While we are living in uncertain times we understand that looking more closely at your finances may be necessary, we therefore, wanted to offer some guidance on the possible alternative insurance solutions, as well as ways you can adjust your existing policy to reflect your current needs, saving money at the same time.
The following options explain firstly some standalone levels of cover to enable you to insure your horse for what you feel is most important, as cost-effectively as possible. Secondly, there are some ways you can adjust your existing policies to make valuable savings. It must however, be remembered that when choosing to benefit from a lower premium you are inevitably going to be purchasing a reduced level of cover.
Stand-Alone Policies
When it comes to horse insurance, it is not always about purchasing the highest level of cover. It’s about having a level of cover you feel happy with and at a premium that you feel comfortable paying. This is why we offer a range of more affordable insurance solutions in addition to our most comprehensive insurance options. For many, the reason they insure is veterinary fees. If this is you, here are some stand-alone vet fee options to consider:
Catastrophe Cover
Our Catastrophe Cover is an affordable veterinary fee option that can be purchased as a standalone policy for just £300. This unique option includes vets fees up to a maximum of £7,500 in total during the policy period with a 15 month claim period. The cover is for accidental, external injuries only (i.e. involving an open wound), plus the inclusion of three life saving veterinary procedures; Colic surgery, joint or tendon sheath flushing as a result of sepsis, and surgery for pastern or pedal bone fractures. Cover is available for horses aged 90 days to 20 years.
It offers an alternative solution for those looking to have some form of insurance in place against major, lifesaving veterinary treatment for a much more affordable premium.
If you would like to go ahead with taking out standalone Catastrophe Cover or if you have any queries, please call the office on 0345 230 2323 and a member of our Equine Team will be happy to assist. If you would like a quote including mortality cover, you can obtain one online here, selecting our Leisure Scale B vet fee option. Please note adding mortality cover will increase the policy premium.
Open Wound Only
Our Open Wound Only cover is an alternative veterinary fee option that can be purchased as a standalone policy for less than £225 per year. This level includes vets fees up to a maximum of £3,000 per incident which is unlimited within the year for accidental, external injuries involving an open wound only. This means there must be a visible break to the skin in order for a claim to be considered. The claim period is 15 months from the onset date and cover is available for horses 90 days to 30 years.
It offers a solution for horse owners looking to have some form of insurance in place against situations that require urgent and costly medical attention.
If you would like to go ahead with taking out standalone Open Wound Only vets fees or if you have any queries, please call the office on 0345 230 2323 and a member of our Equine Team will be happy to assist. If you would like a quote including mortality cover, you can obtain one online here, selecting our Leisure Scale A vet fee option. Please note adding mortality cover will increase the policy premium.
Individual Equine Public Liability Cover
Public Liability insurance protects you against claims made by third parties for property damage or bodily injury, caused by your horse. Even if your horse is not in your direct care at the time, perhaps friends or family are helping care for your horses during the current lockdown, under the 1971 Animals Act you as the owner can still be held responsible for the damage caused by your horse.
Standalone Public Liability policies can be purchased from just £48.21 per year. If you are looking to insure your horse for veterinary fees or mortality cover, Public Liability cover can be added to these policies from just £18.83 for the year.
Adjustments to Existing Policies
If you are not keen on making such a significant reduction to the cover your horse has, you may want to consider:
Reducing your horse’s class of use
Your horse’s class of use may be able to be reduced depending on the value they are insured for. If you have decided to reduce your horse’s workload, you may be able to reduce your horse’s class of use to make a saving on their insurance policy. As an example, if your horse is insured for Novice eventing and you have decided to turn them away for the winter, you may be able to reduce their class of use which, will reduce your premium as the activities covered are a lower risk.
It is important to remember that if you are still schooling at that level at home, then you must be insured for the level at which you are training. Reducing the class of use may not always be possible but it is a good place to start.
Reducing sum insured
You can also look at the sum insured and consider underinsuring your horse. This won’t appeal to everyone but if you place more importance on other policy benefits, such as vet fee cover, then it’s worth looking at how much a reduction in the sum insured could bring down your premium. There will be a limit on how much you can under insure by, as a general rule we set this at 50% of the horse’s actual value. It will also be advisable to keep an eye on the current market; if there is a financial downturn in the months to come as a result of the current situation, it may well see horse prices fall.
As a market value policy, you should adjust the sum insured accordingly if this does happen to avoid paying a higher premium as there is no benefit of insuring your horse for more than he is worth. To gain a greater understanding of the cover your horse has in place at present and how you can amend elements of this to make a saving, read our How to Reduce Your Premium article.