New for old contents insurance
New for old contents insurance allows you to replace lost, stolen or damaged belongings with new items of the same value. Find out how having this level of home insurance can protect you financially.
New for old contents insurance allows you to replace lost, stolen or damaged belongings with new items of the same value. Find out how having this level of home insurance can protect you financially.
What is new for old contents insurance?
New for old contents insurance is a type of cover that replaces damaged, lost or stolen items with brand-new products of the same value. This means you won’t lose out financially if your belongings have gone down in value.
How new for old contents insurance works
Say your three-year-old laptop is stolen: new for old contents insurance will cover the cost of a new laptop, rather than pay out what yours was worth when it was taken. If the same model of laptop isn’t available, the insurance will cover an equivalent model.
Insurance providers handle new for old in different ways. Check the small print before buying a policy, so you know what cover you’ll receive.
What does new for old contents insurance cover?
New for old insurance can cover:
- Household appliances - including your fridge, freezer or washing machine
- Valuables and personal effects - such as jewellery
- Tech and electronics - new for old insurance is useful for gadgets that quickly depreciate in value
- Rugs and carpets
- Home furnishings - such as your sofas, dining tables and beds.
What doesn’t new for old insurance cover?
New for old insurance won’t usually cover clothes, bed linen and curtains because they tend to be less durable and have a limited life span.
Any pay-out you receive for those items will likely be reduced to allow for wear and tear.
What should I look out for when buying a new for old policy?
Don’t confuse new for old policies with indemnity policies (also known as ‘wear and tear’ policies). These take depreciation into account, so your belongings will be replaced at their current, rather than brand-new, value.
In other words, if you claim for a TV you bought three years ago, your insurance provider will pay for a three-year-old TV, not a brand-new one.
Is new for old insurance worth it?
New for old contents insurance can come in handy, especially for items that are likely to depreciate in value, such as white goods and tech.
If you don’t have new for old insurance, you could get a smaller pay-out if you make a claim. That’s because your provider will only pay what your item is worth when you claim.
How do I know if I’m getting a new for old policy or one that takes wear and tear into account?
You’ll need to check the small print to be certain. Most insurance policies are based on new for old cover, but there are exceptions.
When you compare quotes with us, we’ll show you which policies settle claims based on new for old cover. You can also choose to only see policies that offer new for old.
It’s also worth understanding whether your policy covers accidental damage. See our guide to accidental damage insurance.
Will my contents insurance policy give me new for old cover as standard?
Most insurance policies offer new for old cover as standard, but all policies are different so read the small print to be sure.
Can I get new for old car insurance?
If your car is less than a year old, you should be eligible for new for old car insurance.
That means you’ll receive a brand-new replacement if your car is written off or stolen. Without a new for old car policy, your insurance provider will base any pay-out on your car’s current value.
How can I find affordable new for old insurance cover?
It’s worth shopping around. If you start a quote with us, we’ll show you quotes from a range of trusted insurance providers. We’ll also clearly show you which policies include new for old cover.
Anna McEntee - Insurance expert
Anna’s all about delivering fantastic insurance products at a great price. Value is the most important thing for Anna, as she cuts through the jargon and finds what’s most important and worth your hard-earned money.