Touring caravan insurance

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What touring caravan insurance sum insured should I have?

Having an adequate sum insured is extremely important. So how should you go about ensuring your sum insured is big enough? The following provides a guide:

New for old (also known as reinstatement)

It is essential that you insure for the cost of a brand new unit of equivalent size and quality. The same applies to its furnishings and equipment, the only exception being clothing and domestic linen where an allowance for wear and tear should be made. Use this guide to help you calculate the correct sums insured:

• The new cost of an equivalent unit as supplied to you by a dealer plus an additional amount to allow for any increase in the price during the period of insurance being purchased.
• The new cost of equipment and contents (valuables and items used other than in connection with the caravan are normally covered under your home contents).

Market value (also known as indemnity)

The unit and its contents should be insured for their current market value taking into account age, wear and tear.

• The market value of your unit
• The market value of equipment and contents (valuables and items used other than in connection with the caravan are normally covered under your home contents). Check your policy to ensure that no individual item is worth more than the maximum insurers will pay for a single item unless advised to us.

Agreed value (also known as guaranteed value)

This is designed to ensure that, in the event of a total loss, you get back the amount you paid for your unit (less any policy excess applicable). This is subject to the following qualifying conditions:

• you have a purchase receipt from a recognised dealer that is less than 7 years old
• maximum settlement is limited to the amount shown in the Evidence of Insurance
• the sum insured is no more than the price you paid for your touring caravan