with Equine Compare

1919 My stuff Login / Register

Created June 2012. Includes live poll results.

Should I Insure my horse?

the pros and cons of horse insurance

Deciding if you should insure your horse is an important decision. Opinions differ and horse owners generally fall into three groups: they insure their horse, they save money instead, or they borrow money when they need it.

I insure my horse

I insure my horse

Horse owners who have a comprehensive horse insurance policy, including vet fees and public liability.

That monthly premium may eat into your budget, but it means you are more likely to be able to fund treatments.

Including public liability in your insurance policy will insure you against costs resulting from legal action if your horse harms someone or their property, and we all know how unpredictable horses can be.

Some vets will take payment directly from the insurer (if the insurer has a good reputation), meaning you only have to find the excess amount. Ask your vet.

Your policy will have exclusions and limitations, e.g. pre-existing conditions, or conditions that reoccur during the policy lifetime, may not be covered.

If you make a claim on your insurance, your premiums may increase.

You may still have a hefty excess amount to pay when you claim.This can range from £100 to £500 per claim.

We asked horse owners why they insure their horse

13 reasons given so far.

Votes

Reason

172

Peace of mind

117

To be safe for both horse and rider

39

It's proven useful in the past

15

I don't compete but still need to be able to afford vet bills!

7

vets fees cover

Show all reasons

I put money aside

Horse owners who choose to save money every month instead of insuring their horse.

It's your money and you can use it for other purposes if you need to.

You can accrue some interest, but make sure you have instant access to your money.

There are no exclusions, age restrictions or claim forms to deal with.

Unless you already have a large lump sum to start with, you risk not having enough money saved when you need it. Vet bills can escalate and legal expenses may be very large if you have to pay a compensation claim.

One ilness or injury may wipe out your funds, leaving you with no money for the next issue.

Do you have the will power to resist spending your horse fund on something else?

We asked horse owners why they save rather than insure

9 reasons given so far.

Votes

Reason

25

Have always paid vets bills when they came

14

too expensive, too many silly exclusions these days...

12

In my experience it works out more cost effective

5

I don't trust insurance companies

3

I use my BHS gold membership for public liability etc

Show all reasons

I will borrow money

Horse owners who use credit cards, loans, or borrow money from friends or family rather than insure their horse.

You don't have to worry about it until it happens.

You don't have to eat into your monthly budget.

If your horse is never seriously ill or hurt and never causes costs to a third party, you may never need to borrow.

Borrowing increases your costs, especially if you need large amounts and can't pay it back quickly. The average credit card rate is over 17%* and the best deals on personal loans are around 8%**.

You may be refused credit due to your credit rating, changes in legislation, or economic factors that are out of your control.

Borrowing from friends or family can damage relationships.

We asked horse owners why they borrow rather than insure

5 reasons given so far.

Votes

Reason

7

I can't afford insurance

6

I don't think the risks outweigh the probability

4

I own lots of horses, and can't afford to insure them all

2

If my horse needed major treatment, I would have it put to sleep

1

we are trekking stable

Show all reasons

Join the debate by taking our poll and commenting on the posts below.

* Which.co.uk figures 2012.

** Money Supermarket Figures January 2012

Equine Compare does not advise on whether horse owners should or should not take out insurance. This article represents information and opinions gathered to help people make their own decision.

Poll results

Do you have
horse insurance?

Click results for more details

76% Insure

their horse

5% Insure some

of their horses

14% Save

instead of insure

4% Borrow

if they need to

Based on 493 reponses

Have your say,

Do you insure your horse?

Tell us your views on horse insurance by taking our quick poll.

sarah from surrey

23/07/12 07:15

Answered: Yes, I insure my horse

Reason: I don't compete but still need to be able to afford vet bills!

Jessie Bowling from Suffolk

22/07/12 22:26

Answered: Yes, I insure my horse

Reason: To be safe for both horse and rider

Helen from Whalley

22/07/12 21:10

Answered: Yes, I insure my horse

Reason: I don't compete but still need to be able to afford vet bills!

jessica hand from worksop

22/07/12 20:13

Answered: Yes, I insure my horse

Reason: To be safe for both horse and rider

JocelynBennett from glos

22/07/12 16:27

Answered: No, I put money aside instead

Reason: In my experience it works out more cost effective

This website does not provide financial advice or recommend a particular supplier. Although we strive to keep the information up to date, we can not guarantee that all information is accurate. Always confirm accurracy by looking on the suppliers website.