New for old - This is for any caravan purchased new, by you. This cover will pay for a replacement caravan in the event of a total loss claim as new, with the same Make/Model, if this is no longer available it will be replaced with one of equal specification, features & functions. Once the caravan reaches 15 years old it no longer qualifies for New for Old cover and will be reduced to Market Value cover.
NOTE: You must ensure the figure you insure for is an accurate reflection of the cost to replace your caravan & it’s equipment at the time of inception & renewal of your policy. And keep us informed of any changes to this throughout the term of the insurance policy.
Market Value - The current market value for your caravan, equipment or contents taking into account age, type and condition at the time of the loss.