How to Minimise Your Caravan Insurance Premiums

caravan insurance

Caravan Insurance Premiums – Reducing the Cost

There are a number of ways you can reduce your insurance premiums without affecting your caravan’s level of cover. We’ve listed the key factors below and highlighted the available range of discounts (if applicable) for each. Be aware, however, that caravan insurance companies will not offer additional discounts beyond a limit – typically around 35% but do check.

Caravan No Claims Bonus

If you leave them alone they’ll reduce your premiums. Sounds simple in theory! No claims bonuses can vary from one caravan insurance company to the next but the figures below are pretty typical:

Over 1 year – between 5 and 10%

Over 2 years – between 10 and 15%

Over 3 years – between 15 and 20%

See our caravan security and caravan safety sections for information and advice on how to protect your caravan and no claims bonus.

 

Match the Policy to You and Your Caravan

Be sure of what you actually need when looking for insurance cover as you could be paying more than you need to. If it’s a state of the art luxury caravan with all the toppings that is regularly taken on intrepid journeys across Europe then you’ll be needing a pretty comprehensive cover. If your caravan has seen better days (and plenty of them) and you don’t tend to venture very far you’ll probably need a more modest policy.

Another common issue is denial – no matter how well you look after your caravan, it can depreciate even just over just a couple of months. When taking out a new policy or renewal consider your caravan’s current market value (check in caravan classified ads and with caravan dealers). Remember: you will only get market value back if you claim and if you overstate the value of your caravan you could waste money.

Savings will vary but a saving is still a saving!

Caravan Security

Take the appropriate security measures and you can save a very significant percentage of your premiums to find cheap caravan insurance and, more importantly, stand more chance of keeping your caravan safe. The figures below are typical and can vary between insurance companies, with some offering no discounts on particular items.

Security Measure

Typical Discount

Discount Range

Security posts

5%

0 – 10%

Caravan alarms

5%

0 – 10%

Security marking

5%

0 – 25%*

Electronic Tagging

5%

0 – 25%*

Secure caravan storage (away from home)

10%

0 – 25%

Caravan trackers

25%

0 – 30%

* Up to 25% can be offered with approved installations that combine both security marking and electronic tagging.

Read more about caravan security in our caravan guides and advice section.

Age
Your premium should come down as you get older. Think you can manage to age?

Over 40 – between 0 and 10%

Over 50 – between 0 and 10%

 

Caravan / Owner Club Membership
Being a member of a caravan or caravan owners’ club can sometimes be quite rewarding!

Typical discount of around 10%

 

Shop Around
Don’t be shy, pick up the phone, get on the net and see if you can get a better deal. It may be worth coming back to your existing caravan insurance company and asking them if they can beat your best price. When comparing quotes remember to check that they are either offering you the same level of cover or one that better suits your requirements (see our caravan insurance tips page).

 

Higher Excess
Some caravan insurance companies require a basic level of excess – usually around £100. Agreeing to a higher level of excess can get you additional bonuses. The decision usually comes down to whether you feel you could afford to pay the excess upon making a claim and whether you feel you want to take the risk.

£250 excess provides around a 5% discount

£500 excess gives around 10%

Written By

Mike Cruckley runs and maintains Cruckley.co.uk and is passionate about Caravanning and all things camping related. You can find him on Google+