The Importance of correct Horse Insurance04/05/2018
Insurance is one of the most important things to consider when purchasing a horse. You must ensure that the correct cover is in place and full details have been provided to insurers, so that there are no issues in the event of a claim.
The first problem which can arise happens when you are in the process of purchasing a horse. You should always check with insurers beforehand as to whether or not they require a vetting or x-rays. Quite often this will be a requirement should you wish to be covered for Loss of Use. It can be very frustrating to buy a horse only to discover later that insurers need a vetting. If you are able to supply a vetting from purchase be aware they only last for 30 days, and some even as few as 14 days. It is therefore imperative you arrange insurance for your horse as quickly as possible, or you may need another vetting.
It can also be beneficial to research the various insurers available and discover if they are renowned for paying out claims, to see how long they have been trading, and learn how much experience they have in this particular sector.
Once you have insurance, you must remember that you will only be covered for a certain class of use. If you go above that class of use you must tell insurers so they can amend the cover for you, but be aware they will charge an additional premium. If you do not do this and make a claim with the incorrect class of use, insurers may decline the claim.
You will also need to insure your horse for the correct market value. Say for example you paid and declared the value at £5000 for the horse, but have since broken it and as a result increased its value. In the event of claim, you will only be covered for either the market value or the declared value, whichever is less. This works both ways, if you insure your horse for £10,000 but the market value is only £7,000, insurers will only pay out a maximum of £7,000.
Horse insurance is something that should always be arranged. If you leave it uninsured, you will be responsible for all vet’s fees, which can soon mount up to the thousands, which is something that many of us cannot afford.