Are you thinking of saving money on insurance after you buy a static caravan to enjoy your vacations? Well, you may save money by not taking insurance as you'll not need to put in the money but think about this, you'll lose thousands of pounds in a few minutes, if something goes wrong- natural calamity, vandalism, theft as you won't have insurance.
If you are looking at it practically, you'll lose a lot if there is any damage to the holiday caravan due to any of the natural calamities, fire, and vandalism as not only will you lose the contents but the damage to the exteriors might be beyond repair.
And all this just to save two or three hundred pounds a year! Looking at it from a financial point of view, does it sound reasonable? Most people who advice you against buying insurance for caravans may say that you might never need to claim it but just stop and think, what if you do have to? There is nothing that comes certain in life and taking into account that caravans and vehicles account for 18% of crimes within UK, you might like to rethink about not buying insurance.
But before you scramble to get a static caravan policy, you need to know that there are two types of policies available- 'new for old' and 'market value only' so it is best to study the available policies and then pick.
The 'market value policy' means that in case of any damage to the caravan, the insurance company will only pay for the value of the static caravan that was applicable at the time of the incident.
But the 'new for old' insurance cover will provide to replace your old or damaged caravan with a new caravan notwithstanding the market value of the damaged caravan.
But read the fine print as not all caravans are eligible for this particular insurance cover.