When insuring your caravan, it’s important to get the right level of cover to meet your needs and at a good price. There are a number of ways you can lower the cost of your caravan insurance premium, without compromising on cover.
How to cut the cost of caravan insurance
Here are 10 ways you to make your caravan insurance cheaper and keep premiums low:
- Keep your caravan safely stored
- Improve your caravan security
- Get your caravan values right
- Choose your levels of caravan insurance cover
- Add caravan safety devices for safer towing
- Take a caravan towing course
- Tow your caravan carefully
- Pay in full
- Choose a specialist caravan insurer
- Join a club or caravan forum
1. Keep your caravan safely stored
Cut caravan insurance costs by keeping your tourer’s storage area secure. If storing away from home you’ll want to make sure your pride and joy is securely stored in a good quality storage site with CCTV, perimeter fencing, access control and even on-site security guards. Look for sites that are Gold rated by the Caravan Storage Site Owners’ Association (CaSSOA). Some insurers will offer a discount for CaSSOA Gold sites.
Storage postcode can have a big impact on price. Insurers take into account crime rates in the area to determine risk. Check out quotes on different storage site postcodes as it will make a difference. One storage site postcode could rate higher than the next and you might find a storage site postcode could rate higher than your home.
If storing your caravan at home, an easy way to improve home security is to fit a lock to gates, install a drive post, or even a hitch post.
2. Improve your caravan security
Caravan theft has been increasing in recent years. Beefing up your caravan’s security will attract a discount on your caravan insurance and keep premiums low by reducing the risk of it being stolen.
Many insurers will ask for a hitchlock and wheel clamp to be fitted as minimum standard, but extra anti-theft devices and systems will help cut the cost of cover.
Look for locks which are Sold Secure Approved. Gold rated locks offer the highest level of security and have been rigorously tested.
Axle wheel locks go through the caravan chassis to lock the wheel in place. Many caravans come with the AL-Ko Secure receiver so buying an AL-Ko Secure axle wheel lock is an easy way to cut insurance costs. These are recognised by many caravan insurers and Caravan Guard offers a 10% saving on caravan insurance for fitting these to your tourer.
Thatcham approved tracking devices will attract an even bigger insurance discount and will help to recover your caravan if it was stolen. A quick cost-cutting win is to activate a standard fit tracker you might already have on your caravan. A caravan alarm will also reduce insurance costs.
3. Get your caravan values right
There are two common types of caravan insurance cover – new for old and market value.
With new for old cover you can enjoy a brand new caravan and equipment if yours are damaged beyond economic repair or stolen. To insure ‘new for old’ you insure your caravan and equipment at the cost of a new caravan (or nearest equivalent model if no longer made) and your tourer must be under 15 years old.
With market value cover, your caravan is insured at its current retail value, that is, what it would cost to buy a like-for-like model of a similar spec, condition and age. This is a cheaper way of insuring your caravan.
Review your sums insured every year to make sure the valuation is enough to pay for a replacement in the event of a total loss claim. But also, in the case of cheaper, market value cover, check your caravan valuation regularly to make sure you’re not paying a premium against a higher valuation than you need to.
Also add up equipment values and make sure you’d get enough back in the event of a total loss situation to pay for replacements.
One way of cutting the cost of caravan insurance here, is to check you really need cover for personal possessions that you bring from home, as they might already be covered under your home insurance.
4. Choose your levels of caravan insurance cover
One trick to reduce your premium is to remove cover extras that you might not need. For example, some policies will offer optional cover for European travel. If you don’t plan on touring abroad in your caravan then remove this benefit.
Similarly, some policies offer emergency accommodation if you’re unable to stay in your caravan because of a fire, theft or other significant damage when on holiday. Removing this cover benefit will reduce your premium slightly.
Increasing your excess is a great way of cutting your caravan insurance premium. It means you’ll have to contribute more if you unfortunately need to make a claim but you’re quids in if you don’t. When getting an online caravan insurance quote, put different excess amounts in and you’ll see the difference in price.
5. Add caravan safety devices for safer towing
Safety conscious caravanners can cut the cost of their caravan insurance with devices which help them tow and manoeuvre their caravan safely – helping to reduce their insurance risk.
Many caravans are fitted with safety devices, such as anti-snaking or anti-traction control (ATC for short). These and other safety devices will help to reduce the chances of a touring accident, like snaking, jack-knifing and tyre blow outs. Devices such as Tyron safety bands will stop the caravan tyre from slipping off the wheel hub in the event of a blow out so you can pull over safely and tyre pressure monitoring systems (TPMS) like Tyrepal, will constantly monitor the temperature and pressure of your caravan and tow car tyres, alerting you if there’s a problem. All these safety devices attract a caravan insurance discount.
Common caravan insurance claims are for accidental damage when reversing or manoeuvring your caravan onto a pitch or into storage. A rear view or reversing camera and sensors could reduce your premium as some caravan insurers apply a small discount if these are fitted to your tourer.
Make sure you’re getting all the discounts you possibly can by letting your insurer know about all your caravan safety and security devices.
6. Take a caravan towing course
If you’re new to caravanning but have had experience of towing in the last three years, which includes passing your B+E test, you’ll get an introductory no claims discount off your caravan insurance premium with some insurers like Caravan Guard.
7. Tow your caravan carefully
Being a careful caravanner who doesn’t make a claim will not only protect your no claims bonus but will make you a better risk for insurance and help keep your premium down. If you have a minor accident or damage in your caravan, consider if you do need to make a claim so as to keep your no claim discount intact. It might not be worth claiming if repair costs are below or not much more than your policy excess.
8. Pay in full
Paying for your caravan insurance upfront might affect your cashflow in the short term but you will save money across the year.
Paying by monthly Direct Debit will help to spread the cost but you’ll pay more in the long run as the finance company will add interest rates to your premium. If you can afford to pay the annual cost upfront you’ll save a few pounds than spreading your payments over 12 months.
9. Choose a specialist caravan insurer
Shop around to look for the best deals but do get a quote from a caravan insurance specialist like Caravan Guard as they’ll have the experience of dealing with caravanners like you. They’ll be able to guide you through your quote, cut through the jargon and identify where you can make savings.
Also compare cover benefits to make sure nothing is excluded. For example, some companies might exclude things like storm damage to awnings, which is a common caravan insurance claim.
Remember the old adage, buy it cheap buy it twice. Check the company’s reputation for paying claims and general customer service on review sites like Trustpilot or Review Centre and see if they’ve been recognised in their industry with awards for customer care, service or claims handling.
10. Join a club or caravan forum
Many caravan insurers will offer “club discounts” for being a member of a club or forum like Caravan Talk.
The main thing is not to skimp on caravan insurance cover – you want to make sure if you have to make a claim that you’re adequately covered and you’ll be put back in the same position as before something bad happened to your pride and joy.
Theft, fire, storm damage or accidental damage can happen at any time and you want to have the right cover to be able to replace your caravan and accessories should the worst happen
Author: Caravan Guard Limited who are authorised and regulated by the Financial Conduct Authority.
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