Catamarans on a Budget: What Does It Cost To Buy a Catamaran?


Cost To Buy a Catamaran

More and more people want to know what’s it cost to buy a catamaran. They want to experience the sailing life these days, at least for a while, and they want a catamaran. Catamarans are expensive! Many people save for a lifetime just so they can buy one. During my own catamaran research, I learned that the cost to buy a catamaran was the easy part. Maintenance is a whole other kettle of fish.

What does it cost to buy a catamaran? Small recreational catamarans, under 20 feet in length, cost under $50,000. Used cruising catamarans cost an average of $400,000. New cruising catamarans cost an average of about $500,000. High-end catamarans cost one million dollars and up. These numbers do not include necessary regular insurance, maintenance and upkeep.

If buying a car is any clue, maintenance of a catamaran will cost a percentage of the purchase. One source put the annual cost at several thousand dollars for a boat only 2-5 years old. Ouch. “This cost includes yearly haul out, bottom paint, changing zinc anodes as well as other miscellaneous items that may arise.”

Do you want to know the real cost to buy a catamaran? Keep reading. Keep in mind that there are many cats out there and this is just my own experience. That said, I will do my best to give you the full picture of what to expect. The numbers I’m quoting come from real experience.

The Cost to Buy Catamaran

Maintenance is an essential fact of life, whether you have a new or used catamaran, or, for that matter, any boat. These can be divided into several general categories: insurance, repairs, storage, etc. I will do my best to cover each one below. The cost to buy a catamaran will determine your yearly amount for insurance, maintenance and upkeep.

Survey

Most likely you’re considering a used catamaran. for that, you will need to get it surveyed by a qualified marine surveyor. He or she will inspect the boat and give you a written report of the details. This can be a bit unnerving because it probably won’t come with rose-tinted glasses. Therefore, your surveyor will check all of the safety issues and actually look for problems. Included in this report will be their best estimate for what the repairs may cost you.

Surveyor

You may want to discuss some of the details, after you get this report. Good idea. You will have in your hands a realistic state of the boat, the total value of the boat, plus their best estimate for the necessary repairs, and the total needed to get it up and running. Do not skip or evade doing the survey. This is a valuable report. It can save you real money in the cost to buy a catamaran.

Cost to Buy a Catamaran Insurance

This survey is also essential for insurance. Your insurance company will want a copy of this report. Your insurance policy most likely will be based of this very report. The cost of this survey will probably be based on the size of your boat. This amount can vary. Generally, in 2020 in Florida the cost to survey a boat under 50 ft is from $22 to $29. This means you can spend $1000 or more on the survey. These amounts can change.

Haul Out

Once you have contracted with the marine surveyor, you can haul out your catamaran. You will need to have your boat on hard land for the inspection so the marine surveyor can check the hull of your boat for damage and leaks. For instance, this means you will need to pay the marina lift your boat out of the water. Like everything, there will also be a charge for this service.

Different marinas charge differently. Some contract for the job and other charge by the hour. Ask first. If you are near several boatyards, you may want to call for estimates. Make sure you give them the size of your boat. Some marinas cannot handle the larger width catamarans. The standard travel lifts support beams of 22 ft (6.71 m) or less.

Larger catamarans will have limited options for places to haul out. When doing a google search, I found several on the US East Coast that could handle beams up to 23 ft. The Shearwater, FL Marina can handle catamarans with a beam of up to 30 ft. I cannot vouch for them, but I put a link below.

Expect to pay based on the size of your cat between $10/ft and $20/ft for haul out. Some marinas charge by the hour. Also, depending upon your boat’s age, size and apps your survey can take a few hours up to a full day. Your surveyor will also take your catamaran on the water for a sea trial to test for some specific problems. This is a necessary part of owning a boat. You will need this to buy, sell and insure your boat.

Catamaran Insurance Costs

You will want to insure your catamaran as soon as you can. This will likely be an annual policy, which means you will have to renew it every year. Insurance for your catamaran is vital. Therefore, the time to protect your boat is before you have a problem.

Most catamarans can be insured, but the policy can be expensive for high-risk boats. You want to make sure to choose the best policy that is right for you. Consider these factors before deciding on your policy:

  • Boat type
  • Age of your catamaran
  • Value of your boat
  • Size of your vessel
  • Boat condition
  • Where you will operate it
  • Your qualifications

Generally speaking, the “All Risk” policy probably offers you the best protection, but the truth is, it doesn’t cover all losses. “All Risk” really means any risk which is not specifically excluded from the policy. Your coverage will not cover wear and read, frost or some other things. You usually can opt in to extra coverage that may includes specifics like medical, towing and some other things. Do your homework.

Membership in professional organizations sometimes includes a group insurance policy. If you aren’t a member, it might be worth joining the organization. I used to be a professional photographer. Our association negotiated a group all risk policy for members. The insurance company felt that the extra members’ premiums was worth insuring.

Cost to Buy a Catamaran Premium

Your insurance company will charge you based on the results of your survey. You can expect to pay about 1.5% of your boat’s value for your annual insurance premium. Your insurance company may also charge you based on the type of use – whether you’re using your boat for charter or private use or ocean crossings.

