Make sure your covered. New for old policy

[madmort]

We have got new for old as we thought as the wording on the policy says until the caravan is 120 months old. With a company that advertises in the Practical Caravan Magazine. COVERSURE
Our van was a Sterling Europa 540 - 3 years old.
We have had to claim as despite having 3 locks on the van all insurance rated, it has been stolen.
Only to be told when we have had to make this claim that we are under insured apparently we should have upped the sum insured each year to cover ours to purchase new!
Each year they have sent us the renewal as they were the most competitve for the same value insured from when we purchased the caravan new 3 years ago. (Surely if they knew this they should have upped the sum insured, i would have questioned this to be told the reason why and we would have understood.)
Is this the norm with all caravan insurance on new for old policies that you must insure your caravan for the price it would cost you to replace it from new on each renewaL. It has totally surprised me why have they not informed us to do this i can't see anything in the small print i am totally hacked off.
We may now only be paid for the value of the van at the age it was when stolen.
We used our caravan nearly every weekend of the year so we had numerous items in there for vanning without electric etc.
Any one else had a simular experience i would like your feedback.
If you stay with the same company each year check if you have a new for old policy to make sure you are covered just in case.

 

[Damian]

You have found just one of the many pitfalls with taking insurance from some companies.
To answer your question about van value, yes it is up to YOU to keep the replacement value up to date with the kind of company you chose to insure with.
As a very satisfied customer of the van insurance through the Caravan Club, they do that for you, and keep the replacement value as the cost NOW to replace.

Before taking ANY insurance you must read the small print, and see what YOU have to do to have a cover which will do what you "think" it will.

Cheaper may look attractive, but it quite often has onerous conditions attached to it.

 

[forestgump]

I was lead to beleave that they renew your last cover as alike unless you state other wise .I was quoted a cover but when i found a cheaper quote from same company they told me thay send a reminder for the last cover only not a cheaper one if there is one so on this they should off sent you a renewal for new for old as your last cover was and in this the price increase. I could be wrong but this was my last dealings with the insurance company.