How do we calculate the cost of caravan insurance premiums?
07 October 2021
Hitching your home to the back of your car provides a feeling of freedom like no other — and having the right insurance for your caravan can give you extra peace of mind so that you can travel with confidence and enjoy your adventure.
Learn how we calculate the cost of Caravan Insurance premiums so you can make an informed decision on your insurance coverage.
What is Caravan Insurance?
Suncorp Caravan Insurance is designed with caravan owners in mind. This includes caravan traveller or individuals who live in their caravans as their permanent homes. It can help cover things like towing costs, emergency repairs, temporary accommodation and even your caravan’s contents (up to $1,000), if your caravan is involved in an incident or event that causes loss or damage.
At Suncorp Insurance, you can choose either Australia-wide Caravan Insurance or On-site-only cover. For more info about what’s covered under these two coverage types, check out the Product Disclosure Statement.
How are Caravan Insurance premiums calculated?
Your premium is influenced by a range of factors and like most insurances is based on risk. The significance of each risk factor, and how they may affect your insurance premium, can differ from one policy to the next.
Your personal circumstances affect your premium cost. We consider a combination of some or all of the following:
- Amount covered
- Address where the caravan is normally kept or located
- Age of owners
- Whether the caravan is financed
- Type of caravan
- Caravan age
- The optional covers you choose
- The voluntary excess you choose.
Every time you renew your Caravan Insurance, your premium is likely to change, even if your personal circumstances don’t. This is because the premium calculated can be affected by external factors, such as the following:
- The cost of claims we have paid to other customers and claims we expect to pay in the future.
- New and updated data we use to calculate your premium.
- Changes in government taxes and any state or territory duties or levies.
- The expenses we face in doing business, such as repair costs.
- Other commercial factors.
Finally, after we calculate the premium for your caravan insurance policy, any applicable stamp duty, GST charge and levy are then applied.
How to lower your Caravan Insurance premiums
There are some other factors that may influence the amount of premium you pay:
- Your premium will be cheaper if you pay annually instead of per month.
- Consider discounts that might be available to you.
The discounts available are:
No claim bonus (NCB)
A discount which rewards your good claims history. This discount applies only to Australia-wide Caravan Insurance. If you have an NCB, it’s shown on your certificate of insurance.
This rewards you with a discount off your premium for holding three or more eligible paid personal insurance policies with us. Eligible policies which can count towards this are car, boat, contents, home, combined home and contents (counts as two), motorcycle, landlord, and for QLD based customers QLD CTP with Suncorp Insurance also counts. If you hold any of these products with Suncorp Insurance, be sure to mention this when you contact us.
For more information on these discounts and how your caravan insurance premiums are calculated, check out the Caravan Insurance Additional Information.
If you want to buy a caravan and to be covered for how you use it, learn about Suncorp Caravan Insurance and get a quote below.
- What rewards can I get for being a safe driver?
- What happens after a car insurance claim?
- The most common car insurance claims
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Read the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it's appropriate for you before acting on it.