Caravan owners are waiting longer before upgrading their vans, so they would do well to check what age their 'old for new' cover runs out.
Caravan insurance provider Caravan Guard has noticed that in the last year, policyholders have been keeping their caravans for longer, with changes of caravan falling 47 per cent compared to the previous 12 months.
Director of Caravan Guard, Sally Wilby, explained that this is "no doubt a sign of the recession but also a sign of ever improving build quality of caravans."
She added: "We were also finding many customers were disappointed to lose the optional benefit of new for old cover when their caravans reached 5 years of age."
Ms Wilby explained that new for old caravan cover replaces an old caravan with a brand new one if it is stolen, or is damaged to the point where it is not economically viable to repair it.
"Having your 14 year old cherished caravan stolen would be awful, but what better way to overcome your caravan blues than getting an insurance payout that lets you go out there a buy a brand new shiny caravan!" she said of Caravan Guard's decision to extend its old for new cover to 15 years.
© Fair Investment Company Ltd
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