‘New for old’ cover means that we will replace your insured static caravan, lodge or chalet with the most recent new model (or equivalent) if it is damaged beyond economic repair. If you decided not to replace it, you would receive a cash settlement based upon the market value at the time of the incident.
To ensure ‘new for old’ cover applies, you must insure your holiday caravan and contents at the value it would cost to replace them with new (of equivalent specification), and not at the current value. You should review this value each year at renewal.
‘New for old’ cover is available on static caravans, holiday chalets and lodges up to 15 years old, unless your park has a block scheme insurance arrangement with us, in which case a different limit may have been agreed – please call us to check.
The alternative to ‘new for old’ cover is ‘market value’ cover.