Agreed Value Insurance for your Coach

[cmillsap]

I think it would be wise to insure your bus against damage to it. And of course, try to get an agreed value policy from your insurance co to protect your investment.

The primary reason I favor insuring my bus is the unavailability of replacement parts if I were unfortunate enough to have an accident and damage it. From what I’ve seen, it doesn’t take much damage for the insurance companies to determine that the repair costs are so high that the bus is considered a total loss. If replacement parts are non existent or too costly to reproduce, the repair costs would exceed the market or agreed value of the bus. Consequently, it becomes a total loss.

Additionally, considering that collision and comprehensive coverage premiums are based on the value of your bus and liability coverage nowadays should be carried at least at $500K or higher, the major portion of insurance premium costs are due to the needed high liability coverage to protect yourself against legal actions.