Other than your house and, perhaps your car, a caravan may be one of the most expensive and cherished assets you will purchase. Insurance is obviously an key element in protecting such a vital asset.
It is important to remember to arrange your caravan insurance cover before you collect your caravan from the dealership or, in the case of private purchases, the existing owner. In some instances your caravan dealer or financier may be able to source insurance coverage for you.
There are a number of points to consider when determining which caravan insurance policy best suits you.
Does the policy provide ‘new for old’ cover for newly built caravans;
Does the policy provide ‘agreed value’ or ‘market value’ cover;
What are considered to be the caravan’s standard equipment, fixtures and fittings and accessories and do you need to list any additional items;
Are contents covered by the policy?
What are defined as contents (eg. sporting equipment, clothing and personal belongings, home appliances, removable furniture)?
What is the sum insured for contents?
Are there any limits on or exclusions for any particular contents (eg. antiques, jewellery, computer equipment, cameras, works of art)?
Are there any restrictions or exclusions for theft or attempted theft for unsecured areas such as ‘in the open air’, ‘in an annexed’ or ‘without forcible entry’;
o Spoiled food in the event of electrical outages;
o Transport of contents in the event of a total loss;
o Coverage for tools and spares parts;
o Emergency repairs required to allow your caravan to be towed in the event of an accident;
o Storage costs;
o Temporary accommodation costs when you are travelling and your caravan is damaged and not fit to live in;
o Removal of debris coverage
o Hire Out cover
o Lay Up Cover
How much will you need to pay in the event of claim (the policy excess)?
Are there any additional excesses (eg. age, inexperienced driver, off road, hire out excess, etc.)?
Can you reduce your premium by selecting a higher excess?
o Inherent defect, wear and tear or lack of maintenance
o Cyclone damage to annex and contents of annex
o Electrical fault to caravan where it does not comply with the relevant standards
o Loss caused by animals
o Theft or attempted theft without forcible or violent entry
o Tyre damage
o Corrosion or rust
o Faulty workmanship or repairs
o Damage by tree branches
In regard to claims does the insurer allow you to choose your repairer of choice? Are the repairs guaranteed?
At Let’s Go Caravan Insurance we recognise that a caravan is often an owner’s most treasured asset.
To learn more about the Let’s Go Caravan Insurance product click here.
Let’s Go Caravan Insurance is issued by NM Insurance Pty Ltd (AFSL 227186) (NM Insurance) under a binding authority from the insurer, Zurich Australian Insurance Ltd. The Caravan Industry Association of Australia Ltd (CIAA) is an authorised representative of NM Insurance (ASIC AR No. 001299378). Read the CIAA Financial Services Guide here or ask us for a copy. Content is general so consider whether it suits your objectives, financial situation and needs and be sure to read the Product Disclosure Statement and Target Market Determination at letsgocaravaninsurance.com.au before buying insurance.