The Horse Insurance team here at SEIB own and ride horses too, so we know how expensive it can be. From livery yard bills to feed, hay and the farrier, the costs can quickly add up.
To help you to try and reduce your outgoings, the SEIB team have compiled their top 10 tips to ensure you’re only paying for the cover you need, and not overpaying for your Horse Insurance.
1. Are you insured for the correct activities?
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 and at the appropriate level i.e. affiliated or unaffiliated. 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.
2. 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. To reduce the premium, you can increase your excess, which results in a lower premium as you are paying a larger amount in the event of a claim. SEIB offer a range of excesses, with two higher options of £500 and £750 per claim*.
3. Have you considered co-insurance?
You might be asking yourself “what is co-insurance?”, in a nutshell, SEIB’s co-insurance means that in the event of the claim, you will pay 20% of the bill plus your £165 excess with your insurer picking up the balance. As you’re paying more towards your claim, your premium price will be lower.
4. What are you really insuring for?
Before taking out your insurance it’s a good idea to sit down and think about what veterinary scenarios you really want to cover. For example, you may decide not to insure for colic surgery, but would like veterinary fees cover for other illnesses to be included. Or you could choose to just insure for accidental external injuries only. Taking time to consider what treatment you can afford, or would proceed with, can be another practical way to reduce you premium.
5. Is Loss of Use cover still required?
When your horse is in full time work, out competing and you’re both at the top of your game, loss of use cover may be appropriate - just in case the unthinkable happened. But when they’re 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 down.
6. Have you shopped around for the best cover?
We would recommend seeking out a broker who specialises in equine insurance as they will be able to give expert advice when helping you to assess the type of cover you need, and handle any claims you make quickly and effectively. Using a generalist insurance provider who has minimal knowledge about the risks faced by you and your horse could be an expensive false economy in the long run.
7. Is your tack and saddlery 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 measures you need in place. By doing this you will ensure that you’re not paying for insurance you already have.
8. Has the value of your horse decreased over time?
As horses get older, they tend to decrease in financial value (we know you still love them all the same though!) and you should remember to keep this updated on your insurance cover. For example, if your horse is now 18 and no longer worth the £6,000 you paid for them, you should inform your insurance provider, this will help to bring down your average cost of Horse Insurance.
9. Do you really need to combine policies?
For those considering adding a horse trailer to their Horse Insurance policy, whilst this may offer convenience, we would suggest that you check to see if it would work out less expensive to have this insured on a separate policy, you may also find that the level of cover is higher on a stand alone Horse Trailer Insurance policy.
10. Could you move other insurances?
You're likely to get a better deal overall on your premiums, if you go to one insurance broker for all your equine insurance needs.
*Excludes Veteran and Core Horse Insurance
Terms & Conditions apply.
About SEIB
SEIB have been providing insurance for horses for over 60 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. We can also provide you with trusted Horsebox Insurance and Horse Trailer Insurance. If you’d like advice on your insurance, please call us on 01708 850000.
