How You Can Reduce The Cost Of Your Caravan Insurance
Finding a competitive price for your caravan insurance can be a minefield
, especially for first-time buyers. It can be a lengthy process; it's as simple as using an insurance comparison network if you want to cut down the time it takes you to find quotes.Cutting the price of the premium is less simple than that, but the following tips offer advice on the types of cover you need and how you can get cheaper quotes.
You can take out a third party policy to cover the caravan, and whilst that may seem to be a cheap option if you only use your caravan occasionally, you need to consider whether it will actually save you money. Just like insurance on your car, should you be involved with in accident a third party policy will only cover damage to other people whose property is damaged or who get injured. It won't cover damages to your caravan, or injuries you may sustain.
The difference in caravan insurance policies greatly depends on where you keep your vehicle, and where you use it. If you tow your caravan around the country you will need a touring insurance policy, which is different to the kind of cover required by static caravans.
If you keep valuable items in the caravan you should consider taking out insurance which covers these in the event of your caravan being stolen or broken into, otherwise you face the cost of replacing it yourself.
Checking the location of where you your caravan should highlight potential risks, which will increase your premium. Choosing a safe place to store your caravan, where there is minimal chance of flooding, crime or other risks will reduce the price of your premium. If you don't store valuables in your caravan then your premium will also be reduced.
It's expected by most insurers that you have security equipment fitted to the caravan, such as a hitchlock or wheelclamp, when the caravan is stored. Some insurers even insist you use these when stopping for a tea break. With some policies, having an alarm or an electronic device fitted to the caravan will give a discount of between 5 and 15%, depending on the insurer.
The type of caravan you use is another factor which affects your policy. Some firms won't even insure twin-axle or German-built caravans because they are five times more likely to be stolen.
Every year 300 caravans are stolen in the UK, according to the Home Office. Whilst their is no legal obligation to insure your caravan against theft and damage, you must insurance yourself on a third party policy, as a minimum, when you are towing a caravan on public roads.
The important thing to balance when considering tricks to lower your premium is whether it really is cost effective. Raising your excess and opting for a third party policy will undoubtedly reduce your premiums but if something goes wrong it will cost you significantly more.
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