If you own a caravan, either a touring caravan or a static one, it can be important to get the right caravan insurance for your needs. When setting off to enjoy a camping holiday, the last thing you need is worry over what you will do should something go wrong. If you are looking for caravan insurance you have come to the right place. Money Pug can help.
Compare Caravan Insurance With Money Pug
By using our comparison site, you can see at a glance the best caravan insurance deals on the market and find the one that is right for you. You could end up saving a lot of money making sure that your caravan is covered.
Types of Caravan Insurance
When insuring a caravan, you can often choose between ‘market value’ and ‘new for old’. Which one you choose will determine the level of cover that you get. You would usually only select the ‘new for old’ option if the caravan that you own is quite new and expensive. However, having said that, it is important to note that ‘new for old’ tends to refer to accessories rather than the caravan itself.
‘Market value’ means that your caravan will be insured for how much it would be worth on the current market. So if, for example, your new caravan, bought for £18,000, was written off shortly after you bought it, you would get £18,000 payment from the caravan insurer (or very close to it, depending on exactly how much time had passed and any excess charges). If however, it was written off ten years later, the market value could have depreciated significantly. You might only get around £8,000, for example – or enough to buy a similar caravan of around the same age.
With ‘old for new’ you would get the price you paid for the caravan in the first place, regardless of its age. In other words, you would get enough to buy a new equivalent. Obviously, you would have to pay a much higher premium to get this sort of cover, and it is generally not worth it unless you have a new and expensive caravan.
What To Check With Caravan Insurance Policies
When finding a caravan insurance policy, it is important to check:
- Whether it offers ‘market value’ or ‘new for old’ if your caravan is written off.
- The sum insured. (in other words, the maximum about the policy will pay out.)
- The excess to be paid by you in the event of a claim.
- Any exemptions on the policy and what exactly you are covered for.
- What alarms/ security devices you need to have in order to be covered.
It is also important to keep an eye on the value of your caravan over time, to make sure that you have an adequate level of cover in place. If you do not do so, you could end up under insured and have a problem should something bad occur.