Caravan Insurance - What Can You Expect From Your Policy?
Irrespective of whether you've just purchased a brand new caravan or whether
you purchased a second-hand one, the chances are you'll soon want to make sure that is adequately insured. After all, even the most modest caravans cost a small fortune nowadays, so it only makes sense that you would want to make sure you're fully covered just in case something unforeseen happens.One of the first things you'll notice when you start shopping around for caravan insurance is that providers offer different packages based on whether you own a touring caravan or whether your own a static caravan. The type of caravan you own will dictate the type of policy you require, in that there are a few differences between the different types of cover.
Even though there are certain differences between the different policies, you will usually find it's possible to have the following included in either type of policy. In other words, there are certain benefits, which are typically included in the policy irrespective of what type of caravan your own.
1) New for Old vs. Market Value Only
This generally only applies to caravans below a certain age, although it should be mentioned that different providers have different limits. Providing your caravan is below a certain age you can opt for what is known as a 'new for old' policy. If this is the type of cover you take out then you'll have peace of mind in knowing that your insurance company will pay you enough money to buy a brand new caravan should your existing one gets stolen or become damaged beyond repair.
If on the other hand you own a relatively old caravan, then you may not qualify for this type of cover, in which case you'll have to settle for 'market value' insurance. In that case, the insurance company would only pay you as much as what your caravan is deemed to be worth. Fair enough, this may not be ideal, but at least you should have a significant amount of money at your disposal which you can then put towards buying a new caravan.
2) Third Party Liability Cover
This is very similar to regular third party, fire and theft insurance with which most of us are already familiar. Basically, this aspect of the insurance will offer you protection against costs arising from damage caused to the property of a third person, and it will also offer you a substantial level of protection in the event that a third party gets injured because of your caravan. For example, if you rent your caravan out when you're not using it yourself, one of your tenants could injure themselves by falling down the stairs, and has the owner; you are the one responsible for any damages. Liability cover means that your insurance company will pay for any legal costs should anyone file a claim against you.
Even though caravan insurance is not mandatory in the UK, it's certainly advisable. Let's face it if you've ever experienced the joy of spending time in your home away from home, you probably wouldn't want to be without a caravan ever again. Contrary to what you may believe, caravan insurance is in fact very affordable and providing you're willing to shop around, you'll almost certainly find something to suit your budget. Additionally, as a caravan owner, there are several things you can do to make sure you get the lowest possible rates. At the end of the day, it's all about doing a little bit of research.
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