Bus insurance can be a daunting process for any individual, especially if you are new to the industry. There are many steps that you need to take in order to make sure that your bus is properly insured and protected. This blog post will go over 10 simple steps for purchasing bus insurance quickly and efficiently!
1. Understand the Difference Between Commercial and Private Insurance
There are many types of insurance that you might need to insure your bus. The first key step in this process is understanding that there are two different classifications for offering bus insurance: commercial insurance and private insurance. Your commercial policies usually offer all-inclusive coverage, while your private policy offers cheaper options focused on liability coverage.
2. Determine the Type of Bus You Need to Insure
After you have determined whether your bus is covered under a commercial or private policy, it is time to determine what kind of vehicle you need to insure! There are three classifications for bus insurance: school buses (both public and charter), tour buses, and transit buses. Each of these have different needs, which are why it is important to understand the classification of your bus before purchasing insurance.
3. Identify Your Needs for Coverage
It is time to determine what kind of coverage you need for each type of insurance option that you have identified! For school buses, there are three main coverages necessary for protecting your bus: collision, comprehensive, and liability. Tour buses are similar, but they also need to consider the equipment that they need to protect. Transit buses require special protection for their height, weight, length, and overall size.
4. Engage in Negotiations with an Insurance Provider
After you have identified the type of coverage you need and the types of bus you need to protect, it is time to engage in negotiations with an insurance provider! It may seem intimidating at first, but remember that they are negotiating for your business. You can always walk away from a negotiation if they do not meet your needs or expectations.
5. Read Through Your Policy Before Signing
The last step of the purchasing process is to read through your policy before signing! Make sure that you understand what they are offering, what your risks are, and how you can file a claim. If there is anything that needs to be corrected or changed, make sure to address it at this point!
6. Don’t Be Afraid to Ask for Help
If you are still confused by the terms and information, don’t be afraid to ask for help! Insurance is a complicated process, but it can be simplified if you understand what you need and want. Ask questions until you feel thoroughly comfortable with your purchase and policy before signing on any dotted line.
7. Speak With Your Policy Provider
If you have already purchased your policy, it is important to periodically check in with your provider! Make sure that you are in compliance with all of their requirements and that they can meet your needs. If not, look into changing providers or policies.
8. Obtain Protection for All Your Property
This last step is extremely important! It is important to make sure that everything you own is insured and protected. If something were to happen, how would you pay for the damages? Make sure to include all of your property in your insurance policies, not just your bus!
9. Consider Your Bus and its Features
Keep in mind the features of your bus and make sure you are properly insuring them! For example, transit buses need special protection for their height, weight, length, and overall size. Make sure that you understand how to cover these particular risks before purchasing a policy!
10. Contact Your Agent with Questions
If you have questions about your policy, don’t hesitate to contact your agent! Insurance providers are knowledgeable and experienced. They should be able to answer any question you might have or help you solve any problem that arises with your bus insurance policies!
What are the 3 types of buses?
School buses (both public and charter), tour buses, and transit buses.
Why is it important to periodically check in with your provider?
Because they are there to help you! Remember that insurance providers are knowledgeable and experienced. They should be able to answer any question you might have or help solve any problems that arise with your policies!
Who can help you understand what you need and want in insurance policies?
Your insurance provider! They are knowledgeable and experienced. Ask questions until you feel thoroughly comfortable with your purchase and policy before signing on any dotted line.
What is the last step of the purchasing process?
Read through your policy before signing.
Who should engage in negotiations?
The business owner or agency director.
What are the 3 main coverages necessary for protecting school bus in a commercial policy?
Collision, comprehensive, and liability coverage.
While Further Study Is Warranted
I hope this post has given you some ideas on how to navigate the bus insurance process. But, if it hasn’t, don’t worry! We’re always here for you and we’ll help answer any questions or concerns that come up along the way. Comment below with your thoughts so far about purchasing a bus policy or anything else related to buses in general. Let’s talk!