Planning a charter on a luxury boat is not only exciting, but can also be a challenge.
This is in part to do with estimating the cost. When taking a luxury boat charter, there is a base price to think of even before you factor in any other costs.
But what are these other costs? Luckily, working these out is not too difficult.
Grasping the basics of luxury boat hire is easy enough to do.
The total cost will depend on various factors, including what type of boat you wish to use, the destination, as well as taxes based on the jurisdiction you are sailing in.
You can also factor in prices for special events, as they are a perfect way to enjoy a celebration.
This can mean charters can vary quite a lot in price. Smaller boats may start from $10,000 a week, whereas super yachts can be in the six-figure range.
Read on to find out more about how much you expect to pay for your own luxury boat charter!
What Can You Expect To Pay For Luxury Boat Hire?
Down below, we’ve gone a little further into the price and what you can expect when going on a boat charter.
When going on a boat charter, there are two types of prices you can pay depending on the experience you would like.
Before going into which of them you would like to choose, we will explain the differences between all-inclusive and plus expenses charters.
Some boat charters are all-inclusive. The rates of these charters are contingent on how many guests there are, as well as food, drink, leisure activities like watersports and the cost of fuel.
Any pricing for taxes and dockage are charged separately.
For larger motor boats, any running expenses are not included and are paid separately. With these charters, the base price only includes the boat itself.
Other expenses such as the bar, food, dockage fuel and taxes are charged separately. In most cases, the expenses are covered by an advanced provisioning allowance, also known as an APA.
The APA is usually 35% of the price of the yacht itself and is accounted for before the charter begins.
The base price you will pay for your boat will depend on the type of boat it is. The types of boat can differ in price quite a lot - below are some quotes and what you might have to pay when taking out a certain type of boat.
Weekly Average Charter - Sailing Yacht
- Boats Less Than 80ft - $10,000-$20,000
- Boats Between 80ft – 120ft - $20,000-$50,000
- Boats Between 120ft and 150ft - $50,000-$100,000
- Boats Over 150ft - $100,000-$200,000
Weekly Average Charter - Catamaran
- Boats Less Than 80ft - $10,000-$15,000
- Boats Between 80ft – 120ft - $15,000-$30,000
- Boats Between 120ft and 150ft - $25,000-$50,000
- Boats Over 150ft - $40,000-$100,000
Weekly Average Charter - Motor Yachts
- Boats Less Than 80ft - $15,000-$35,000
- Boats Between 80ft – 120ft - $35,000-$80,000
- Boats Between 120ft and 150ft - $80,000-$150,000
- Motor yachts over 150ft - $150,000-$500,000
Things That Can Change Charter Prices
Taking out a boat for a charter can vary due to the prices being set by the owner.
This is because they are privately owned. There are also a range of other factors that can make the price vary greatly. These are as follows:
The Yacht Itself
Depending on the year the boat was built, there can be a great effect on how much it will cost to charter.
Other things that can affect this price include who built it, any owners previously and also any toys or amenities that come with the boat.
Boats themselves can also generate a higher cost due to their reputation, such as being one of the most luxurious boats available or having an owner that is famous.
Chartering a boat will cost more in more popular seasons.
For example, taking out a boat in the summer and going somewhere like the Mediterranean will typically cost more, but can also cost less in seasons that are less popular.
Prices will go up in places where there are not a lot of boats to charter. Certain areas, in contrast, will be more competitively priced.
Additional Costs To Consider
As well as running the charter, there are some other costs to think about. The most significant costs are below:
Advanced Provisioning Allowance
The APA you pay on any charter will be between 25%-35% of the base price of the boat.
As mentioned before, this fee is paid before the charter sets sail.
These expenses can be accessed by the captain during the duration of the charter. When the charter is complete, there will be an accounting for the APA given to you of what was spent, as well as any money that was left behind.
In the event that you go over the limit set with the APA, you might have to put more money into it. This can be done either via setting up an account with your charter broker or paying directly in cash.
VAT and Other Taxes
Many boats do not include local taxes or any VAT into the rate given. The person chartering will have to pay those taxes. The amount you have to pay and taxes will depend on the destination you go to.
When going on a charter, it is possible to buy insurance for curtailment and cancellation. This type of insurance is somewhat similar to travellers insurance.
It is able to help you cover costs in case the charter has to be cancelled or the charter is shortened due to unforeseen circumstances.
Good duty is not mandatory but it is recommended. This is especially in the case if your service was exemplary. Generally, any gratuity paid is between 15%-20% of the base charter rate you paid.
Getting The Most Out Of Your Private Charter
Opting for luxury boat hire is a great experience, and can be a fantastic way to take a break from the hustle and bustle of everyday life.
Making sure you've picked the right options when going on a trip will ensure you have the best time possible.
Looking to take a luxury boat sometime soon? Get in touch with us!