Tips for Buying a Yacht in Connecticut

Tips for Buying a Yacht in ConnecticutSpring is in full swing, and as the air begins to warm and the East Coast heads towards summer many Connecticut boating enthusiasts are looking forward to the opportunity to flock to the sea. For millions of boaters in the U.S. it is almost time to take their boats out of winter storage and put them back in the water. For other enthusiasts, the coming months present a great opportunity to purchase a yacht of their own. Boats can be a fantastic investment in entertainment and personal use for those who can afford them along with the accompanying expenses such as moorings, slip spaces, upkeep and vital Connecticut yacht insurance.

While yacht prices bottomed out during the recession, they are still in recovery in it’s aftermath, according to experts. Which means that now could be a prime opportunity for those interested in taking the plunge before the market peaks once again. In fact, yacht sales as reported by Boater International, have been surprisingly strong this year already. According to their industry analysis, the first-quarter superyacht sales tally shows that the brokerage and new-build markets are picking up, with increased confidence from buyers, particularly from the USA. Industry data shows that the majority of sales have been 24-40 meter vessels, yet super-yacht sales have been strong.

When it comes to purchasing a yacht, there are many factors to consider, especially the financial investment. Here are a few things to consider when buying a yacht or pleasure boat:

  • The costs: Many first time boat owners do not understand the total costs associated with boat and yacht ownership, as such many boat owners are caught off guard when they realize that there is much more to it than making the initial purchase. It can often be helpful to consult your financial advisory team and insurance provider to investigate all the “hidden” costs of boat ownership such as upkeep, insurance and crew staffing.
  • Make informed choice: Choosing the right vessel is much like choosing a home, where it can pay to shop around, do your research and work with a knowledgeable broker. Experts recommend using online listing sites such as YachtWorld and BoatTrader to compare makes, models and reviews.
  • Buying New or Used?: Deciding whether to purchase a used yacht or order a brand new custom design can be one of the hardest choices. As with a vehicle, both options have their pros and cons, and only you will know what is the right fit. While it may seem tempting to completely customize your yacht and build it from the ground up, many experts and yacht owners recommend going the semi-custom route when purchasing new.
  • Thorough Inspections and Test Dives: Even when purchasing a new vessel, and especially when purchasing used, it is important that the owner preform a full performance, safety and functionality inspection to avoid any hidden flaws, defects or other complications.
  • Check Warranties, Licenses and Certifications: To avoid any scams or fraudulent activity, it is always advised that you shop from a reputable, licensed broker and verify the vessel ID and certification information.

Whether you are looking to sail around the world or charter to some exotic local, the Byrnes Agency can provide you with Connecticut Yacht Insurance for Property and Liability protection that is tailored to suit your needs. With seventy years in the insurance industry and access to top-rated insurance carriers that specialize in this market, we can provide our clients with unparalleled all-risk protection at competitive prices for a wide range of pleasure yachts. To learn more about our Connecticut personal insurance offerings and our Insurance Company in CT, contact us today.

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Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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