This article will discuss how much a luxury private jet is, those that people can actually afford. If you don’t want to buy one yourself, it might be interesting to know if you qualify to buy one at the same time that someone else does.

The main reason people would want to own a private jet is for leisure. If you’re not the jet-setter type and you just want to travel a few times a year, a luxury private jet is probably not for you.

The following section will discuss the average cost of a private jet.

How much does an average jet cost?

The cost of a private jet has increased considerably in the last decade. It is still much more affordable than a traditional jet, but the average jet was $14–16 million in 2003.

This was adjusted by inflation, so the real average cost of a jet has probably increased a bit more, since you can’t really buy one for $12 million any more.

For the last two years, the Boeing 757 was the most popular type of private jet. The price of a new 757 is $33.5 million, so you might see new 757s for sale for about $15–20 million, depending on when they were built.

Private jet sellers will usually give you an estimate on the condition of the jet, and you should take that into consideration when making the decision on whether to buy.

The other most popular type of jet was the 747-400. This jet has a list price of $17.5 million.

For some reason, $16 million seems to be the going price, although the actual used prices vary considerably, due to sellers wanting to make some money after buying the jet new.

The older the jet, the higher the price. A 747-400 used is an expensive plane.

A used 747-200 goes for about $4 million. The cheapest used is the -300 which will go for about $1.5 million, but not always on the market.

Often, a seller will offer you a bit more than the list price. However, you should look closely at the full details of the deal.

Some of the older 747-400s have maintenance issues, and a first-time owner might have to repair some of them. Some of these planes are used for charter, but most of them are chartered for use by private individuals and companies.

Usually, the private client gets preferential treatment. Sometimes, the broker will be involved. If you find out that the broker is not your friend, he will raise the price.

Always check with a lawyer, since you may be signing a contract with the broker. Also check with the FAA, as their regulations state that brokers cannot change a plane’s certification status.

That can be a big problem if you get into an accident or run into mechanical issues, and you have to pay to get it fixed.

How much does a private jet insurance cost?

The insurance policy on your jet is very important. If the aircraft is stolen, the owner will have a big problem.

Also, an insurance company is not going to insure a jet if the owner has refused to have the plane insured. In general, you should insure your jet for about 10 to 15 percent of the purchase price.

The insurance companies do offer insurance with a higher premium, but this can be difficult to find.

Just like cars, different insurance companies offer different policies. Some companies will insure the jet itself, and others will insure only the right wing and the tail.

Some companies will insure the entire aircraft. I would choose to insure the entire jet because I think it is a safer bet for the owner.

When you buy a jet, you should also have personal accident insurance and financial insurance. Personal accident insurance is about $50,000 a year for unlimited accidents.

If you are injured in an accident, it covers up to $250,000 in medical bills. Life insurance is about $300,000 for $150,000 of coverage.

Some people don’t need personal accident insurance, but in case of a theft, accident, or other accident, it’s a good idea to have the money to cover those costs.

Financial insurance is about $100,000 a year. The first $100,000 of your personal net worth should be protected by a life insurance policy.

A bank account could also be protected for $50,000 to $150,000. Some people make sure to put their jet accounts in separate personal finance accounts so that these assets are not at risk of theft.

Conclusion

The actual cost of life insurance and financial insurance depend on the agent you go with. A good agent can offer you lower costs if you get the insurance through one of their policy groups.

You should buy your jet insurance from a company that you know and trust. It’s like buying car insurance. You have to shop around for the best deals.