Caravan and motorhome insurance premiums rise by a THIRD as theft and repair costs soar
- Caravan holidays are enjoying a surge in popularity as holiday stays increase
- But the cost of covering caravans and motorhomes is rising rapidly
The price of caravan and motorhome insurance has risen by a third in two years as insurers pass on the cost of rising theft and repair costs.
The typical premium for a motorhome is now £480, up 37 per cent from £350 in just two years, according to figures from comparison website GoCompare.
Meanwhile, the average premium for a static caravan has risen in price by around £10 over the same period, to around £170 now.
These premiums are increasing due to the rising cost of repairs and the rise in caravan thefts.
Home from home: caravan holidays are gaining popularity in the aftermath of the pandemic
Motorhome repair costs more to insurers, and that is passed on to consumers in insurance premiums.
For example, the cost of materials, energy bills and staff salaries are rising, as is the cost of supplying courtesy motorhomes and caravans after a loss.
Ryan Fulthorpe, auto insurance expert at Go.Compare, said: “The recent rise in caravan thefts is obviously very worrying for those who holiday in their motorhomes and touring caravans.
‘Although having caravan insurance is not a legal requirement, it is important to have one, so that you are financially protected in the event of the worst, such as theft, as well as fire, accidental damage and weather damage to your caravan or motorhome. .
‘Of course, as a motorhome is a vehicle, insurance is a legal requirement.
“The overall increase in average premiums is primarily coming from motorhome policies, which mirrors the increase in auto insurance that we’ve also seen in recent months, primarily caused by increased claims costs due to increased claims. engine repair costs and supply chain problems, as well as increased labor costs.’
Caravan thefts rose 7 per cent in 2022, as UK camping and caravanning holidays became more popular in the aftermath of the pandemic.
Insurance technology company Atec said there were 375 caravan thefts in 2022, up from 351 in 2021. Only 11 percent of stolen caravans were recovered in 2022.
The average caravan stolen was worth £6,135 for people aged 60 and over and £3,064 for people aged 20-59.
Meanwhile, according to RV insurance company Compass, RV owners are also being warned to prepare for storm damage.
Compass said there was a 16 percent increase in storm damage claims to motorhomes between 2021 and 2022, due to more extreme weather conditions as a result of climate change.
In one case, an entire static caravan was destroyed during a storm, giving rise to a claim for £148,590.
Compass CEO Karen Stacey said: ‘Unlike traditional holiday homes, static caravans are particularly susceptible to damage from storms or flooding.
“Unpredictable weather events, especially flash floods caused by heavy rains on arid soils during the summer, can cause significant damage to static caravans.
‘We know that caravan parks do everything they can to protect the units on their premises throughout the year, but freak storms and the damage they cause are somewhat out of their control.
“RV owners should ensure they have adequate insurance for their unit and take the time to carry out regular maintenance to ensure any damage is kept to a minimum.”
