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What To Insure For?


fatgit
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After losing money on the caravan we purchased 6 weeks ago when it was written off, I don't want to be left in a similar position again.

We've just bought a replacement at a significant discount over similar caravans of the same age, type and condition. In fact, the only other identical caravan we've seen is £2500 more, and the current book price is £800 more than we paid.

Should we insure for the purchase price, book price or the replacement price?

 

Not that up on insurance valuations etc these days as our car comes with insurance included.

 

Cheers

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If insuring for 'market value' as opposed to 'new for old' your insurer will normally tell you what the market value is currently. There's no point in insuring for anymore than this because that's the maximum they will pay out on a total loss.

 

Don't forget to add in the value of contents, and of equipment - the list of these things is usually provided by the insurer to help you calculate.

Land Rover is now back towing.

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