Tips and hints on getting the most from your warranty
When purchasing a new boat, the ‘deal’ or overall package offered may include a number of elements from the dealer or seller and the warranties is an important part to enhancing the quality of the overall package deal.
So to compare deals on similar boats and compare boats you’re considering buying, don’t forget to take into consideration and compare the details in the warranties. You want to make sure you have the warranties which suit you and present the most attractive overall purchase package. And most importantly, be aware of your obligations in meeting the terms and conditions of the warranty.
New Boat Finance Warranty Details
Here’s a few points on what to look for and consider with new boat financing warranties.
While you have statutory rights under consumer guarantee laws (refer our blog article on Boat Warranties, Hype or Help) the terms and conditions contained in individual manufacturer warranties will vary. Read the t&c’s carefully and ask questions so you fully understand them.
Is the timeframe long enough? Warranties are for a set time limit or with engines, a set number of operating hours. A longer term of the warranty is clearly more attractive as your assurance of replacement or repair of defective items over a longer period. Tip – check boating forums for discussions on performance on key componentry, if faults and breakdowns are common in certain brands.
Is everything covered? Boats contain items from a range of manufacturers, each with their own warranty. Ensure all the important elements are well-covered and especially the electronic componentry which may be expensive to repair.
What is included? Some warranties include labour and parts, some parts only. If in doubt, investigate the cost of labour in fitting/replacing these items to make a well-informed decision.
What is excluded? Some warranties may only cover operation of a boat under certain conditions. For example, under certain water conditions – inshore or offshore. If you’re purchasing a boat for offshore fishing, make sure those conditions are covered under the warranty.
Who issues the warranty? If the warranty is issued by an overseas-based manufacturer, ensure that there is an Australian-based representative, often the importer, who will handle your warranty claim.
Your Warranty Obligations
Under the terms and conditions of a warranty, you have obligations to operate the boat to meet those t&c’s. For example, with trailer boats, some boat warranties may include conditions that the boat is not covered if incorrectly loaded onto the trailer or an inappropriate trailer is used.
As mentioned above, ensure you intend to use the boat in a way that is covered by the warranty.
Warranties and guarantees don’t mean you will have free or completely cost-free servicing and maintenance of your new boat. Warranties and guarantees usually cover faults and breakdowns not regular scheduled servicing. However, some sellers may include a level of ‘free servicing’ in their individual deals – could be a valuable inclusion, but beware they haven’t inflated the price to cover this.
You should register the warranties. Some dealers will automatically register your warranties at point of purchase. In other cases, it may be your obligation to register your details with the manufacturer.
Retain all proof of purchase documentation, ie receipts, contracts, bills of sale, so you have the documentation should you need to make a claim.
Used Boat Finance Warranties
Used boats may only be covered by warranties and guarantees if purchased through a dealer. Check your rights for used boat finance, both dealer and private, under your state government and ACCC legislation.
If purchasing a used boat, check if the manufacturers’ warranties are current and are transferable.
When sourcing your boat finance through Jade Boat Loans, your friendly consultant is well-placed to offer assistance in regard to general questions on warranties. So before you start looking at boats to buy, start a conversation with Jade Boat Loans.
We’re specialists in marine finance and can give you direction in regard to warranties, insurance and other aspects of buying your dream boat.
Disclaimer: The information contained in this article is sourced from government and reputable sources, however, it is intended as a guide for general information.