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Question: Boater's Insurance Agency / Indmar Factory 5


moondog-sparky

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new here, so please be gentle - hope this is the right place for this question.

i'm in the process of taking delivery of a 2013 VLX and am curious if anyone has experience with Boater's Insurance Agency and the Indmar warranty program. any concerns or issues with using BIA rather than State Farm or Progressive? their plan is definitely appealing, but i have no sense of BIA and their track record. just looking for feedback from those who have used the program - especially, those that have had to make a claim (unfortunately!)

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I have them, never had a claim. FYI there IS a deductable for that "FULL" engine warranty between yrs 3-5. And that deductable is roughly 1% of the price of your boat. So if you paid $80k for your boat, your deductible for an engine repair between yrs 3-5 is about $800.

Otherwise, as far as price comparison, they are better insurance for the most part from what I saw. I know my policy is replacement vs reimbursement... and their rates were well below Alstate, AAA or Geico/Progressive. As far as the details, they seemed to be good as far as covering all the extras inside the boat such as stereo, damages and medical/liabilities limits were higher than some of the competitors.

Edited by nyryan2001
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i have State Farm and i get a discount due to auto and home coverage with them.

I had a claim this summer after a wheel failure (see related thread) and they covered all but my deductable. That included towing the trailer for repair (it had to be put on a flat bed), 1 tire, 1 wheel, plus parts, as welll as my mileage to go back and retreive the boat and trailer after the repair.

A friend has Progressive and he has been happy with them also.

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I just took delivery of a 2013 anniversary TXi and live in Surrey BC Canada. unfortanatly we up here

can not take advantage of the Factory 5. If i could I'd love to take advantage of this, these motors are so

high tech that any major event could become quite costly. If anyone happens to know if this opertunity

is / or will become avalable in Canada, please let me know!

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i have State Farm and i get a discount due to auto and home coverage with them.

How did you pull that off? I've never heard of State Farm offering a multi-policy discount for boats. We have State Farm and I dropped them early this year for Boat US because I was paying $550 or so a year with them and got the exact same coverage with Boat US for $275. Boat US has a great rep for claims though I haven't used them yet. Same covers @ 1/2 the price = no brainer to make the switch.
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I highly recommend Boat U.S. for insurance. I have insured all six boats I have owned with them, and could not find better coverage and / or rates with any other insurer. I have never filed a claim with Boat U.S., but they have an excellent reputation when it comes to settling claims quickly and fairly. With Boat U.S. you get a discount for each year of claim free coverage.

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I have Global Insurance, good or bad, I have actually been paid more from them, than what I have put in. I have been with them, through USA Waterski, for about 5 years. I also had State Farm for about 10 months. Is what I found out with State Farm is they didn't allow for a down period for the winter. State Farm charged a lot for the horse power of the boat as well. Since I had a 335 horse power boat they charged me a lot. They didn't realize that my boat tops out at about 40 mph. I saved about $200 year by switching. If you are with State Farm my suggestion would be to look at a marine specific boat insurance, it will save you $$$.

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I just took delivery of a 2013 anniversary TXi and live in Surrey BC Canada. unfortanatly we up here

can not take advantage of the Factory 5. If i could I'd love to take advantage of this, these motors are so

high tech that any major event could become quite costly. If anyone happens to know if this opertunity

is / or will become avalable in Canada, please let me know!

Congrats on your boat! Let us know how it skis!

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I have always had ski safe insurance. BIA was much higher for the annual premium, so I stayed with ski safe. Never had a claim, hope Ski Safe is a good choice.

As long as you don't anything out of the ordinary like ride a foil, parasail, etc., then you should be fine.

Even USA Waterski dropped them because of it.

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Congrats on your boat! Let us know how it skis!

Thanks WTF? Will do! picked the boat up from Performace Water Sports in Surrey four weeks ago, hasn't been

PDI'd yet, leaving this till March when the weather becomes usable. The anticipation of its performance is killing me, has the L96 motor

410hp 400ft lbs of torque.

