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Market value or New for old?

Andy Norfolk said:
We are new for old. The caravan is 3 years old. You have to keep an eye on the replacement cost when you renew to ensure the figure you use remains correct.
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Thank you. As we've bought the van on finance I'm not 100% sure if I can use the new for old policy? The quotes for both are pretty reasonable. The new for old is roughly double the market value quote.
 
WillsTourer said:
Thank you. As we've bought the van on finance I'm not 100% sure if I can use the new for old policy? The quotes for both are pretty reasonable. The new for old is roughly double the market value quote.
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Why do you think buying it on finance affects how you insure your caravan? All the finance house should care about is that they get their outstanding loan paid off. How you arrange that is up to you.
 
otherclive said:
Why do you think buying it on finance affects how you insure your caravan? All the finance house should care about is that they get their outstanding loan paid off. How you arrange that is up to you.
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Yeah I'm just unsure about where I would stand in the unfortunate event of a write off. Saying we bought our van used for circa 15k and then it's replaced by a new van circa 39k. I'm just not sure what would happen regarding the finance. Sorry if it appears to be a stupid question.
 
WillsTourer said:
Yeah I'm just unsure about where I would stand in the unfortunate event of a write off. Saying we bought our van used for circa 15k and then it's replaced by a new van circa 39k. I'm just not sure what would happen regarding the finance. Sorry if it appears to be a stupid question.
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Ask the potential insurers. I’ve insured a second hand ban for new for old. But it was only 2 years old at time of purchase. .
 
WillsTourer said:
Yeah good idea. I'll have a word with the insurers and go from there. The reason I asked was because I think the finance is secured against the caravan.
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The contract terms and conditions for your finance loan should also specify any requirements for specific insurance cover if the finance company want to.
 
Hi, we have just looked at this and come to the conclusion that the first year you insure at market value which is of course new value. Then second year do new for old but check the new value. hope this helps
 
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