Static Caravan Insurance - Useful Tips And Good Advice
In this short article we'll try to address some of the most common questions and concerns shared by caravan owners in the UK.
Is it Possible to Save Money by Going without Static Caravan Insurance?
This is quite a difficult question to answer, in that there are really two answers to the question. Firstly, you can save money if you choose to go without insurance because obviously you won't be paying for cover in the first place. On the other hand, if you choose to go without insurance, and something goes wrong, you could end up losing tens of thousands of pounds in the blink of an eye.
From a financial point of view, it's not advisable to go without static caravan insurance. Just think about the consequences if your static caravan got ravaged in a fire. Not only would you lose all the contents, but you'd also lose the caravan itself. Basically you need to decide whether it's worth the risk or not, considering that a good insurance policy can be had for less than two or three hundred pounds per year. Many people argue that there's not much chance they'll ever need to claim, but even so, you can never be 100% certain. In fact, you may want to take into consideration that vehicle and caravan crime accounts for approximately 19% of all crime within the United Kingdom.
Does Caravan Insurance Eliminate All Risks?
Once again, there are two answers to this question, and the only way for you to be absolutely sure is by studying your policy carefully. Basically, you get 'market value only' policies, and you get 'new for old' policies. If you opt for a 'market value' type of policy, you could essentially find yourself out of pocket if your caravan ever got severely damaged or completely destroyed, in that your insurance company would only pay you the market value of your caravan at the time of the incident.
On the other hand, if you opt for a 'new for old' policy, your insurer would replace your caravan with a brand new one irrespective of what the market value was. One thing to bear in mind however, some caravans may not be illegible for this type of cover, in that there are often age restrictions in place. In other words, if your caravan was manufactured before a certain date, you may need to settle for a 'market value only' policy.
Static caravan owners should also make sure their policies include things such as storm damage and acts of terrorism. While some policies do include these as standard, others don't, so of course you need to verify this before you sign anything.
Will the Policy Cover the Full Cost of Replacing Everything?
This will depend largely on the type of policy you choose. Remember, if you ever need to claim, your insurer will only pay you the amount which was initially agreed upon when you first took out the policy. Furthermore, you'll also be expected to pay the excess amount. This is exactly why you should never be tempted to set the excess amount too high, because if you do, you may not be able to afford it, and you could also end up feeling bitterly disappointed when you realise just how much you have to pay up front.
Where Should I Go for Caravan Insurance?
Just as with all types of cover, you should ideally shop around in order to get quotes from several UK providers. With that said, static caravan insurance is not the same as home and car protection, and as such, you may want to go with a company that specialises in such policies. Whichever company you choose to go with, always make sure you read the terms and conditions carefully before signing up.
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