Considerations for Horse Buyers
Buying a new horse is an exciting time as well as being a huge financial commitment. Factoring in on-running and unexpected costs should play a key part of your buying decision and budgeting to ensure that a horse, or an additional horse, is an affordable acquisition. Costs can rapidly spiral out of control and cause significant stress and worry for owners, whether it be in connection to feeding, clothing, training or providing veterinary care for your animal. Here our equine team share their advice on ways of limiting your financial burden when buying a new horse.
Protection for your horse
The most common reason for owners wanting to insure their horses – cover for vet’s fees. This can be cover for investigative actions should your horse suffer a loss of performance or become lame for a reason that is not immediately obvious. Vet’s fees cover can also be limited to accidental and external injury, such as being kicked by another horse or an external injury caused by hitting a cross-country fence. Depending on the policy selected insurance for vet’s fees can up offered, typically up to £7,500. This can include alternative treatments, livery charges whilst at the vets and transportation costs to and from surgery.
Protect your pocket
Insurance policies themselves can be another expensive cost, limiting your cover to Equine Catastrophe Insurance could be a cheaper option, whilst still providing cover for live saving surgery. When looking at other cost saving options combining your motor and horsebox insurance could save the pounds in your pocket.
Household contents insurance may be a good place to start when it comes to insuring saddlery and expensive items of riding equipment, with worldwide, ‘at home and away’, cover often being an option for specified items of contents.
Protect your investment
Investing in horses doesn’t stop at the horse, tack, rugs, riding equipment and even feed, forage and bedding all add up to a sizable investment. With shortages of hay, and people feeling the pinch, thefts of these items are rife. Ensure your equestrian buildings have adequate security to prevent break-ins and look to secure an effective level of insurance to offer cover in the event of theft.
The building’s themselves will be a significant investment, consider whether you have the right insurance in place to protect your investment against fire and flood damage.
Can you afford to be out of pocket should you be unable to work due to injury? Personal Accident insurance for riders can pay a lump sum amount for certain injuries, as well as providing income support whilst you’re off your feet. Adding this onto an equine or liability policy a simple step towards effective cover.
Ready to discuss your customisable and comprehensive insurance options? Call our Equine Team to speak to an experienced advisor on 01992 367111 or head to our Horse Insurance pages to request an instant quotation.
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