A private jet is a great way to travel. But it’s also more expensive than a commercial flight.

The cost of renting a private jet depends on several factors. This includes the aircraft, airport fees, fuel, maintenance and insurance.

For example, a five-hour flight from Boston to Dubai in a Bombardier Challenger 300 costs $4,500 per hour, while the same trip will set you back over $50,700 if you book a luxury Airbus A319 or Boeing BBJ.

Cost of the Aircraft

Whether you’re interested in renting or buying your own private jet, the price will vary according to several factors. These include inspections, insurance, hangar space and pilot expenses.

Depending on the aircraft type and range, these costs can easily add up. For example, a mid-sized jet such as the Bombardier Learjet 40/40XR can cost $24,500 to fly from Los Angeles to Washington DC.

Alternatively, a nine-seater Hawker Beechcraft 900XP can cost around $30,000. These prices are also dependent on the number of passengers and baggage you’ll be carrying.

Airport Fees

The airport fees associated with renting a private jet can vary according to the size and type of the aircraft. Typically, the smaller the plane the cheaper it will be to rent.

The aircraft’s home base will also affect the cost of a charter. If the aircraft is not based at the airport that you are flying from, then the carrier will have to ferry it in and out of that airport.

Repositioning fees can add up fast when you have a trip longer than your aircraft is equipped to handle. This can be particularly true when the airplane is a light or mid-sized jet.

Fuel

Fuel is a huge factor in the cost of renting a private jet. It varies from plane to plane and can be one of the most expensive variable costs of flying.

A jet’s fuel burn depends on a number of factors, including weight, size and flight speed. Larger planes, for example, will use more fuel than a smaller model.

As a result, a small jet may require up to 50 gallons of fuel per hour, while a larger one could need 600 gallons.

As the fuel price for jet fuel has risen dramatically in the past 18 months, it’s not surprising that private jet charter prices have gone up. Some companies have increased their fuel surcharges, including VistaJet and flyExclusive.

Maintenance

Maintenance is an important part of owning a private jet. It can come in the form of routine inspections, major overhauls and repair work.

Aircraft maintenance costs can vary significantly depending on the age of an aircraft and how many hours it has flown. These factors determine whether an aircraft requires routine maintenance or an extensive overhaul.

Manufacturers set maintenance guidelines for their aircraft types, including calendar and hourly maintenance intervals. As an owner, you should understand these guidelines and when your jet is due for maintenance.

Insurance

One of the biggest costs associated with renting a private jet is insurance. It can be an upfront cost or a recurring expense depending on the type of aircraft you are flying, the pilot’s experience, and other factors.

There are many different types of aviation insurance, including liability, physical damage and (hull coverage). Liability insurance can cover the owner of a jet against claims from third parties in the event that an accident causes bodily injury or property damage.

Typically, a single limit liability policy costs around $50,000 per year. However, this figure could be much higher with more flight hours, age of the jet and other factors.