How to cut the cost of your horse insurance while staying protected

Horse insurance is a significant monthly hit, but small tweaks can lower your premium. Sarah Isaacs finds out how to save costs while maintain the level of protection you feel comfortable with

Insurance is something people pay for that they will hopefully never have to use. Yet with costs on the rise – feed, livery bills, fuel and so on – you may be needing to save money on horse insurance and so the temptation to cancel it altogether becomes strong. But while doing this may lift the pressure on your monthly bills in the short term, it could be seriously damaging for you and your horse in the long run.

But there are levers you can pull to make horse insurance work harder for you, while still getting the cover you need to keep your horse protected.

Save money on horse insurance: check your level of cover

Whether it’s done by accident or on purpose, a lot of owners underinsure their horses. This can happen when you step up to a level in competition that isn’t covered by your current insurance, or because your horse’s value increases over time as they gain more training and a better competition record.

The problem is that if you’ve underinsured, this could affect your position in the event of a claim.

Equally, some people have cover that they don’t actually need. You may have plans to step up to a higher level of competition than you are currently competing at this year, but if you insure your horse for the higher level activity months before you are ready, you will be paying out more than you need to.

Give your insurers as much information as possible to avoid falling into the trap of underinsuring or overinsuring. The more they know, the better they can underwrite your insurance, and the more likely you are to have cover that accurately reflects what you’re doing with your horse.

It’s also important to make sure your horse is valued correctly if you’ve had them for several years. The valuation can come from a professional such as your trainer, or you can check current horses for sale, who are the same age and doing the same activities as your horse.

Decide what you really need

Deciding exactly what it is you want to insure is a fundamental way of making sure you’re mapping out a cost plan that you can afford.

Consider what’s important to you – what are the non-negotiables? Are you competing regularly and want cover against everything, which is expensive but gives you peace of mind? Do you own an older horse who you may not want to cover for surgery? Does group turnout make your horse more susceptible to injury?

Be honest with yourself – every owner, horse and situation is different. And don’t be afraid to contact your insurance company mid policy to make changes as necessary, not just when the time comes to renew it.

If your main concern is your horse injuring himself, then it’s worth looking at accident-only cover. This covers external injuries only, so the horse would need a visible wound for there to be a successful claim. This type of cover is typically cheaper than more extensive vet policies, but that is because it doesn’t include illness.

Some insurers offer catastrophe cover, which typically covers injuries where there is an open wound, as well as colic surgery, tendon sheath and joint flush, and surgery for pedal bone or pastern fractures, but every policy is slightly different so you will need to check with individual insurers to see exactly what they include.

This could be a good option for people who aren’t worried about their horse’s value, or who have a horse whose previous vet history has resulted in a lot of exclusions, by protecting them against some of the more common massive vets bills that would be difficult to afford.

Making tweaks to save money on horse insurance

Small changes to your cover can make a big difference to your monthly payments. Most insurance companies will happily discuss the following adjustments with you to work out a plan that suits your needs and is affordable:

● Adjust your incident limit. Many insurers offer incident limits of £3,000 or £5,000, and some companies even up to £10,000. Your premium will increase as your limit does, but it is important that you’re comfortable with this limit.

● Pay a higher excess amount. Choosing to pay a £500 excess for each claim, instead of £100 or £250, will bring down your monthly payment. While it’s a lot to find in one go, some people can manage to find £500 for veterinary treatment, but need protection against the really large vet bills.

● Do you need death cover? While some policies will include this as standard, others offer it as an optional extra, which could help lower your premium. It’s worth noting that mortality cover will only pay out if the horse is euthanised in line with the BEVA guidelines. Owners of a horse that dies of natural causes, or is put down because the owner feels it is in the horse’s best interests to end their life on welfare grounds, but does not fulfil the BEVA guidelines, will not receive a payout.

● Consider co-insuring. A co-insurance policy means that you pay a certain percentage of each claim, along with your excess. For example, this might mean that your insurer will pay out 75% of the claim, while you pay 25%. This is a great option if you’re worried about big vet bills but want to keep your premium down.

● Look out for special discounts, such as introductory and multi-horse offers, as well as companies that offer bonuses and benefits to their customers that may save you pounds elsewhere. 

Horse insurance is a significant monthly outlay, but it can save you thousands of pounds in the long run. By making appropriate tweaks you can ensure you’re paying for exactly what you need, with no wastage.

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