Confused about insurance?

Q

Qru

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Hi all,
So I'm completely over my head about this whole horse insurance thing as in Cyprus such a thing does not exist!

Do you HAVE to insure your horse? Obviously it's handy incase you have a large vet bill ect but are there some people who don't insure theirs?

If you're on a livery yard, do most yards want the horse insured before it arrives on the yard?

Do you need a 5* vetting before an insurance company will insure you?

And FINALLY!
How much do you insure for?!

:D
SHARONN. I'm so confusseddd!
 
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Mine are insured for public liability but not for vets fees or loss of use. I feel you really need public liability in case my horse gets loose and causes an accident etc.

Personally I can't justify paying the large insurance bill, my two aren't old, young, valuable, don't have any pre existing conditions etc and yet the quote was huge! More than half what I gave for them. If we need a vet I will just find the money and pay it, I do have a bit put aside for emergencies.
 
Do you have to insure your horse?

No you don't have to but if you don't you could get a large vet bill that you may have difficulty paying. Additionally if you & your horse get into a situation where someone get injured by you they may sue you & without insurance the court case & subsequent settlement could be crippling.

If you're on a livery yard, do most yards want the horse insured before it arrives on the yard?

No, some yards do & others don't, but some may demand third party liability cover as a minimum should anyone get injured by your horse.


Do you need a 5* vetting before an insurance company will insure you?

Generally no you don't however if your horse is valued at £5000 or more (Amount may have changed?) the insurance company may demand a vet certificate before they offer you cover.

How much do you insure for?!

You can insure for the full value of your horse, that way you will be covered for vet fees & if the horse dies you will get full value amount paid out however your premiums will be high. To reduce your premiums you can insure your horse for a nominal value i.e. £1000 & then you will be covered for vet fees. You will however only get £1000 paid out if your horse dies. :)
 
As others have said.

Membership of some organisations eg British Dressage amongst others includes public liability insurance for all your horse's so you don't have to have horse insurance to get this (which I consider essential).

If you have death cover also bear in mind it doesn't matter what value your horse is insured for the insurance company can engage loss adjusters if they feel (after having taken your premiums based on that value for a number of years) that they feel the value is too high so you are not guaranteed to get the insured for amount.
 
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And how do you determine "how much your horse is worth?" Is this determined by the amount you purchased them for (this may not be an accurate representation?) or by the vets/insurance companies opinion? Or by the price of horses with similar age/ability/height ect?
 
Qru said:
And how do you determine "how much your horse is worth?" Is this determined by the amount you purchased them for (this may not be an accurate representation?) or by the vets/insurance companies opinion? Or by the price of horses with similar age/ability/height ect?
Click to expand...

If taking out insurance when you buy your horse it is usually the purchase price. It gets trickier if you have had them a while
 
Will the insurance companies give me an accurate representation of the value of my horse (tbh, I have no idea what he's worth!) or should I find out myself by seeing what "like" horses are valued at on sale websites ect?
 
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