity of the marina to the ocean. The water, electricity, and maintenance at each dock, along with the emergency services should be considered. Choosing a harbor that could perhaps allow you a discount consideration is absolutely necessary. During the off-seasons hauling and storage can add some expenses to your list.
Both interior and exterior maintenances count on a yacht. Barnacle-busting base paint, boat hauling, labor, materials, oil changes, engine tweaking, sail maintenance, deck cleaning, canvas material for Bimini tops, emergency boats, safety equipment, floor polishing, upholstery, leather, rugs, fittings, onboard entertainment, electronics, spare parts, hull cleaning, hydraulics, plumbing, plugs, metal work, welding, floatation devices, and the list is endless for the maintenance costs. It is always a good idea to consort to a yachting directory service partner such as Yachtneeds for all your yachting concerns including material and staff requirements.
Fuel burn is a big concern as far as costs are concerned in every season. It is directly proportional to money burn. The requirement of propane is considered an extra expense on the go. The factors that influence fuel costs are total nautical miles traveled, Engine consumption, cruising speed, and the market price of fuel. A Fuel Cost Calculator can help determine the average spend on fuel.
Crew and Support Staff:
The owner of a yacht cannot possibly be a one-man army on his prized possession. A maintenance staff member and a technical person are definitely significant for a smooth sail. A deckhand and a lifeguard are critical in case you are planning to cruise with children. Around eighty types of job roles can be associated with Yacht operations in a year.