Low-cost and reliable motorhome insurance is not always the easiest to find and if you’re the proud owner of a motorhome, whether it is brand new or second-hand, then you’ll know just how expensive it can be to insure. This is especially true if you don’t take the time to shop around for the best deal. When a policy is left to auto-renew each year you could be losing hundreds of pounds. Let’s take a look at some tips you can implement to get lower-cost motorhome insurance as well as the different types of cover available, and which one is likely to be the best price for you.
1. Assess Your Motorhome Requirements
The make and model of your motorhome can have an impact on the price of your insurance. Cheaper models will, of course, cost less to insure, but they’re not always what is desired in a motorhome. If you’re looking for a policy that doesn’t break the bank, then it’s worth considering how you will be using your vehicle and what requirements you have for it.
To get started, firstly consider if you need a large engine or one that’s fuel efficient. If you’re only using your motorhome for short trips and weekends away then a smaller engine will suffice, but if you’re planning on touring Europe or taking longer journeys, then a larger engine is what you’ll need. Secondly, think about the size of the vehicle that you need. If you’re travelling solo or as a couple, then a smaller vehicle will be easier to manoeuvre and cheaper to insure. If you’re planning on taking the family away or want more storage space, then a larger vehicle will be a requirement.
The larger the engine and the vehicle, the more expensive it will be to insure so if you’re looking for cheaper motorhome insurance, then it’s worth considering what size vehicle you need.
2. Be Accurate With Mileage Requirements
An annual policy is based on an estimation of how many miles you’ll be driving in a year. If you overestimate, you could end up paying more than you need to. Underestimating could result in your policy being invalidated so it’s important to get this right.
If you’re unsure, use last year’s MOT certificate as a guide or you can ask your dealer for an estimation of your motorhome model.
3. Shop Around and Don’t Auto-Renew
When it comes to renewing your motorhome insurance, don’t just accept the renewal quote from your current provider. This is likely to be much higher than if you shopped around. Just because you’ve been with an insurance company for a while, it doesn’t hurt to shop around for the best deal and this is where our service comes in. You can get a range of quotes from different insurers in minutes, meaning you’ll be able to compare policies from different insurers and get the price best suited to you.
Not only should you shop around when renewing your policy, but it’s also worth doing so when taking out a new policy. This is because some insurers will offer better prices depending on your circumstances, meaning that you could get cheaper motorhome insurance for the same coverage.
4. Increase Your Voluntary Excess
If you can afford to do so increasing your excess will lower your premium. Your excess is the amount you pay towards a claim. The higher your excess, the lower your premium will be. When taking out a policy, you’ll be asked to agree to an excess amount, and this is usually split into two parts – a compulsory and voluntary excess.
The compulsory excess is set by the insurer and is usually the minimum amount you’ll need to pay towards a claim. The voluntary excess is an amount that you can choose to add on top of this and it’s this figure that will have an impact on your premium. You can choose your excess when taking out a policy but be prepared to have to pay it should you have an accident.
If you have an accident and need to make a claim, you’ll need to pay both the compulsory and voluntary excess. For example, if your policy has a £500 compulsory excess and a £750 voluntary excess and your repairs come to £2000, you’ll need to pay £1250.
5. Don’t Leave Finding Cheaper Motorhome Insurance to the Last Minute
It can be tempting to put off sorting out your insurance. A large number of customers purchase insurance the day before their existing policy is due to expire, however, if you do this you may be forced to decide without doing enough research. Recent stats also show that you could save £100s by purchasing your insurance around 26 days before your existing policy is due to expire.
6. Improve Your Motorhome’s Security
One way of reducing the cost of your motorhome insurance is to make sure it’s as secure as possible. This includes fitting an alarm and/or immobiliser as well as keeping it in a safe and secure location when not in use. Some insurers will offer a discount if you have security measures in place and have off-the-road parking, preferably with a barrier to prevent vehicle theft. You should look into your local Caravan Storage Site’s Owners Association registered site if you can’t improve storage security at home.
If you follow the tips above, you could save money on your motorhome insurance. Cheaper motorhome insurance is out there, it’s just a case of doing your research and making sure you’re getting the best deal possible. Our service can help take the hassle out of this by providing you with a range of quotes from different insurers in minutes.
So, what are you waiting for? Get started today here.