Sorry all a little off topic.

Edited by Dare to go Bare
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How in the heck do you get Ins for 275.00 a year?? i just filled out the Quote info for Boat US and it was over 700.00 A year about the same I pay for progressive, I know that you can tweak it with larger deductibles and price of boat does make a difference but 275.00 That would be cool!!

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thanks for all the feedback and info - it's greatly appreciated! i like the idea of marine specific insurance and the extended drive train coverage, i just wanted to make sure this was a reputable and easy to deal with company. i am a long-time USAA member and they no longer cover boats, so this BIA option is appealing.

will do the shake-down ride with my dealer this saturday and finalize the deal.

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I use BoatUS as well for both boats. The Malibu has agreed upon value coverage, not market value which costs me about $50 extra a year. I had heard that some boat insurers do not cover the liability for environmental clean-up should your boat sink or have a spill. By fed law, you can be on the hook for up to $833k if I remember right, it used to be $750k but went up.

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How in the heck do you get Ins for 275.00 a year?? i just filled out the Quote info for Boat US and it was over 700.00 A year about the same I pay for progressive, I know that you can tweak it with larger deductibles and price of boat does make a difference but 275.00 That would be cool!!

A lot of it has to do with the value of the boat and trailer, with a $75k boat... you'll pay in the neighborhood of $500-700 yearly.

Then you have a 10-15% variance from sate to state to based on regulatory requirements on coverages..and the local risks for that area, and then your preferences in deductibles etc etc.

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How in the heck do you get Ins for 275.00 a year?? i just filled out the Quote info for Boat US and it was over 700.00 A year about the same I pay for progressive, I know that you can tweak it with larger deductibles and price of boat does make a difference but 275.00 That would be cool!!

My deductable is $250 if I remember correctly - no more than $500 for sure. The big difference is mine is insured (boat and trailer) for 28k. I'm guessing yours is in the 60k range.

Where you live (less about property cost/income level demographics, more about average claims in your area), age, marital status, driving record, etc. all contribute to the insurance rates as well. Someone in a costal area that has a higher chance of getting hit by major storm or flooding damage is going to have a higher insurance rate on everything as a result.

  • Like 1
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I have safco. I have traverlers for everything else, but their boat insurance was pretty bad. Safeco is good, less than $700 a year, 250 deductable (the lowest they offer) they do offer replacement, but I didn't realize it at the time. I have had one claim and they were awesome.

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I went with BIA for my 2012 VLX. So far so good (but no claims fortunately). I seem to recall they were a little more expensive than my other options, but I was attracted to the Indmar warranty extension. By the way, my home/auto insurance company won't cover my VLX boat due to engine output size.

Good luck with your new boat!

RJP

Edited by RJPMalibuVLX
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I use Boaters. Love these guys! They have always been great to deal with and when you compare line by line to other insurers, you will see that they throw in many standard things at higher values. I have been an allstate customer for so many years for house and car, but they couldn't touch Boaters.

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So it looks like I'm in the right range, Really it's when you have a claim, That right there will tell you how good your ins, co is, I just recently lowered my Deductible to 250.00, I had it at 1000.00 and this last year some how I lost a brand new Ronix Board and boots and a wake surf board, With 1000.00 was not worth a claim, so now just had to shell out 900.00 for a new boards..

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  • 2 months later...

BIA offers the best coverage available for a new Malibu/Axis owners-bar none. Replacement coverage for 5 years on the boat, 5 years of a factory direct engine warranty and $5,000 personal effects for wakeboards/skis. That and they don't depreciate the value of the engine for 10 years which no one does. They have rates that are in line with every home/car insurance company, so for the coverage and price, they are a no brainer to me. You just bought a very expensive boat, don't go cheap on insurance.

http://www.indmar.com/service-support/factory5.aspx

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