YOUR VIEW PLEASE

[Wayne_5133334]

Having just had a £5k bang to my 6 year old caravan, do I stick with my New for Old insurance to 10 years or opt for Market Value at less than half the cost, given how difficult it was to try and get insurers to right off the caravan on the recent bang.

Premiums are £530 for New for Old, £235 for Market Value. Market value is £6.5k, New is £15.5k

 

[sarahandher6dachshunds.]

i would stick with new for old, as the pay out would be a lot more than with market value,worse case could you afford to pay out the difference between market value and the cost of new,i doubt you would find like for like with market value,would it be as good as yours,same condition,serviced ect,maybe consider buying new if you can afford it,i would rather stick with my own van as i now all its problems and its use as i have owned from new.sarah

 

[Steve L]

It's a tricky one Wayne.

Insurance companies are the only real winners, afterall how many times does one renew their insurance without checking if the opposition offer a better quote. If I added up all the premiums I've paid over the years Icould afford a new Jag by now. But what if someone wrote off my 3k car tomorrow, could I afford to replace it out of my own pocket.

So realy it is the age old gamble of do you save on the policy and hope a claim doesn't ensue for the next 5 years or do you pay a few quid for peace of mind.

For me, I would dig deep and cough up on new for old cover for the first 10 years as it's a better deal than the depreciation value of your caravan, which in 10 years time might only be worth

 

[Wayne_5133334]

many thanks, gone for New for old at the cost, as we say, "pays your dosh etc"