Insurance is a service offered to protect you against unpredictable costs. With any luck you’ll never need the cover you’ve paid for, and you could argue that putting all those premiums in the bank instead would leave you with a handy sum to fund the occasional setback. But, in the worst-case scenario, a single catastrophe could bankrupt you.
Whether you choose to insure or not, or opt for a basic or a ‘belt-and-braces’ policy, the key is to decide just how much risk you’re happy to live with and, before you get lost in piles of leaflets and internet downloads, take a minute to identify exactly what you need. Here are our top tips:
- Ask to see the terms and conditions before taking out your policy, if there’s anything you don’t understand, call them up for further explanation.
- Have your horse’s passport number and new yard details to hand as you may be asked for this information.
- Ask what the different options of your policy cover as this can differ between companies.
- When taking out vet bill cover check to see if hospitalisation fees are covered or if this is an added extra.
- Some insurers add a fee of 10% on to the policy if you choose to pay monthly so check to see if yours does this.
- Online discounts apply so if you need anything explaining before buying online call who to get your questions answered first, then go online to take the policy out.
Who to insure with?
There are lots of reputable insurance companies and here are juts a few. Be sure to ring round to find the right deal for your horse.
Petplan – www.petplanequine.co.uk
SEIB – www.seib.co.uk
KBIS – www.kbis.co.uk
NFU Mutual – www.nfumutual.co.uk
Shearwater – www.shearwater-insurance.co.uk
Horse & Rider – www.hrid.co.uk
E&L – www.eandl.co.uk
Equi cover – www.equicover.co.uk