How do underwriters rate your
touring caravan?
If you are buying a touring caravan this year or
when the renewal of your caravan insurance comes around, you might be asking
yourself how underwriters rate your particular make and model to arrive at the
premium you are charged.
Some of the considerations insurers are likely to
take into account include the following:
The make and model of your touring caravan
Underwriters have access to copious data on the relative
costs of repairing or replacing touring caravans of different makes and models since this is clearly a relevant cost to
them in the event of you making a claim. The more expensive your caravan type,
typically the more your caravan insurance will cost you.
The
age and value of the caravan
Very similar reasons to the above make the age and value of your touring caravan relevant to
underwriters, who need to calculate the likely cost in replacing it or writing it off in the event of a total loss.
Your
postcode
Insurers calculate the likelihood of theft or vandalism of
your touring caravan with reference to
the postcode of your address, as some areas are more vulnerable than others. Although
it relates to motor insurance, the AA has published a list of postcodes ranked by insurers from the
cheapest to the most expensive areas.
Central
Registration and Identification Scheme (CRiS)
Underwriters need to know whether your particular make and
model is registered with the Central Registration and Identification Scheme
(CRiS).
It is a requirement for all recently manufactured UK makes
and provides a kind of “log book” for caravans, identifying current and
previous owners, whether it has been stolen or
previously written off, and if there is outstanding finance on it.
Use
Underwriters also take into account whether you intend to
use your touring caravan in the UK only or also plan to take it abroad. This may have
a bearing on how often you plan to use it – insuring your caravan for the
occasional outing each year might cost less than your avid use of it on
frequent touring holidays.
Some underwriters also give you credit for improving the
security of your caravan when it is at its most vulnerable, out of season or
when it is otherwise laid up and not in use.
For example, caravan insurance specialists Cover4Caravans, have worked with underwriters to
offer up to a 15% discount on the cost of touring caravan insurance for ‘vans
stored at a site registered by the Caravan Storage Site Owners’ Association
(CaSSOA).
The next time you ponder how underwriters might have
assessed the amount of insurance premium you need to pay, these are just some
of the considerations likely to have been taken into account.
