When we bought a five year old Triton 420 GT from AL in May 2011, I never thought that five years later I'd need to insure it for quite a bit more than I originally paid. Who has ever heard of a caravan actually increasing in value with age? Most seem to depreciate in a gravity assisted manner being worth something like 50% of the purchase price after three or four years, much like cars.
I'm at the insurance renewal stage and just having had a bodywork repair carried out am particularly conscious of the possibility of further accidental damage during my ownership. But how do you know what sums to insure?
My eyes were opened when I went to AL's second-hand Eriba page to do some research. I reasoned that as my Eriba came from there, it was reasonable to use their prices as a guide to replacement values. When I looked yesterday they had a 2000 420GT (three years older than ours but without a mover or Trumatic heater) priced at £10,500 and a 2005 420GT (two years newer) with an identical specification to ours for £14000.
At a rough guess then, a 2003 420GT would be priced somewhere in the region of £13,000 (£2,000 more than I paid) so that's what I've just insured it for. I've also upped the awning cover from £500 to £1,000 but left the contents cover at £1,000 giving £15,000 total cover.
Having had the recent claim, my renewal premium was slightly up on last year's but today's increases in cover only added £11 to the quoted figure which represents, I think, good value in the circumstances at £188.00.
Although my recent claim became a little fraught and dragged on for longer than I would have liked, it was largely my fault for refusing to believe that a non-Eriba specialist could do an acceptable repair. For this reason I decided to stay with Cover4Caravans (Alan Blunden & Co Ltd, Southend) as I cannot fault their customer care throughout the claim process despite my occasional truculence. Usual disclaimers.
If you are nearing insurance renewal, might I suggest that you check current second-hand values before accepting your renewal quote as you could well be under-insured.
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