One of the greatest feelings in the world is that of complete freedom. For many people, a caravan represents this freedom. After all, you can take your caravan anywhere – and you always have a place to stay! Your caravan, though, is not likely going to be covered by your regular auto insurance policy. Instead, you will have to get separate coverage for your caravan.
To get the best caravan insurance rates will want to shop around, just like you would money market rates. Make sure you understand what you want in an insurance policy, and that you are comparing apples to apples as you look at price quotes. Also, keep in mind some of the things that could influence the insurance premium you pay for your caravan insurance:
Deductible: One of the main factors in the cost of your caravan insurance will be your deductible. This is the amount of money you pay out of your pocket before the insurance starts paying. The higher your deductible, the lower your insurance premium will be.
Use: You will also need to let the insurance company know the expected use for the caravan. Will it be a motorhome? Will you use it for touring? Will it be parked in one place most of the time? The answers to these questions will affect your insurance rate.
Storage space: How you store the caravan when you aren’t using it matters, too. If you have a nice shed to keep it in, you will likely get a break in your insurance rate. However, if the caravan is going to be stored in a visible area (theft risk), or exposed to the elements, you might have to pay a little bit more.
Mileage: The number of miles on your caravan matters as well. Not only will you need to disclose the age of the caravan, and how many miles it has traveled, you will also need provide an estimate of how many miles the caravan is likely to travel each year. The more miles the caravan is expected to travel during the year, the higher the insurance premium is likely to be.
Security: You might be able to get a discount on your caravan insurance if you have some sort of security associated with it. This can be a good way to get a better rate, especially if you have a newer caravan.
Credit Score: Most Insurance companies are basing your insurance cost on your personal credit score. It’s important to have a good credit score to ensure the lowest rates possible.
You can also look for other discounts associated with your caravan insurance. Some insurers will give you a discount your caravan rate if you already have some other type of insurance, such as auto or homeowners, with them. You might also get a discount by belonging to a recognised caravanning organisation. Ask about discount opportunities, and make sure that you are getting the right coverage for you. Think about your needs, and make sure that the policy terms and conditions meet your expectations and needs. With the right insurance, you can make sure that your caravan is properly covered, and that your purchase is adequately protected.