Choosing equine insurance cover
Equine Insurance is something a lot of horse owners often find themselves in something of a panic about. In part, that’s because there is a lot to consider, from what insurance your horse may need, to your own cover and liability, plus other areas such as transport and stable insurance. We have worked with Shearwater Insurance, which has over 20 years experience in equestrian insurance, to answer some of your most common questions...
Why should I bother insuring my horse?
It is often frustrating when you have paid for an insurance policy and never claimed – it does beg the question – why? However when faced with real problems and disasters, knowing that no matter what you are faced with, financial crisis won’t be an issue - is always a reassuring comfort. As daunting as it may sound, no one would want to be faced with the dilemma of deciding whether or not we can save the life of a much loved horse when medical options exist but the costs are prohibitive.
What is all Risks of Mortality
This is the starting point for almost all horse insurance policies and most companies will insist you take this cover as the core of your policy before adding other relevant sections. It covers death from accident, sickness or disease and normally theft as well. Once the horse reaches a certain age, which will vary from company to company, this will usually be restricted to death from accidental, external, visible injury only. This cover will compensate you for the destruction of a horse only if there are undisputable medical reasons for it and not if you decide to have the horse destroyed because you believe it to be in the animal’s best interests, as it is unsuited to light hacking or retirement.
Do I have to have Third Party Liability
Unlike with our cars and other vehicles there is no legal requirement to insure your horse against third party liability, however it is the type of cover that is advisable for no horse owner to be without. In this increasingly litigious society, no one is immune from having a claim made against them and although you may think your youngsters in the field can do no harm, you would be surprised by the number of claims we get for damage to property caused by loose horses. Membership of some societies such as the British Horse Society, British Eventing, British Dressage and British Showjumping offer third party liability cover as a benefit of membership, but do check that you have adequate cover in place before deciding that it is appropriate to exclude it from your horse insurance policy. Although claims are not common, when they are made they can run into many hundreds of thousands of pounds.
What kind of insurance do I need for my horsebox?
Horsebox insurance varies in levels, however the majority of people choose to take out a fully comprehensive policy. Shop around to ensure your cover fits all of your requirements and look at the excess you will be paying to ensure it is affordable in the event of a claim. It is also worth looking carefully at your yearly mileage as insurance companies offer something called a ‘limited mileage policy’ which means if you are doing less than 5,000 miles a year, your premium could drop by as much as half of the cost.
Do I need insurance for my trailer?
You do not actually have to have a separate policy for a trailer as during use, when it is attached to a car that is insured sufficiently, your trailer is covered for third party liability only – which means if there is an accident any damage to property or other vehicles you will be insured. However this will not cover you for theft or damage to the trailer itself, so it is always advisable to take out a separate insurance – usually at a minimal cost – to protect you in the event that it is stolen or involved in an accident.
Trailer insurance will not automatically include breakdown cover, however many companies do offer it as an add-on. Look for a policy that gives total breakdown cover in the UK, including emergency road assistance, long distance recovery and home breakdown for trailer owners. In the event of a breakdown that couldn’t be repaired – this policy would organize alternative transport for the horses. This is something you should always check when taking out a breakdown cover.
Can I take other people’s horses in my equine transport?
In the event that you wish to transport other people’s horses – providing there is no exchange of money other than say a share of diesel costs, this will still be classed as social, domestic and pleasure use so you will be protected. If you do wish to charge a fee above the maintenance costs you will need to contact VOSA to discuss whether you need a transporter’s licence and you will then need to review your policy with your insurers to ensure the correct level of cover is in place. It may mean that you will need Hire & Reward Use.
Does my insurance cover me if other people ride my horse?
Normally cover is not affected by who is riding your horse for any section of the policy as long as the person is riding with the policy holder’s permission. However you should be aware that a person who has permission to ride your horse cannot claim against you on the Public Liability section if anything happens to them personally. Personal Accident sections of a horse policy will normally cover anyone who is riding or handling the horse (unless it is a commercial arrangement). There are special arrangements for horses on loan depending on whether the policy is in the name of the owner or the loanee regarding who gets paid out for each section of the Policy
For more information about all your insurance queries and to receive a no obligation quote on any equestrian insurance, or to view the comprehensive range of policies available from Shearwater Insurance, visit www.shearwater-insurance.co.uk or call 01992 718 666.
