Replacement value or depreciated value — which counts?

That depends on your contract. With replacement value you’re paid what an equivalent new item costs today; with depreciated value, the loss in value from age and wear is deducted from that. Which basis, and sometimes which age limit, applies is set out in your policy — sort this out before you fix a sum insured.

How do I avoid being underinsured?

By setting the sum insured to the real total value of your equipment and not pitching it too low. If the sum is below the actual value, the insurer may cut your claim proportionally — even for a partial loss. A well-kept inventory list with purchase values shows you on an ongoing basis whether your sum still fits.

How do I estimate the value of used equipment?

Start from the receipt and compare it against current market prices. For the replacement value, take today’s price of a comparable model; for the depreciated value, subtract age and wear. Work through it category by category — that’s far more reliable than a single gut-feel total.

How to Value Your Motorhome Equipment: Replacement Value, Depreciated Value & the Right Sum Insured

If you want to insure your equipment, you first need an honest number: what is it all worth together? Estimate too low and you risk a proportional cut when you claim. Here’s how to tell replacement value from depreciated value and work out the total value of your camper gear realistically, category by category.

Before you think about the right policy, there’s a simple but uncomfortable question: what is the equipment in your camper actually worth? Most people underestimate the total by a wide margin. That’s exactly what gets expensive when you claim — because the sum insured you declare determines how much you get back in the end.

Replacement value or depreciated value: the crucial difference

How much you get when you claim depends first on the basis used to settle it:

Replacement value: you’re paid what it costs to buy an equivalent, brand-new item. So your three-year-old e-bike is replaced at today’s new price for a comparable model.
Depreciated value: you’re paid the replacement value minus the loss in value from age and wear. For that same e-bike, that’s considerably less than the new price.

Which basis applies to you is set out in your policy and partly depends on the age of the item. This is a point you should know before you fix a sum — because it changes the value you need to apply significantly.

How to work out the total value — category by category

You’ll estimate the total value most reliably by working through your equipment rather than pulling a number out of thin air. Go category by category and note a value for each item:

Take stock: what’s actually on board? E-bikes, photo and video gear, electronics, tools, solar kit, outdoor and camping equipment.
Set a value per item: take the receipt as your starting point. For the replacement value, use the current market price of a comparable model; for the depreciated value, subtract age and wear.
Add it up: total the categories into an overall value. That figure is the basis for your sum insured.
Keep it current: add the value when you buy new gear, remove it when you sell. An out-of-date list quickly leads back to being underinsured.

Your inventory list produces the sum automatically

The nice side effect: if you record every item with its purchase date and purchase value anyway, the total value works itself out. A well-kept inventory list adds the sum up for you — no guessing, and you can see at a glance whether your sum insured still fits. As the equipment grows, the sum visibly grows with it.

How to set up a list like that cleanly is shown in our guide to the motorhome inventory list. Which cover is actually right for the valuables in your camper is covered in the guide how to properly insure valuables in a motorhome. And why home contents cover often falls short on the road is explained in the guide to home contents insurance for a motorhome.

Make it easy on yourself

Document your camper inventory before it matters

CamperProof safely records photos, serial numbers, values and receipts — and produces the police-and-insurance report in minutes when it counts. Sign up for the launch.

That’s exactly what CamperProof is built for: you record every item with its purchase date, purchase value, serial number and receipt — and see the total value of your equipment at a glance any time. So you know which sum insured is realistic, and if the worst happens you have the structured report together in minutes.