The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Ms. Gentilozzi has more than 30 years of Human Resources leadership experience at national retail brands, most recently serving as Executive Vice President of Human Resources at FULLBEAUTY Brands where she led all HR initiatives to support 2,000 associates. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. [5] It markets itself as a "Judgement Free Zone" that caters to novice and casual gym users, and has faced both praise and criticism for its atmosphere. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. [54][55] Also in 2016, the company donated more than $1 million to the program. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Crunch isnt quite as widespread as Planet Fitnesscurrently, they have 300+ open locations in 29 states and five countriesbut with plans to open an additional 1,000+ locations, theyre growing quickly. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. In this role, she is responsible for driving our digital vision and strategy, including leading the continuous enhancement of our mobile app, with a focus on consumer engagement, loyalty and a differentiated omni-channel experience to accelerate Planet Fitness growth and success. 4. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. The biggest expenses in the additional costs section are leasehold improvements and construction costs which vary greatly from $1,250,000 to $2,163,000. 2% of the total gross monthly EFT Dues Draft. [60], In October 2017, Planet Fitness and its members raised $1 million which it donated to the non-profit Boys and Girls Clubs of America. Rated Excellent on TrustPilot with feedback from 50+ customers. That said, all of the gym franchises on this list (and those that arent on this list) allow curious investors to request more information for free. Net Worth Requirement: $3,000,000 Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. Now, We Own 22 Locations", "What your new gym doesn't want you to know", "Planet Fitness vs. the lunkheads: Why is a health club trying to alienate people who love to work out? ", "Planet Fitness revokes woman's membership after transgender complaint", "Planet Fitness Has New Investor; Promotes Rondeau To CEO", "Former Radio Shack CFO Fills Planet Fitness Hole", "Planet Fitness goes public, hits mark in first day of trading", "Ranking America's Best And Worst Franchises: Which Are The Best Investments? HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and Then, you will be in compliance with the LAF requirement if you spend an amount that satisfies the LAF obligations for all the Planet Fitness businesses in the aggregate. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Pre-qualified offers are not binding. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". Many of these are one-time fees that are needed to launch the franchise. One of the best ways to thoroughly research a franchise or business opportunity investment before purchasing one is to get feedback from current and former franchisees involved in the franchise system. ", "2017 Top Franchises from Entrepreneur's Franchise 500 List", "Planet Fitness members outraged over March bill amid coronavirus closures", "Planet Fitness CEO says gym visits are holding up against the omicron variant", "Planet Fitness Seeing Minimal Impact So Far From Omicron", "Planet Fitness Franchise (Costs + Fees + FDD)", "Planet Fitness Franchise Costs & Fees, Planet Fitness FDD & Franchise Information | FranchiseDirect.com", "Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And Investment Information", "Planet Fitness Prices & Membership Cost", "17 January Gym Discounts That Are Too Cheap to Pass Up", "Planet Fitness is raising the price of its Black Card membership but still offers a $10 option", "American gym powerhouse chooses Brampton for first suburban Canadian location", "Cheap 'n' cheerful chinups: Canada welcomes Planet Fitness, the $10 gym for those bad at gym", "Planet Fitness Continues International Expansion in Dominican Republic", "Planet Fitness opens first Hawaii location at Ala Moana Center", "10 Million Reasons to Get Pumped About Planet Fitness", "Planet Fitness to Sponsor 'The Biggest Loser', "50 Cent and Joan Rivers Kick It At The Gym [PHOTOS]", "Planet Fitness To Launch New Global Campaign On New Year's Eve", "Planet Fitness sponsors New Year's Eve celebration despite pandemic", "David Gilliland Racing Fielding Fourth Entry for Joey Logano in Bristol Dirt Race", "The Judgement Free Zone: Judgement Free Generation Video Contest", "Planet Fitness Opens In Fremont, Donates $1K To Boys & Girls Club", "Planet Fitness 'Judgment Free Zones' a Model of Inclusion", "Planet Fitness Anti-Bullying Initiative $1M Success", "Planet Fitness debuts fitness room for kids at Boys and Girls Club in Manchester", "Planet Fitness Opens Judgement Free Gym at Pasadena Boys and Girls Club", "Planet Fitness raises $1M for Boys and Girls Clubs of America", "Planet Fitness named national gym sponsor of 'The Biggest Loser', https://en.wikipedia.org/w/index.php?title=Planet_Fitness&oldid=1142494313, Companies based in Rockingham County, New Hampshire, Companies listed on the New York Stock Exchange, Health care companies established in 1992, Medical and health organizations based in New Hampshire, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 2 March 2023, at 18:29. Planet Fitness trademarked the phrase judgment free zone, so that alone should give you a sense of this gyms major value: inclusivity for all people, regardless of their fitness levels. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. has opened over 4,000 locations on all seven continents. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. The franchise has since modernized their routines and worked Pilates, yoga, hip hop, kickboxing, and strength training into their classes, which they claim can burn up to 800 calories in one hour. Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Our partners cannot pay us to guarantee favorable reviews of their products or services. Royalty fees and advertising fees are generally calculated as a percentage of gross sales in franchise agreements, but Anytime Fitness rates are flat from month to month, which makes it easier for you to plan and organize your expenses. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Mr. Fitzgerald has over 30 years of leadership experience in financial management in the retail industry, most recently serving as Chief Financial Officer and Senior Vice President at Potbelly Sandwich Works. Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. This is significantly lower than the midpoint investment of $3,273,500. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. However, the profit varies on your location also. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Join PFIFC Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Building in competition to workouts enhances ones motivation and keeps consumers coming back. Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. When evaluating offers, please review the financial institutions Terms and Conditions. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. Upon your submission of your Construction Development Plans for our approval, Point of Sale Support, Processing and Account Management Services Fees, $149-$199 plus processing and credit card fees based on the number of transactions processed per month or number of eligible accounts enrolled in collections. The total investment ranges from $728,290 to $3,777,800. