Just struggling with an insurance renewal for our caravan and trying to calculate if it is worth the extra premium to keep "new for old". The caravan is coming up for 5 years old so the standard "new for old" cover is no longer applicable.
The difference between new and current marker value is roughly £11k. Cost to keep "as new" insurance is roughly £300 p.a.
So that (if my calculator is working) is roughly 2.7% of the insured sum. [That is the £11k extra cover.]
I am working on the final calculation after all no claims discounts, excess et. have been factored in and cover for awning etc.
So I have no real idea if this is good value. It doesn't sound unreasonable but I can't find anything on line which says what percentage of insure value is reasonable. Of course, it all depends on risk as well.
£41k of new for old cover is roughly £490 (looking back) which is roughly 1.2% of insured value.Piece of string question, really, but does anyone have any reference for the percentage of value the premium might be?
Cheers
Dave R