Promotional Feature with SEIB insurance Brokers
Horse insurance. We all know it’s important, but it’s hard to appreciate just how important, until you need it. What every horse owner can appreciate, however, is a horse insurance policy that doesn’t cost any more than it needs to.
If you’re wondering whether it’s possible to reduce your horse insurance premium, while still maintaining the cover you need for you and your horse, the answer might well be yes. It is always worth speaking to your insurance provider about options to bring down the cost of your premium, before embarking on the hassle of shopping around elsewhere.
With so many cover options available, SEIB Insurance Brokers’ multi award-winning team – who have been advising on horse insurance for nearly 60 years – will be able to find the right product for you, at the right price.
7 ways to reduce the cost of horse insurance, from SEIB Insurance Brokers
1. Check you are insured for the correct activities. Think about what you do with your horse, and if these activities have changed, ensure your policy is up to date. If you take part in a discipline such as eventing or hunting, your insurance policy should reflect this, but if you are a non-competitive leisure rider you might find that you are paying a higher premium than is necessary.
2. Consider the scenarios that you need insurance for. Everybody’s circumstances and preferences are different, and you may decide that you only need cover for scenarios such as colic or other emergency life-saving surgeries. Equally, you may be paying for loss of use cover when you may not need it. Of course, if you have a fit and healthy horse in full-time work, or competing regularly, it is a good idea to make sure you are covered if your horse becomes unable to do his job. But if you have an older horse, or he is no longer competing, you might wish to remove this element from your policy – and save yourself some money.
3. Don’t pay twice! It’s important to ensure that you have public liability and personal accident cover in place, but it’s easy to end up paying for these twice. If you are a member of an association such as the British Horse Society, British Dressage, British Eventing or British Showjumping, it’s likely that this cover is included with your membership, meaning you won’t need it added to your horse insurance. The same goes for tack – check whether your tack is already covered by your home insurance before including it in your horse insurance policy.
4. Be honest about your horse’s current monetary value. While this may have increased during your ownership – if you bought your horse as a youngster, for example, or have added to his competition record – it may have also gone down, if he is older, for instance, or has accrued an injury. Of course, at SEIB we are horse owners ourselves, so we know it’s impossible to put a price on a horse’s emotional value. But you might be able to save a significant amount on your premium by ensuring your insurance policy reflects your horse’s current financial value.
5. Look at your excess. Many diligent horse owners are keen to ensure they are covered for the maximum vet fees available, but this doesn’t need to be reflected in your premium. By increasing your excess – the amount of money you will pay towards a claim should you need to make one – it is often possible to significantly reduce the amount you pay every month.
6. Don’t get caught out paying interest. If you pay for your horse insurance via direct debit, check whether or not you are paying interest. Not all direct debit arrangements are interest free, so you could be paying more than you need to over the course of a year. Consider whether you can make one annual payment for your policy – it could save you money in the long run.
7. Make the most of discounts. Many insurance providers offer multi-policy discounts, so if you have a horse box, trailer, or even an equestrian property that you wish to insure, taking out cover with the same provider might well mean you can save money – as well as taking away the stress of dealing with multiple providers.
So, if you’re looking for horse insurance that doesn’t cost more than it needs to, you can rely on SEIB Insurance Brokers. We only use financially sound, UK-based insurers for our specialist horse and pony insurance policies, and our dedicated teams will manage your claim from beginning to end. Horse insurance doesn’t get more reassuring than that.
Tel: 01708 850000