New for old vs. market value – which is right for you?

Published in Caravan Guard News, Caravanning Top Tips on   - 10 Comments

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  1. I had a problem with this new for old with my present insurer when I contacted you for second opinion.Swift fairway 490/5 2006 my insurer correctly told me I could be under insured for n for old.I was advised to call a dealer which I did and as my model was not being made now I was quoted for a more expensive model.I asked my insurance if they could give me a value and they said not allowed.I later found a near perfect van new price not so expensive different maker.Asked if I could insure on this basis and told yes but they could not guarantee on payout if this value would be ok.(if you don’t cover new for old at correct value it goes to market value) I would like to know if you would use glasses guide to give a value new for old on any unit .I can not see salesmen running through glasses guides for all makes and models to give me an accurate cost while trying to sell caravans best quote there own makes and be done

    • Hi James,

      Many thanks for getting in touch. If a customer contacts us for new quote (i.e. they’re not an existing policyholder) we run the quote based on the amount the customer paid for their caravan or motorhome. If an existing customer chooses to renew with us, we then refer to Glasse’s Guide for an accurate valuation when quoting a renewal price.
      I hope this answers your question, please let me know if you need further information.

      Caravan Guard

      Many thanks

  2. Janet Smith says:

    We have a Lunar Lexon CS 2004 and we have been told that a new version of ours would be the Lunar Clubman SI make 2015 about £22,794.00. Now much would the insurance cost us if we decide to go for new for old please Thank you

    • Hi Janet,

      Many thanks for getting in touch. Without knowing your full details (including telephone and postcode) we’re not able to search for you on our system. If you aren’t currently insured with us, we would love to be able to run through a full quote with you. That way you can get a better understanding of exactly what’s covered on the new for old policy.

      Our contact centre is open:
      8am-8pm Weekdays & 9am-4pm Weekends

      Simply call 0800 14 88 400 or 01422 396 769 (Mobile friendly number).

      Many thanks


  3. MrRee says:

    Interesting article.

    Of course, with inflation at 0%, there is no reason at all that the new for old price has increased. No-one ever pays RRP in any case … and Caravan Guard, with their buying power, can replace a Unit much cheaper than a single buyer.

    No need, therefore, for automatic increases in premiums simply because of that fact.

    • Hi MrRee,

      We understand that most people buy used caravans, but when quoting on a new for old basis, we have to refer to the newest value that’s given in the Glass’s guide. Glass’s Caravan Guide provides a benchmark for new and used residual values covering: touring caravans, holiday homes, park homes and motor caravans. If you were given a replacement vehicle in a total loss claim scenario, the price of the replacement would be the same as the new value detailed on the policy.

      Many thanks


  4. Norman Cottington says:

    Craig, This is something we’d all like to know. Why not publish the answer ?

    • Hi Norman,

      We prefer to keep customer’s policy details private. In order to provide a cost, our adviser team will have to requote using the new price indicated on the Glass’s Guide. I’m sure Fiona would prefer to keep this information away from the blog.

      Many thanks


  5. Fiona Boyle says:

    Hi there, just reading the email mag about old for new was wondering we have just renewed out caravan insurance with you his much would it cist to change it old for new ?? Thank you Mrs Fiona Louise Boyle

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