Do You Need Caravan Insurance?
You’re all packed for a trip, the caravan is hitched to the car, the luggage is packed then suddenly…..You can’t remember if you’ve insured the caravan. Holiday ruined. Or is it? The question of whether you need caravan insurance is one we field often at Euphoria Finance. So, we thought it would be wise to answer it in a handy blog.
You might be pleased to know that there is no legal requirement to have caravan insurance, so get behind the wheel and resume that holiday.
Insurance is always worthwhile for that little added protection. Ripe Insurance investigated and found that caravan theft had risen by 9% for the period they studied. With the information they obtained, it was discovered that over £9 million worth of caravans are stolen every year. That insurance policy is perhaps looking a little more alluring now.
What should caravan insurance include?
A host of policies are available, each offering specific benefits and levels of coverage. You should look at what you’ll be using your caravan for and find a policy to match those needs. If you plan to stay in the UK, European coverage is not likely to be worthwhile.
Look for policies that offer:
- Contents cover
- Accidental damage cover
- Loss or damage for fire, theft, flooding
- A choice of new for old market value
- Emergency removal cover
- Cover for malicious damage
- Loss of use cover
Should your trips be more wide-ranging, add European coverage too.
What does caravan insurance not cover?
Caravan insurance policies can be quite comprehensive but there are some things they won’t cover. In many policies, you will find that faults caused by yourself are not covered. Should you leave windows open for example, and you get robbed or the furniture gets ruined by extreme weather, you’ll unlikely be covered. In addition, many policies will not protect you against damage caused by insects or vermin.
What caravan insurance is available?
You’ll find different types of caravan insurance for the varying types of caravans, so it’s important you find a policy suited to the caravan you own.
The most common is touring caravan insurance. This is the insurance taken out for caravans you tow behind your vehicle.
Not all caravans need to be towed though. Static caravan insurance may be what you need if your caravan is in a fixed location. This could be a holiday resort for example. If you plan to move your caravan to a different fixed residence, you may need to investigate whether the movers have a suitable policy in place to move your caravan.
In some cases, your caravan might be a folding caravan or a trailer tent. These are naturally less secure than the other caravans so a policy may be harder to find and more expensive.
How much is caravan insurance?
It will all depend on the type of policy you need. The costs for insuring a static caravan will be different to those of a touring caravan. In addition, the insurers will consider several other factors before giving you a price. These will include:
- Your age
- How the caravan is stored when not in use
- What the value of the contents are
- The model and make of the caravan
- Where you live
- Your claims history
- The security features of the caravan
- The age and condition of the caravan
We used data provided by Nimblefins and found that the average cost for insuring a touring caravan ranges from a little under £100 to just over £300 per year. Should you add breakdown cover and a few other extras, this changes slightly with prices starting at around £200 and rising to approximately £350.
Should it be a static caravan that needs insuring you’ll be pleased to know prices are a little cheaper. As static caravans remain in situ, the risk of it being hit by a passing car is reduced. Not only that, but the risk of theft is considerably less too as it won’t be sitting on your driveway. In the same Nimblefins report, they found that just under £120 would be the highest cost likely for static caravan insurance.
Will my car insurance cover my caravan?
Insurance policies can be complicated, so it is wise to double-check exactly what is covered. In many car insurance policies, your vehicle is covered for towing a caravan but the caravan itself is not likely to be protected.
Will I need caravan insurance even when it’s not being used?
With there being no legal requirement to have caravan insurance, you can choose either to have a policy or leave it uninsured. Should you leave it uninsured, it puts you at risk of considerable expense should something happen.
Your policy will cover you whether you are out on the road with your caravan or have it parked up at home. It would be advisable to ensure your caravan is insured at all times, even if you keep it parked on your driveway for most of the year. At least that way, you’ll be protected should there be a theft, or any damage occur.
If you are looking for affordable caravan finance so you can start enjoying exciting holidays, speak to our team. At Euphoria Finance, we specialise in organising caravan finance quickly. As a direct lender, we make it easy for anyone to secure finance, even if you have a poor credit history. Contact us today to get your bespoke caravan finance quote.