2. Determining your static caravan holiday home insurance premium:

Obviously the sum insured affects the premium. How much you insure for depends on the cover basis you require. There are two options:

New for old
This means that you insure your static caravan holiday home and equipment to reflect the cost of replacing it with a brand new one of the same make and model (or nearest equivalent, e.g. if the model is no longer in production). If damaged beyond economic repair (for instance in a fire), then your insurer will replace with a brand new one (of the same specification or nearest equivalent, as previously explained). Your insurer will not pay out more than the amount that has been insured, so it is essential that you have adequate values insured to reflect this new for old option. Leisuredays offer new for old cover up to 10 years of age.

Market Value
This means that you insure your static caravan holiday home and equipment to reflect the cost of replacing with the same or nearest equivalent make and model, that is of a similar age and condition. If damaged beyond economic repair, for instance in a fire, then your insurer will usually provide a cash settlement to reflect the market value. Insuring at 'market value' should be less expensive than insuring 'new for old', as the sums insured are less. However, bear in mind the way in which a total loss claim would be handled to compare the premium costs. I.e. no brand new replacement on a market value policy.

All benefits are subject to terms and conditions, cover level and underwriting criteria