As well as being horse insurance experts, many of our team are horse riders and owners too, so we understand that keeping horses is not a cheap hobby. From livery yard bills to feed, hay and farrier fees the costs can quickly add up.
To help you to try and reduce your outgoings, the SEIB team have compiled a list of their top tips to ensure you’re not overpaying for your horse insurance.
Are you insured for the correct classes of use? If you’re a happy hacker who does the occasional local show, you definitely do not want to be insured for high risk activities such as hunting or eventing. When purchasing your insurance, try to make sure you’re only covering yourself for the activities you’re actually going to take part in. Remember, you can always call at a later date if you do decide to tackle a bit more, or have a go at a new discipline.
Can you adjust your excesses? Improved veterinary diagnosis and treatment has understandably come with increased prices. This is why, more often than not, our clients want to insure for the maximum amount of vets fees cover available. However, this doesn’t always need to be reflected in your premium price. To bring the cost down you can always increase your excess, this will bring the price down as you are paying a larger amount towards the claim.
What are you really insuring for? Before taking out your insurance it’s a good idea to sit down and think about what veterinary/other scenarios you could afford to cover. For example, do you want insurance to pay for every vet visit, or are you financially able to cover these without insurance? You may just need to insure for the big catastrophe losses such as colic surgery, general anaesthetic or MRI scans.
Is loss of use still required? When your horse is in fulltime work, out competing and you’re both at the top of your game, loss of use cover is vital - just in case the unthinkable happened. But, when he’s a little older and you’re both not quite so active together, you may want to consider removing the loss of use cover from your policy, this will help to bring your premium price down.
Do you need public liability insurance and personal accident insurance? We strongly recommend you have both of these covers, but what we don’t want you to do is pay twice for them. Many of us are members of various charities and associations (BHS, BD, BS, BE etc), and in a lot of cases, we receive certain levels of public liability and personal accident cover with these memberships. Always check to see if and what you’re covered for before making a call on whether you need to buy or top up what you already have. It’s important to note here that the insurance provided through membership is often restrictive or last resort, so always seek advice from your insurance broker to ensure you have enough cover.
Is your tack and saddle already insured? These days, tack and saddlery is very expensive, and therefore should always be insured. It can, however, bump up your premium unnecessarily. Always check your home insurance to see if it covers it and what security prevention you need in place. By doing this you will ensure that you’re not paying for insurance you already have.
Has the value of your horse decreased over time? As horses get older, they tend to decrease in value and you should remember to keep this updated on your insurance cover. For example, if your horse is now 18 and no longer financially worth the £6,000 you paid for him, you should inform your insurance provider, this will help to bring your premium down.
Is a direct debit payment plan the best option for you? Direct debits aren’t always interest free, so across the course of the year you will end up paying slightly more for your insurance. If it’s feasible, you may be better off putting the full amount on a 0% interest credit card and paying that off over a few months.
Could you move other insurances? If you need horse trailer insurance, horsebox insurance or to insure an equestrian property, always consider placing them all the same broker as you are then likely to qualify for multi-policy discounts.
SEIB have been providing insurance for horses for over 50 years. This experience allows us to tailor policies to suit your circumstances and ensure that you and your horses are covered should the worst happen. If you’d like advice on your insurance please call us on 01708 850000.