Equine insurance
A serious illness or injury can be devastating for the owner both emotionally and financially, but insurance protection is there to give peace of mind. Your choice of insurer and policy is particularly important since you need to know that the cover you have is adequate and that the people providing it will be there to help if things do go wrong. Before you make a decision and select your policy, take time to run through a basic checklist of questions and tips to bear in mind.
What type of insurance do I need?
For horses and ponies there is usually the choice of death, theft, vet's fees and loss of use cover whilst for owner or rider's personal protection there is personal liability and personal accident cover. For equestrian equipment consider cover for tack, horse drawn vehicles, trailers and horseboxes.
Is the cover provided in a package or can I choose to have just the cover I need?
Some companies allow you to tailor your insurance to suit your individual needs whilst others will provide you with a package of standard covers. Even if it is not a package policy, basic cover is often compulsory, to which you can add other covers.
If I make a claim, do I have to pay towards it (an excess) and if so, how much?
Some companies have excesses on all covers, others only on some. Vet's fees cover will invariably have an excess, but the amount of the excess will differ with individual companies - so check before you buy.
What are the limits for each cover and how do any "small print" clauses affect my position?
Make sure that you understand the implications of the general terms and conditions of the policy and ask for an explanation of any areas you're not clear about.
With insurance for your horse in mind, find out whether you will be covered if your horse:
- dies or has to be put down
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is stolen or disappears from the field
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is injured or ill and needs veterinary treatment, physiotherapy, osteopathy or similar
- cannot be used for competition due to an injury or illness but is still able to do light work
- escapes from the field and causes an accident
- is ridden by someone else.
Will I be able to continue to insure my horse as it gets older?
Terms of cover are often more limited for older animals. Check what age limits apply and the extent of cover available for older horses.
Thinking of protection for yourself and your equipment check the position if:
- your tack is damaged or stolen
- you sustain a serious injury
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you have an accident which means you will be off work for several weeks
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an incident leads to you incurring legal fees
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you ride a horse belonging to a friend and cause a road traffic accident.
How much will this cost and can I pay by instalments?
The answer to these queries will vary from one insurer to the next. To make the right decision, make sure that you get as much information together as possible and read it all carefully. It also helps to be able to talk through your requirements with a representative of the insurance company who specializes in the cover you require.
Remember that the cheapest cover available is not always good value and that the level of service will vary between companies.
Finally...
Once you have made the decision as to what insurance cover you require and which company to insure with you need to make sure that you read your policy documents carefully.
There may be policy conditions which you need to follow; such as having your horse regularly vaccinated and keeping your insurance company informed if your horse has an accident or illness - even if you don't make a claim. You also need to let your insurer know if you start participating in a new activity, if you want to alter the sum insured of your horse or update your tack cover, to ensure you remain fully covered.
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