Here are some tips from our yacht insurance specialists to help you select the best yacht for your lifestyle:
- Create a budget: In addition to determining what youâre willing to spend on the vessel, make sure you include costs for yacht insurance, fuel, maintenance, docking at a marina, storage, and a crew for voyages if applicable.
- Research: Determine whether youâre in the market for new, pre-owned, or custom-built. (There are some exceptional high-end yachts on sale at a fraction of their cost brand new — however experts recommend you do your due diligence with a professional in-and out-of-water survey to mitigate any surprises.) Read about yacht manufacturers online, their reviews, and interview some yacht brokers.
- Consider a charter first: Many experts recommend that you charter a few different yachts before you take the plunge into ownership. Taking a yacht out for a few days will give you a true sense of its style and performance.
- Write a wish list: Itâs very helpful to narrow down what you need and what youâd like so when youâre actually shopping you donât get distracted by extras. Consider both your needs now and what youâll want in a few years because youâll want a yacht that suits your lifestyle for several years.
- Get shopping: Hit some yacht shows (virtual are good too) and check out the variety of specifications and amenities available. Between vendor booths and yachts moored all in one location, youâll save time and effort while you explore options. Here are some top-selling yachts you may be interested in.
- Close the deal: Protect your interests. Take a sea trial. Consult a lawyer and hire a reputable surveyor (especially if youâre buying pre-owned) and review your yacht insurance coverage with a company that specializes in marine insurance.
If you take a boating or sailing class, let your yacht insurance provider know as some certifications may earn you a discount on rates.
When youâre shopping for a yacht and determining your budget, contact the yacht insurance professionals at Global Marine Insurance for the most competitive quotes from the top-ranked marine insurance carriers.