If you keep your cat in a hurricane zone (Florida, the Bahamas, and the Caribbean) you can expect to pay a higher amount. Your premium will be lower north of Florida and higher in California and the Pacific Islands. And, for some reason, cheaper in the Mediterranean.

If you are using your boat for charter, you can expect to pay a higher amount (2% of the hull value). Pacific ocean crossings may also increase the amount you have to pay yearly. You have to take into account a one-time crossing fee of about $500 to $1,000 for ocean crossings.

Agreed Value vs. Actual Cash Value

You should ask your company which type of insurance they offer – the “agreed value” or “actual cash value.” when you pay for an “agreed value” policy, your insurance will cover you based on the time the insurance policy was made for you. This type of of policy may cost more upfront, but will not decline. It’s a good idea to get your agent to explain it to you so that you understand it clearly before you sign the paperwork.

On the other hand, the “actual cash value” policy costs less upfront, but there will be depreciation of your catamaran’s total or partial loss. With this policy, the insurance company will give you the actual cash of your boat’s value when it’s declared a loss. Your insurance company may insist that you take this policy as your cat gets older.

All Risk Option

Your best option is the “All Risk” policy. This type of policy covers all types of losses, except those not mentioned in the policy, animal damage, wear and tear, any manufacturer’s defects, etc. You will want to cover your boat with more or less the same amount you will need to spend on a new boat similar in kind and quality to the one you have.

Your policy may or may not include a maximum in medical payouts. Ask. There may be a deductible or towing assistance of up to $1,000. You may opt in to coverage for uninsured boaters liability of up to $500,000, which means if you hit another boater who doesn’t have insurance, you will at least be covered. Marinas can be crowded with hidden problems.

Yearly Upkeep

You will have yearly costs to keep up your boat. You will spend money on dock, service, repairs and general maintenance. How much you will spend depends upon your particular circumstances. The more time you spend at the docks, the higher your costs. Because of this, you will want to plan ahead and scout other locations.

Saving Money

There are ways to reduce your expenses. To reduce dock fees, you will want to spend as much time as possible at anchor away from the dock. to reduce the taxi fees out to your boat at anchor, invest in a high quality dinghy. The initial cost may be a couple thousand dollars, but it will pay for itself long into the future.

Getting comfortable staying at anchor is important to save money. You can stay just outside the expensive marinas at other times, too. You will pay nothing but have almost the same experience.

You’ll have to repair and service your cat every year. How much you’ll spend on your boat is up to you and will depend upon it’s age and condition. They all need service. For service and repairs, you can expect to pay several thousand dollars a year for a cat less than 5 years old, sometimes more. The maintenance fees we’ve mentioned only covers yearly haul out, bottom paint, and other common problems that may occur, not significant upgrades.

There are plenty of ways to save some dollars on maintenance, one is to beach your cat. For instance, catamarans have the advantage in shallow water. If you can store your catamaran outside a marina dock, you can save real money.

Two Engines is Great, Until it’s Not

All engines need regular servicing. Therefore, it’s a good idea to plan ahead for this. Buy the parts you will need during the year when you see them on sale. Put them aside until your scheduled maintenance.

You may spend even more if there are major problems that need to be addressed in your survey. You can save some money by doing the repairs yourself. Many people do. You will also know if the repairs were done correctly and you will be familiar with the issues if there is another problem, but only if you know what you’re doing! I strongly recommend investing in some classes on boat repairs and maintenance. Investing in your own skills is always a good value.

In conclusion, how much you will spend on your cat’s storage will depend on where you store your boat. Ask around. Prices vary a lot. If you don’t have to be in a particular location, you can choose. If you have major upgrades or issues with your boat, you can expect to pay more than $10,000 on maintenance. Boat repairs can be very costly away from regular repair locations. Some marine-grade supplies are priced much higher than products that will work just as well. Specialized items like a more efficient prop, ventilation fans, or solar panels may be much cheaper in the U.S., and storage may be cheaper outside the U.S.

Conclusions

Catamarans are expensive. You will want to protect your investment. The best way to do this is before you have a problem. Planning for the necessary expenses ahead of time insures that you aren’t surprised. Maintenance is a bit of a headache, especially with two engines. This article is reasonably accurate at the time of writing, but things do change. It’s best to consult an insurance professional for more detailed information.

To help you reduce your spending, get the best insurance policy. Also, perform preventative maintenance whenever possible to keep your boat in shape. It’ll also help to get the best deal when buying your cat so that you’ll have more money reserved for future maintenance.

Reduce your expenses by getting a good insurance policy, perform the regular preventative maintenance, keep spare parts on hand for emergencies, and keep your boat clean. Regular inspections also go a long way to spot potential problems long before they surprise you.

Sources:

https://www.multihullcompany.com/articles/buying-and-selling/how-much-will-that-catamaran-really-cost-me/

https://www.allatsea.net/hauling-out-catamarans-in-south-florida/

http://www.shearwaterfl.com/the-boatyard/

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