6 tips for reducing touring caravan insurance premiums

Owning a touring caravan opens the door to adventure, freedom, and unforgettable getaways, but it also comes with responsibilities. One of the most important of these is insurance.

While essential for peace of mind and protection on the road, touring caravan insurance can be a significant annual expense. The good news? There are plenty of practical ways to cut those costs without compromising on cover.

How are caravan insurance premiums calculated?

Every insurance provider will have their own unique formula for calculating policy premiums, but here are some of the factors that most insurers consider:

• The make, model, and age of the caravan: This is to determine how costly and/or difficult the caravan would be to repair. Older caravan models may have a lower value than newer models; however, if a caravan is particularly old, it may be difficult to source new parts for it, ultimately making it more work (or impossible!) to repair.
• The caravan’s security features: This can refer to factory-fitted features, as well as any additional security features fitted to the caravan, such as hitchlocks and alarms.
• How the caravan is stored when not in use: While stored, a touring caravan is often left unattended for long periods. The insurer needs to determine how safe the caravan is during this time.
• Claims history: If you’ve made claims on previous caravan insurance policies, it may impact the price of your new premium.
• Cover type: Comprehensive cover offers better protection than third-party only, therefore impacting the premium cost.
• Excess: A pre-determined amount you will be liable to pay in the event of a claim. It’s made up of two parts: compulsory excess (set by the insurer) and voluntary excess (chosen by yourself).

How to reduce your touring caravan insurance premium

Here are 6 tips for reducing your caravan insurance premiums, so you can spend less time worrying about your wallet and more time planning your next trip.

1. Increase security measures

Many factors impact the price of your insurance premium, including how secure your caravan is. Generally, the harder it is to break into or steal, the lower the price will be.

Consider adding wheel clamps, a hitch lock, alarms, immobilisers, and tracker devices. Be sure to disclose all of your security measures when applying for an insurance quote.

2. Increase the voluntary excess

Agreeing to a higher voluntary excess will often reduce your premium. However, always make sure that this total is affordable, otherwise you won’t be able to claim on your insurance when you need it (which is the whole point of a policy!).

3. Store your touring caravan safely

Following on from the above security points, where you store your caravan can impact the cost of your insurance. Insurers prefer for your caravan to be stored in a locked garage or secure storage facility, as these are well-protected against thieves. If you do need to store your caravan on your driveway at home, consider installing CCTV for additional protection.

4. Avoid over-insuring

Take care not to over-insure your caravan, your insurance quote will be calculated using the financial figure you provide.

New for old cover

This should be the current brand-new value (i.e. not new value at the time of your purchase or the current market value).

Market value cover

This should be the current market value of your caravan. If your caravan is stolen or irreparably damaged, the insurer will only pay out up to the market value, even if you claimed it was worth a higher amount when taking out the policy. This also applies to new for old policies – you will not receive a new caravan worth more than your previously insured model, no matter what you claimed its value to be at the time of insuring.

5. Opt for a lighter or lower-value caravan

Lower-valued or lightweight caravans tend to cost less to repair or replace and are less attractive to thieves, often leading to a lower insurance premium.

This option isn’t for everyone, especially if you already own a touring caravan and aren’t willing to change your model. But if you’re looking to buy a new caravan and are concerned about the price of your insurance premium, consider choosing a lower value model.

6. Maintain a no-claims bonus

Like other types of insurance, most touring caravan insurance providers offer discounted premiums if you can prove a standing of no claims. Caravan insurance is there to be used when you need it, but not every incident requires you to claim.

For example, if your caravan gets damaged, but you could have it repaired for a lower cost than your total excess, consider going down this route instead of claiming against your policy.

Get the cover that you need

Insurance is there to protect you at your time of need, whether that’s a towing mishap, damage due to extreme weather, or falling victim to theft. It’s all well and good saving a few pennies here and there, but there is no point paying for a caravan insurance policy that does not suitably cover your needs.

Ready to protect your touring caravan? Get a quote today.