selectedIndex

HTML

<select>
   <option value="">Select</option>
   <option value="10000">Minimum Coverage</option>
   <option value="25000">Average Coverage</option>
   <option value="">Other</option>
</select>

JavaScript

document.getElementsByTagName('select')[0].onchange = function() {
    var index = this.selectedIndex;
    var inputText = this.children[index].innerHTML.trim();
    alert(inputText);
}