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. The initial Planet Fitness Franchise Fee is $20,000. Find other similar franchises in our catalog! The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . Throughout his tenure at Dunkin Brands, Mr. Share. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. There are very few reasons why one might want to open a Planet Fitness franchise. Youre about to cancel your subscription. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Their popularity mostly comes down to their unique business model: All Anytime Fitness locations are open 24 hours a day, seven days a week, and members can access any of those 4,000+ locations no matter where they are in the world. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. The Area Development Fee is uniform and non-refundable. To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. subject to maximum fee of $40,000, Concurrently with our granting a successor franchise to you, Actual costs (approximately $1,200 per visit), Cure Period Extension Fee (Franchise Agreement), Paid monthly via EFT on the day designated as your Monthly Membership Billing Day, as defined in our Franchise Agreement, Grace Period Fee (Area Development Agreement), Paid monthly beginning on the first day of the Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. This covers the cost of being able to use their name and logo. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. industry. Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 Like. - In currency of the United Kingdom, the investment comes around 694,900 to 3,040,600. . Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. Have questions? With that said, a Planet Fitness franchise . These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. [21] Some bodybuilders and weight lifters have found the way they're portrayed in Planet Fitness TV commercials to be offensive, and the way they're treated in Planet Fitness gyms to be "quite possibly discriminatory. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. If you acquire rights under our Area Development program, you will pay an Area Development Fee equal to $10,000 per location to be developed under the Area Development Agreement when you sign the Area Development Agreement. Both within the fitness industry and American culture at large, Golds Gym has become legendary for their famous members (including Arnold Schwarzenegger) and their status as the mecca of bodybuilding. Since their founding by a Merchant Marine veteran in 1965, the Los Angeles-based gym has opened over 700 gyms in 29 states and 29 countries, and their international membership is 3 million devotees strong. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Crunch isnt quite as widespread as Planet Fitnesscurrently, they have 300+ open locations in 29 states and five countriesbut with plans to open an additional 1,000+ locations, theyre growing quickly. Planet Fitness estimates the total costs to re-equip your facility with both cardio equipment and all other exercise equipment will range from $314,000 to $922,000 every 5 to 7 years. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. [3] The company reports that it has around 2,400 clubs,[4] making it one of the largest fitness club franchises by number of members and locations. Burn Boot Camp Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. In this role, he is responsible for all aspects of financial strategy and management. Lets get started. 4 Liberty Ln. Prior to that, he served as the Director and General Manager of internet startup Kozmo, where he was responsible for new market development and operations. Under Rondeaus leadership, Planet Fitness has experienced tremendous growth and has been recognized for many accolades including, Entrepreneur Franchise 500 Fastest Growing Franchise List, Franchise Times Top 200, Forbes Americas Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. This could be an indicator that franchisees are doing really well. If you can name a franchise business, it's probably on our Franchise owners marketing list. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Planet Fitness Franchise Cost The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 - $4,921,000. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. Planet Fitness Fitness clubs 2023 Franchise 500 Rank #28 Ranked #7 last year See the Full List Initial investment $1.6M - $4.9M Units as of 2022 2,324 25.0% over 3 years Jump to Franchising. ? Sorry. The U.S. has the biggest Fitness market in the world, both in terms of revenue and in the number of members enrolled in a fitness facility. The initial Planet Fitness Franchise Fee is $20,000. Headquarters: Hampton, New Hampshire. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Estimated total initial investment: $58,870 to $521,437. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. The franchise also requires that candidates have at least $100,000 in combined liquid assets and a total net worth of at least $250,000. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. 3- Based on a midpoint investment of $3,273,300 with estimated profits of $831,881 at a 15% profit margin, it would take about 14 years to recoup your investment. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. [13] The new model was an effort to provide a fitness hub for everyday people. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Year Business Began: 1992. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Browse 1000s of reports on 1000s of franchise systems. 6.4 miles away from Planet Fitness. FranchiseComplaints.org Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. All told, their gyms boast over 14 million members worldwide. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Find Accurate Contact Data for Fitness Franchise Owners. locations around the U.S. as well as Canada and the Dominican Republic. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Estimated total initial investment: $1 million to $4.1 million. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Pre-qualified offers are not binding. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. After four years the Initial Franchise Fee for each location opened under the Area Development Agreement will be equal to then-current Initial Franchise Fee being charged to new franchisees. She played a pivotal role in creating breakthrough nation marketing campaigns that have built the brand over the past two decades, including iconic advertising campaigns like Lift Things and No Gymtimidation, along with pillar marketing sponsorships like the brands New Years Eve celebration in Times Square. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Lead Assigning Editor | Small business finances, investing, banking. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Currently, the. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Point of Sale System, and other Supplies, Your Out-of-Pocket Initial Training Expenses, Operating Cash (Additional Funds Pre-Opening and first six months), $7% of the total gross monthly and annual membership fees payable to you via EFT Dues Draft, Internet Membership and Balance Payment Administration Fee, Set according to our Methods of Operations, presently 55 per membership application or balance payment we process for your franchise location, Fees to Evaluate and Approve Alternative Suppliers, Our reasonable costs and expenses, which currently are expected to range between $1,000 and $5,000, although costs could greatly exceed those amounts depending on the product, Will var under the circumstances: estimated insurance premiums for your first year are $10,000 to $20,000.