We don't drive our bus around much. It's a house more than a vehicle, but when first bought it, we had to take it on the freeway and over a high mountain pass to get home. The previous owner had insured it as a truck, based on the engine model. We called our State Farm agent, explained the situation, and were able to insure it as an "unfinished RV." I didn't know such a category existed!
Once the bus was safely parked, we took it off insurance. There was no longer a chance of collision, so we decided to take on the risk. I never did look into what kind of insurance payout we'd get for an unfinished RV, but based on the premium, I assumed it would be low.
We took the HSA approach to bus insurance after that. Since we weren't paying rent, the bus paid for itself very quickly and we were able to put aside an emergency fund.
Does anyone have other ideas about insurance?
As a former insurance agent I would say do not insure. If the entire bus goes away i.e. fire etc
ReplyDelete(heaven forbid !) you can build a super great earthbag home for less than what the premiums would have been. My other reason is more philosophical. If you are off the grid why depend of the 'system'. I live in Florida and when the hurricanes came the insurance companies did not pay. There promised payoff was not true. I also think that the U.S. is in for a big financial reset ( High inflation ) and thus the insurance companies could be out of business like AIG did in 2008. Depend on yourselves, Mother Earth, and God to provide all you need and share with others. You are mostly there now. I am in the process of doing the same. I am making fuel from WVO and WMO and foeget about gas stations. We are in a new way of life now! Much luck and peace to you and your family.
Jerry
Thanks! That's a great encouragement! Sometimes I do wonder if we are crazy!
ReplyDeleteNo you are not! you are taking the toughest path there is. The 18" from the mind to the heart. The change to heart based living is real and those that are not in tune with that path will think you are crazy. When the Europeans came to America and attempted to buy land from the native Americans it was very clear to the Indians the Europeans were insane. The Indians did not have words or a concept that someone could 'own' Mother earth. Their concept is we belong to the Earth not the other way around. So the native american had compassion for this insanity.
ReplyDeleteHey there, just throwing my advice into the mix. I insure through GMAC, paying a little over $30/month. This is for minimum insurance in my state, which is liability only. I drive my bus fairly regularly, and need to keep it registered and insured. GMAC is by far the best company to use in this regard, since they accept school bus conversions as insurable vehicles of their own category. And it's fairly cheap.
ReplyDeleteAs far as collision, I'd agree with the above, it isn't necessary for a bus. You will most likely emerge from any accident you get into unscathed, and will have little to do in the way of repairs. As far as fires, etc, the emergency fund is the way to go. Valuation on things like this is a difficult subject.
On a related note, I've had your bus on my wall for nearly a year, and would very much like to talk to you. Shoot me an email if you can, john@annemarie.co
Thanks!
We had our bus insured for a while with parking insurance, but that didn't insure contents (which would normally be insured with house insurance) so it seemed silly after a while. Really, if our bus burnt down, it would be the contents that I would want to replace more than anything (computers, clothing for 5 people, etc.) - not that we have a lot of things, but starting over with nothing can be expensive. And of course, I'd be more sad about what couldn't be replaced by insurance anyway, photos, the bus itself - not physically, but our emotional attachment to this particular bus and all the work/memories, etc.
ReplyDeleteEmergency fund is a great way to self-insure.
Yeah, it is the bus itself that we love, and that couldn't be replaced. Yes, starting over with new contents can be expensive, but I'm always amazed at how much free stuff there is in this world. For everyone who needs stuff, there is someone looking to give "clutter" away.
ReplyDeleteWe are looking into the possibility (likelihood, really) of converting a bus in order to travel around the country. The problem is, we live in Alaska, and GMAC won't insure here. They're pretty much THE company I've seen mentioned as far as bus insurance. Wondering if anyone happens to have any leads?
ReplyDeleteWe are currently looking for coverage for the converted skoolie we just purchased with the intention of traveling, and much to our chagrin, they seem to have stopped covering conversions recently. I wonder, has anyone heard of any other companies that offer that coverage?
ReplyDeleteI recently purchased a bus that has been terribly hard to classify and insure. After 10 minutes with GMAC ( 1-800-847-7488 ), saved hundreds of dollars a year over other quotes without all the complication of having to classify what kind of vehicle it is
Deletetry progressive insurance. note they don't tell you but you need a kitchen and working bathroom and holding tanks according to their insurance policy they send after you enroll so a "camper" with portable fixtures would not really be insured. so a built in working range, ref and sink for a kitchen and shower, sink and toilet for the bath are required. i had a camper style with a port a potty and no built in's after reading the policy and calling them that's how i found out they had to be built in.
ReplyDeleteI bought an 87 Ford School bus several years ago, and my dream turned to a nightmare. My insurance company initially wrote me a policy, then decided they were going to go back on that. I was then left with a stack of code enforcement warning letters and a bus I couldn't legally move. No insurance company would write me a policy. NONE of them.
ReplyDeleteI had to sell it at a substantial loss. You people who are lucky enough to get the mythical insurance for these things should count your lucky stars or something.