Many boat owners have sadly lost their craft completely in the floods affecting Queensland and NSW while many other vessels have been irreparably damaged. We fully empathise with those impacted and the team at Jade Boat Loans is ready to assist where required. Owners who have lost boats under finance will no doubt have a lot of questions around what they should do and how they can replace their vessel. We have prepared a quick guide of what to do if you’re a boat is lost in floods in an easy-to-read FAQs format.
Can I try to find my boat?
Yes. If your boat was washed away while on a mooring or pontoon, it may turn up downstream. Marine Safety Queensland has launched a service to reunite owners with their vessels. Email details of vessel to [email protected] In other areas, check with local marine authorities or water police.
I have a boat loan, who do I contact?
If the boat is ‘under finance’ meaning you have a boat loan and the boat has been lost or totally written-off, you should contact the bank or non-bank lender that the loan is with. Jade Boat Loans is accredited with multiple banks and lenders. If you arranged your loan through us, you need to contact the lender. When boats are purchased with finance the lenders require the borrower to also take out insurance. You will need to contact the insurer to lodge an insurance claim.
I lost my boat loan paperwork when the house flooded, what do I do?
If paperwork for boat loan or insurance policy has been lost, contact the lender and insurer and they will assist with what identification they need to process your claim or enquiry.
How do I claim insurance?
Contact the insurance company that you purchased the marine insurance policy from. They will explain their process for lodging a claim.
What happens to my boat loan if my boat is lost or destroyed?
Borrowers are still obligated to make the repayments on the boat loan even if the boat has been lost or destroyed. When the insurance claim is finalised, the insurer will pay the lender the monies owed as the lender will have the security lodged on PPSR. Until that time, repayments need to be made or arrangements made with the lender. Failure to meet repayments can result in a negative entry in a credit report and lead to a bad credit rating.
Will everything on board be covered by insurance?
That will depend on the policy purchased. Check the policy and speak with the insurer.
Will the trailer be covered by insurance?
That will depend on the individual policy. If the trailer and boat were included in the boat loan then both would have required to be covered by insurance. Check your policy.
Can I replace the boat while waiting insurance claim?
Yes. Speak with Jade Boat Loans about a boat loan to purchase your new boat. If you intend to use part of the insurance claim on the new purchase that can be done when those funds are received as additional payments are permitted with a Secured Boat Loan.
Can I apply for new boat loan before insurance finalised?
Yes. Speak with one of our consultants to commence your application. It will be noted that the existing boat loan is being handled by insurance.
I use my boat for work, how quickly can I get new finance to replace it?
Our consultants will respond immediately to source a quick quote on your choice of marine finance. On your OK of that quote we provide fast application approvals. Our consultants handle the entire process so you can concentrate on other matters.
Will making an insurance claim for boat under finance affect my credit rating?
No it should not under normal circumstances. But make sure you contact your lender to advise what is happening and if required, request that repayments on the existing boat loan be paused if possible. Failure to meet boat loan repayments even when an insurance claim is being processed can impact negatively on a credit profile. If arrangements cannot be made to pause payments, keep making the repayments.
What new boat loans are available?
For private buyers for recreational craft, the Secured Boat Loan is the most commonly-used type of loan. It is suitable for most new boats including power, sail and PWCs.
Will I get the same interest rate I had on loan for lost boat for the new loan and new boat?
The loan for the new boat will be quoted at the current interest rates available for boat loans. This may be the same or different from a previous loan. The RBA cut the official cash rate to a historic low level in 2020 so the interest rate on the new loan may be lower than the previous loan. To review current boat loan interest rates refer to our Compare Interest Rates table.
I have a lot of things to deal with around the flood, I don’t have time to also organise a boat loan. How can you help?
Don’t worry. Jade Boat Loans handles the entire boat loan process from your initial request for a quote through to settlement. Simply contact one of our consultants, provide the necessary details for the loan application and we will take it from there.
We hope these answers have been helpful to address your concerns and if not, please reach out to one of our consultants to discuss how we can assist with finance for your replacement boat.
Contact Jade Boat Loans on 1300 000 003 for a boat loan to replace a boat lost in the floods.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MIS-PRESENTED DATA AND DETAILS HEREIN.