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 you are 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 you are 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: It’s very helpful to narrow down what you need and what you would like so when you are shopping you do not get distracted by extras. Consider both your needs now and what you’ll want in a few years because you’ll 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, you will 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 you are 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 you’re 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.