Insurance renewal?

[Buckman]

We have the option of going for New for Old with premium under £600 on a 2018 Buccaneer which has a lot of extras or we could go for market value which is about £300 less. The caravan has an active tracker and is in a gold Cassoa storage site so chances of it being stolen are low. If there is a mishap with the caravan we probably would not replace it. We are unsure whether to go for New for Old or market value.

The new price is more than £15k than when we bought the caravan. Market value is above £20k and about the average price for a caravan of that year. It is not a question of money, but probably value for money against what we paid for the caravan plus extras originally. Whether we sell or keep the caravan, we will need to renew the insurance as unlikely to sell before the end of the month.

 

[Dustydog]

How much is a brand new like for like today?

 

[Buckman]

How much is a brand new like for like today?

North of £46k for the basic caravan without the fitted extras that we have currently on ours.

 

[Dustydog]

In simple arithmetic £300 for first £20 k and £300 for balance of £26 with guarantee the full replacement price will be met.
I insured mine on full replacement value until it was 10 years old. No new for old after that age.

 

[Hutch]

In simple arithmetic £300 for first £20 k and £300 for balance of £26 with guarantee the full replacement price will be met.
I insured mine on full replacement value until it was 10 years old. No new for old after that age.

I know that it sounds very simple, New for old, But, and a big But, Insurance company's wriggle out of claims , as you know DD.
I have gone for Market value for our van.
Buckman remember that extra items, as you have , Aircon , self leveling etc, depreciate in value, so it's is probably best to go for New for Old, rather than Market value.

 

[Buckman]

I know that it sounds very simple, New for old, But, and a big But, Insurance company's wriggle out of claims , as you know DD.
I have gone for Market value for our van.
Buckman remember that extra items, as you have , Aircon , self leveling etc, depreciate in value, so it's is probably best to go for New for Old, rather than Market value

If going for New for Old it does apply to all the items you mention. On some other policies I think it only includes the caravan. As there is not a massive difference in cost it probably will be New for Old.

It has always been pointed out that if the repair cost was about £15-25k they repair would be done instead of a replacement?

 

[Milkfloat]

I have never really got my head around new for old - if something happens to my used caravan I am content with being put back in the same situation with an identical caravan. I understand a lot of people would like to 'better' their situation, but for me I am happy with a much lower premium. If the caravan will not be replaced anyway then I would certainly go for the lower premium.