To insure or not to insure? That is the question. The costs of owning horses spiral upwards without the cost of insuring, but can you cover the unexpected costs should the worst happen? Some insurances are mandatory, but others are optional, do you know which policies you need?
Having horse insurance is a way of limiting your financial burden should your horse become ill or injured. Different policies will offer different levels of cover and different benefits. Getting a policy that suits your own needs and personal situation is key.
Key policy areas to consider are:
Policy add ons such as Public Liability, protecting you should your horse damage or injury a third party, or tack insurance could be worthy additions for little expense. Consider whether you could afford to replace items should they get stolen or whether you can afford compensation costs should a clam be made against you.
Like any other motor vehicle, horsebox insurance is a legal requirement in order to drive on UK roads. What may seem like a straightforward policy has a number of aspects to consider. You may only ever move your own horses, but if there’s some financial incentive involved, you’ll need a Business Use policy. This generally applies to trainers and professional riders, who will take their horses out to compete for significant prize money.
If you ever find yourself moving someone else’s horse for payment, you’ll need a Hire & Reward policy. This isn’t limited just to transporters – it’s also valid for livery yard owners or similar if they use their lorry primarily in this capacity.
Anything involving horses comes with inherent risks so, having a robust policy in place is essential. It is important to note that whilst many governing bodies have an element of Personal Accident in their membership these are policies of last resort and often do not provide an effective level of cover. Riders should look to a policy that provides lump sum pay-outs for certain injuries, along with monthly income support whilst you’re out of action.
If you look after or handle other people’s horses, such as running a liver yard or having a livery or two to keep your horse company, you’ll want to consider Care, Custody and Control. This policy will offer you protection should one of your charges become injured through your negligence.
Ready to discuss your customisable and comprehensive insurance options? Call Shearwater Insurance's equine team to chat to an experienced advisor who understands the unique requirements of horse owners. 01992 707318