Is Horse Insurance Worth It?


Posted By: jonathan on 08/03/2021

Is Horse Insurance Worth It?

Horse ownership brings with it a huge amount of pleasure and enjoyment and for many children it is the stuff of dreams. But owning a horse in the UK is a massive financial commitment and one that is not cheap.

Once owners have paid for the horse, paid for the saddlery and tack, paid for it’s upkeep and livery, it’s no wonder they question whether insurance is worth the additional cost.

Why Should I get Horse Insurance?

There are approximately 1.8 million regular horse riders in the UK sharing an overall horse population of approximately 847,000 horses and ponies.

Buying a horse can cost anywhere from £500 and £40,000, with the average in the region of £4,000. According to the latest BETA survey, horse owners spent an average of £221 per month on livery and £125 per month on grazing. If your horse gets injured or suffers an illness, you may not be able to afford the vet bills on top of all the other costs. Many owners purchase horse insurance to cover unexpected vet fees.

Nearly 20% of all horse insurance claims were for external injuries. The average cost of claim for external injuries was over £1,000 with the most expensive claim over £4,500. Over 14% of claims were leg related (lameness, breaks, fractures etc) with the average claim costing £1700 and the most expensive nearly £6,000. 10% of claims were for tendon and ligament issues. The average cost being £1400 and the most expensive claim over £5,000. A further 10% of horse insurance claims relate to bone diseases, with the average claim costing £1250.

If your horse is unfortunate enough to suffer an injury or illness, could you afford to pay the claim without relying in insurance?

There is no doubt buying a horse is a big investment. If your horse were to suddenly die, be stolen or sustain an injury which meant they couldn’t be ridden again, could you afford to replace them?

Horses are large animals and can be unpredictable. If not kept under control, they can cause lots of damage or injury. Could you afford to settle a liability claim for tens of thousands of pounds?

What are my Options?

  • You could take the chance that nothing will happen to your horse during the course of it’s life and not take out a policy.
  • You could calculate the monthly cost of horse insurance and put away the money each month, to cover any potential vet bills.
  • You could cover your horse with an insurance policy and rest easy knowing that if anything serious happens to your horse you would be covered.

What type of Horse Insurance do I need?

The majority of horse insurance policies cover death to your horse through illness or injury. In addition to this, you are able to cover the cost of vet fees, loss by theft or straying, third party liability insurance, permanent loss of use , cover for saddlery and tack and even your horse trailer.

Think carefully about the areas of cover you need, and about what you could and couldn’t afford to insure in the event of an incident.

Some policies provide all inclusive cover, whilst others are more flexible and allow you to pick and choose the benefits you want.

How much does horse insurance cost?

It’s difficult to quote an actual figure, because there are so many factors to take into account, but an all-inclusive policy covering a 5 year old horse costing £5,000 is going to cost between £60 and £100 per month.

Horse Insurers take into account a number of factors when calculating premiums;

  1. Yours horses age. The older your horse, the more likely they are to suffer from health problems.
  2. Your horses breed. Some breeds are more prone to certain conditions than others and you may find this affects your premium.
  3. Where you live. Veterinary’s that reside and work in inner city areas, generally charge more than those that work in more rural parts of the country. This is sometime reflected in the premium charged.
  4. The value of your horse. The more expensive your horse, the higher the premium will be.
  5. The type of policy you choose. A simple liability or accident only policy is going to cost a lot less than one which includes all the bells and whistles.
  6. The number of horses you need to insure. Some Insurers offer a discount for insuring multiple horses, but overall the cost is going to be greater than insuring just one horse.

How do I find the best horse insurance policy?

It’s important to compare policies and shop around. Finding the right cover can be tricky as there are many horse insurance policies to choose from. Use our product ratings and reviews to compare policies. We have analysed over 50 equine insurance policies and unlike some companies the information we provide is free.

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