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What does ‘market value’ insurance mean?
As a rule, you’ll be offered two different types of cover when you’re looking to buy static holiday caravan insurance. You can, for the most part, elect to buy ‘new for old’ cover or ‘market value’. Market value is also sometimes referred to as ‘indemnity’ insurance.
As the name suggests, market value insurance will look to replace your static holiday caravan with an equivalent specification model of the same age and condition. This would mean that if your caravan holiday home is destroyed by an insured peril you would have the option to replace with a model similar in specification, and of the same age.
What things do I need to consider if I am buying market value static caravan insurance?
Top of the pile is ‘sums insured’ – which is how much you will insure your static caravan, lodge or holiday home for. It’s really important to make sure that you have enough cover, and it is up to you to decide on this. With a market value policy, you will want to consider how much your holiday home is worth on the open market. If you’ve just bought your unit, this will really help. If not, have a look around to get an idea how much your caravan is worth. At NACO we can help you with this, just give one of the team a call.
You will also need to take in to account extras such as decking and verandahs, porches, steps and ramps, sheds, storage boxes and any other ancillary structures that the policy provides cover for.
In the tragic event of a total loss you’ll also need to cover the costs of delivery and disposal. The NACO policy contains an extension for up to £15,000 worth of these costs – check with your own insurer or policy about this.