We've just had a total loss on our caravan while we were towing it back from holidays... The lady who chose to rear end our van at 60mph was 4times over the limit.. Anyway the reason I'm posting this is that when we insured our van we were asked 'how much is it worth?'...our insurance is new for old... What the question should have been is ' how much would it cost to replace new for old?' ..our van is a bailey senator carolina 2008... No longer made but would cost 20k plus new equivalent... What I should have done is insured it for 20k plus... If you're insuring new for old just think about the value...hindsights a wonderful thing...
------------- watch out there's scumbag pikey thieves about......keep it safe
Hope you and you're family are ok, what an awful thing to happen.
We are waiting to hear back from the insurance too, our van was stolen on Monday night. We did exactly the same as you when taking out the insurance, we were asked how much the van was worth and also the value of the equipment.We were not asked how much it would cost to replace, but then we also have new for old insurance so didn't think it was necessary. We are insured with Caravan Club 5C's.
I think you will find that the 'new for old' policy only covers you if you personally write off your caravan yourself but as insurance policies vary it may pay you to read your insurance terms and conditions regarding this. As there is a third party involved in this instance their insurance will most likely only pay out the current value of the caravan which means that there will be a shortfall paying out new for old so if you have legal cover on your caravan insurance policy it may be worth obtaining legal advice from a solicitor that deals specifically with insurance claims especially as the third party has breached the law by a serious drink drive motoring offence. They may well have been proven guilty prior to this insurance claim but under any circumstance you have to ensure that you personally suffer no losses in the future so you have to ensure that you win your case 100% to which you legal fees will cover you up a maximum level in thousands of pounds which again will be in your terms and conditions.
We have Super 5CS with the CC and they always up the price at renewal to take into account the replacement cost of a new caravan, however it is up yo you to ensure that this is sufficient.
Quote: Originally posted by Mrs. Bonce on 07/10/2012
We have Super 5CS with the CC and they always up the price at renewal to take into account the replacement cost of a new caravan, however it is up yo you to ensure that this is sufficient.
Anne
Same with the C&CC.
------------- XVI yes?
As well is two words!
How does a sage know everything about everything? or does he? or does he just think he does?
Remember, if you buy something you bought it, not brought it.
if someone rights your van of surley you can claim from there insurance to replace the item
Yes you can claim off the third party insurance for a write off but they will only usually pay out the book price of the caravan which would be less than that of a new caravan that is going to be replaced by your own insurance. The OP's own insurance will be covered for this under the 'new for old' policy but the insurance company will then be at a financial loss and that's exactly what I was saying in my first post about getting legal support so that any losses are only incurred on behalf of the third party insurance. The insurance underwriters will try to avoid paying out if possible so you have to understand the way they operate to ensure you get what you are fully entitled to otherwise the OP although won't actually have to part with any money but could have a detrimental effect when they come to renew their insurance because you have to declare that a claim has been made within the last 5 years.
you are most likely to need to insure it for the "cost to replace" of an identical or similar van to gain new for old. Any policy will make sure that the onus is on the policyholder to ensure that they are adequately covered.
in the event of a non-fault incident [in simple terms], your insurance will sort out and settle based on your policy T&Cs they will then claim what they want/can from the 3rd party. This way is supposed to ensure a prompt approach to get you back on the road…..in reality they will hit the 3rd party insurers for everything its cost them.
You will still need to seek “non-insured” losses direct with the 3rd party (or via your legal protection policy) as your insurance company won’t be interested in that bit.
You may also have an “underinsurance clause”…..this means that say you have a £20k van, but only insure it for £10k then you have only insured half of it!. So if such a clause exists then you may find that you will only receive 50% of the claim as you only insured half of it!...i.e. you only get £5k back!
Don't always accept their first offer either, we eventually got them to go up with our insurance claim by £1,500 which can make a huge difference when looking to replace the caravan. Good luck!
They've offered 11.5k...I'm wondering how to play this as when I took out the policy I was asked 'how much is the van worth' ? Safeguard is the company...
------------- watch out there's scumbag pikey thieves about......keep it safe
Update on our claim, it has been approved for the full amount and they have found us a Sterling Elite Explorer, hopefully going to look at it tomorrow.
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Topic: New for old
