I know this won’t make me popular, but it’s true: taking out an equine policy with a well-regarded insurance provider doesn’t automatically keep horse insurance mistakes at bay.
While taking out equine insurance isn’t tricky per se, ensuring it provides you with the coverage you need is all in the details. This is twofold: not only must the details you provide be extensive and precise, but the policy wording read and understood, too. You also need to make sure your policy updates in line with your horse’s circumstances – but more on that later.
Horse insurance mistakes could affect the likelihood of a payout, so it’s best to stamp them out from the word go. Without further ado, we’ve spoken to industry experts to reveal the most common horse insurance mistakes – and how to avoid them.
Horse insurance mistakes to avoid
1. Be clear on type of use
Francis Martin, CEO of The Insurance Emporium, says transparency regarding your horse’s activities is paramount.
“It’s crucial to be upfront about how your horse is used,” he says. “Whether it’s for hacking, hunting, or polo, the type of activity affects both your premium and your coverage. If your horse gets injured doing something outside the declared use, such as competing when it’s only insured for leisure riding, you might not be covered, which is especially important for loss of use cover.
“So, always be specific and accurate when setting up your policy. Let your insurance provider know of any changes as soon as they happen.”
Be accurate with type of use and update your insurer as anything changes.
(Image credit: creditUnknown)
2. Contact your provider if anything changes
Thinking of stepping up to affiliated dressage? Preparing to move yards? Gearing up to take your homebred out and about for the first time? Drop a line to your insurer.
Horse & Hound Newsletter
Never miss out on the latest happenings in the equestrian world
“It’s always a good idea to let your insurer know if you want to start doing something that wasn’t originally covered,” says Alice Holborow, partnerships manager at Agria.
“If you don’t, it could affect your cover. At Agria, it’s really easy to increase your activity level at any time. If you need to reduce it, that can be done once a year when your policy renews.”
3. Avoid overvaluing your horse…
Every owner’s horse is extremely precious to them, so upping their policy value ensures the best coverage, right? In fact, it’s a common misconception.
“We see it all the time; owners overvalue their horses,” remarks Francis. “It’s natural to want to protect your investment. However, insurance payouts are either up to 100% of the sum insured or the market value, whichever is lower. This is what confuses owners.”
A horse’s value can increase with education and experience, or decrease with age or injury. Plus, recording too high a value doesn’t just sting owners at a payout stage.
“Overvaluing can lead to higher premiums without any extra benefit,” warns Francis. “It’s better to be realistic and review your horse’s value regularly.”
4. …but don’t hesitate to cover high-value horses
You might not own one of the world’s most expensive horses, but insuring a horse with a hefty pricetag is still a daunting prospect.
“A lot of people assume that arranging vet fees cover for a high-value horse will be really expensive,” says Alice. “That’s often because many insurers base their pricing on the horse’s value first, then add vet fees on top.”
“With Agria’s lifetime equine cover, most owners actually use it just for vet fees,” she continues. “In that case, the horse’s value doesn’t affect the price. What matters more is what the horse does and which activity group it falls into.”
5. Make sure your field is horse-safe
A field is only as good as its fencing, as the saying goes… OK, it’s not a saying, but it’s right. You could have fantastic grazing on perfect soil, but encircle it with a horse-unfriendly type of fence, and there could be trouble. What you might not know? Inappropriate fencing could affect an insurance claim.
“It might sound obvious, but where your horse spends its time matters,” explains Francis. “Fields with barbed wire or stock fencing can be risky, and many insurers, including us, won’t cover injuries from those environments.
“It’s about preventable risks,” he continues. “Owners have a duty of care, and making sure your paddock is safe can make all the difference when it comes to claims for vet fees, loss of use, or even equine mortality.”
(Image credit: creditUnknown)
6. Some policies could be transferrable
Some insurers allow owners to transfer insurance policies to a new owner on selling a horse.
“We sometimes speak with owners who are selling their horse and don’t realise that their Agria lifetime policy can actually be transferred to the new owner,” explains Alice Holborow. “It means the horse keeps its cover, including for any conditions that have already been claimed for, such as arthritis, gastric ulcers, or colic – for life, as long as the policy stays active.
“People are often really pleased to hear this, and it can be a great selling point when passing a horse on to a new home.”
7. And finally, your insurance doesn’t always kick in immediately
Not all policies are in full swing from the day of activation.
“Most providers, including us, have a 14-day exclusion period for illnesses and conditions,” warns Francis. “During that time, we’ll cover external injuries from accidents, unless it’s related to or results from a pre-existing condition, but not illnesses or conditions that show clinical signs or develop within those first two weeks.”
This is done to protect against pre-existing conditions and reduce fraudulent claims.
“It’s worth considering having horse insurance in place from the day you purchase your horse. That way you get the waiting period out of the way and have peace of mind knowing you have the cover you need,” Francis adds.
A horse owner and rider with more than 20 years experience, Bethany has been writing for equestrian publications since 2017. Over the course of her career, she has reported from major British Riding Clubs and British Dressage championships, covered Badminton Horse Trials and interviewed equestrian sport’s best athletes. Her work can also be found in Country Life, The Field and Breathe magazine.
