LV= is to offer a new caravan insurance policy.
Caravan equipment and awnings are covered as standard, whereas other similar policies require this cover to be purchased as an add-on. This means that customers are covered for items such as beds, generators and bottled gas equipment as standard.
The policy includes cover for accidental damage or theft of the caravan anywhere in the British Isles and for up to 60 days in Europe. It also covers the cost of hiring another caravan if the customer’s is not usable and cover for loaning the caravan to family and friends, as standard.
There is a range of optional extras that can be bought separately to allow customers to tailor their cover to their individual needs. Annual European cover, holiday let cover, caravan contents and personal belongings cover, can all be added to the policy.
According to internal LV= claims, data an average caravan insurance claim is for £1500. The most common claims are for damage to the caravan, theft of the caravan and weather damage.
LV= has previously sold caravan cover as part of its home insurance policy. The product is available to new and existing LV= customers over the phone.
Selwyn Fernandes, managing director of LV= Insurance said: “The market for caravan holidays seems to be increasing every year and we wanted to offer a product to this audience.
“We are always looking for areas that we can expand our product range into and as we already had the caravan add-on available, the launch of this standalone caravan policy was the next step for us.”