Indemnity has become a very important aspect of our lives in the modern times. Everything, right from our homes to our lives can be insured. Out of which our vehicles are one of the most prone things to losses. Every year we pay thousands of dollars for our Caravan insurance, but do we really know everything about touring caravan insurance?

Read on to know everything you should know about getting your caravan insured.

What ascertains an insurance policy for your caravan?

An insurance policy is primarily based on the size and type of your caravan. Many insurers have a size limit for insurance for safety reasons. If you fall beyond the safety limit you might not be eligible for an insurance.

How to know which policy is best?

The simplest way to know which insurance policy is best for your caravan is to thoroughly know your requirements and then compare different insurance policies available.

Cost of Insurance

The cost of the caravan insurance fully depends on what you want to get covered. There is basic coverage offered by all insurers against theft, accident, public liability, natural disasters etc. Apart from the basic policy, you can get insurance for any valuables you have in your caravan. The cost differs from insurer to insurer and after knowing what all you need to get covered, you should compare the cost to get the best caravan insurance.

What is not covered?

Not every kind of damage is covered by an insurance policy.

There are some conditions that every insurer has like-

Electrical breakdown

Mechanical breakdown

Mildew damage

Damage attributing to commercial purpose

These are just a few examples of losses not covered by insurers. Check out all such losses which are out of indemnity.

Depreciation

Like every other depreciable asset, a caravan also attracts depreciation. You would be charged a depreciation every year in your premium which would be about 5%. Although, depreciation adds to your premium you can still negotiate with your insurer if your caravan is in a good condition.

Excess

Insurers charge you with an excess charge when you claim against your policy for a loss. There are 2 types of excess; compulsory and voluntary. A compulsory excess is a fee deducted from the settlement you get against a loss, on the flip side with a voluntary excess you can get your yearly premium down by paying an additional amount (voluntary excess) along with the compulsory access.

No-Claim bonus

A no-claim bonus is a reward given to a customer who has not claimed for any damage in a year. The bonus basically encourages you to travel safe and maintain your caravan.

Discounts

There are various kinds of discounts that you could avail. Insurers offer you discounts on premiums if you improve the security of your caravan by installing safety devices like wheel clamp, a tracking device, a hitching post etc. You can avail a discount if you have multiple policies under your name. A multi-policy discount is quite common with insurers. Also, if you are a member of a particular caravan club or an owner of such a club, you can avail a good discount from your insurer. All you need to check would be the discount eligibility of such clubs with your insurer.

Country of origin

One of the most important factors to be considered to get a good claim service is the country of origin of the insurance company. A European or Asian insurance company may offer you an attractive premium or other great offers initially but they may hike it later in the future. Also, to claim your loss, an Australian company is much easier with, as they would have branches in Australia as compared to other foreign insurers who may not have one.

A caravan insurance provides you peace of mind and you feel safe against the unforeseen future loss.