Thursday 19 September 2019

Think carefully before economising on caravan insurance cover

In times of economic uncertainty, cutting back on things we spend money on (or how much we spend on them) may be a natural instinct. Yet economising on caravan insurance cover may prove to be a mistake.

The ultimate economy

Some people may even be tempted to do without caravan insurance cover at all.

Of course, if you have a motorhome you could not do that entirely without breaking the law but perhaps you might be tempted to go to only third party liability cover.

The effects of such decisions though, may prove to be catastrophic.

You may have had a caravan for many years without any incident whatsoever but that’s not to say that tomorrow your luck might not change.

Storms, accidents, fires, burglary and theft are all real possibilities. If you had no caravan insurance at all, how would you cope?

Selecting cheap caravan insurance

Another cost-cutting inclination may be to look for the cheapest caravan insurance possible.

In one sense, there’s nothing wrong with that – providing any low cost cover you eventually select actually offers protection that is appropriate for your situation.

For example, you may find that low cost policies may only offer cover on a market valuation rather than new basis for caravans of a certain age (perhaps over 3 years old). If you have a caravan that is 4 or even 5 years old that might not suit you at all if your caravan was badly damaged by an insured event.

As another illustration, if you have a touring caravan you may find that lower cost protection may not offer the same degree of as-standard continental driving cover as other policies.

You may find that what turns out to be cheap for someone else may not be so for you, if you are unlucky enough to suffer a problem in one of the areas where a cheap policy has introduced economies.

The conclusion

Your caravan, whatever type it may be, probably represents a substantial investment of your financial and emotional capital.

If something should happen to it, you may experience a serious financial loss unless you have adequate caravan insurance cover in place. Taking chances with economies in that area might not be advisable.

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