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Affordable Horse Insurance Solutions

Affordable Horse Insurance Solutions

As we find ourselves in unfamiliar and challenging times, many people's insurance needs have changed, along with their financial situation.

We, therefore, wanted to offer some guidance on the possible alternative insurance solutions we offer, as well as ways you can adjust your existing policy to make it reflect your current needs and to save money at the same time. These options are available to both our existing policyholders needing to amend their current policies and to new customers looking to take out cover at this time; whether your horse is currently uninsured or is insured elsewhere, we have an affordable insurance solution for you.

The following options explain firstly some standalone levels of cover to enable you to insure your horse for what you feel is most important, as cost-effectively as possible. Secondly, there are some ways you can adjust your existing policies 

Standalone Veterinary Fee Policies 

Catastrophe Cover

Our Catastrophe Cover is an affordable veterinary fee option that can be purchased as a standalone policy for just £300. This unique option includes vets fees up to a maximum of £7,500 in total during the policy period with a 15 month claim period. The cover is for accidental, external injuries only (i.e. involving an open wound), plus the inclusion of three life saving veterinary procedures; Colic surgery, joint or tendon sheath flushing as a result of sepsis, and surgery for pastern or pedal bone fractures.

It offers an alternative solution for those looking to have some form of insurance in place against major, lifesaving veterinary treatment for a much more affordable premium. 

If you would like to go ahead with taking out standalone Catastrophe Cover or if you have any queries, please call the office on 0345 230 2323 and a member of our Equine Team will be happy to assist. If you would like a quote including mortality cover, you can obtain one online here, selecting our Lesiure Scale B vet fee option. Please note adding mortality cover will increase the policy premium.

Open Wound Only

Our Open Wound Only cover is an alternative veterinary fee option that can be purchased as a standalone policy for less than £225 per year. This level includes vets fees up to a maximum of £3,000 per incident which is unlimited within the year for accidental, external injuries involving an open wound only. This means there must be a visible break to the skin in order for a claim to be considered. The claim period is 15 months from the onset date.

It offers a solution for horse owners looking to have some form of insurance in place against situations that require urgent and costly medical attention.

If you would like to go ahead with taking out standalone Open Wound Only vets fees or if you have any queries, please call the office on 0345 230 2323 and a member of our Equine Team will be happy to assist. If you would like a quote including mortality cover, you can obtain one online here, selecting our Leisure Scale A vet fee option. Please note adding mortality cover will increase the policy premium.

Individual Equine Public Liability Cover

Public Liability insurance protects you against claims made by third parties for property damage or bodily injury, caused by your horse. Even if your horse is not in your direct care at the time, perhaps friends or family are helping care for your horses during the current lockdown, under the 1971 Animals Act you as the owner can still be held responsible for the damage caused by your horse. 

Standalone Public Liability policies can be purchased from just £47.04 per year. If you are looking to insure your horse for veterinary fees or mortality cover, Public Liability cover can be added to these policies from just £16.80 for the year.

Adjustments to Existing Policies

If you don't want to make such a significant reduction to the cover your horse has, consider:

Reducing your horse's class of use

Your horse's class of use may be able to be reduced depending on the value they are insured for. If you have reduced your horse’s workload in line with current advice from the BHS and BEF and whilst competitions and cancelled for the foreseeable, you may be able to also reduce your horse's class of use to make a saving on their insurance policy. As an example, if your horse is insured for Novice eventing, you may be able to reduce their class of use down to hacking/at grass which, as a lower risk, will reduce your premium. It is important to remember that if you are still schooling at home, then you must be insured for the level at which you are training. Reducing the class of use may not always be possible but it is a good place to start.

Reducing sum insured

You can also look at the sum insured and consider underinsuring your horse. This won’t appeal to everyone but if you place more importance on other policy benefits, such as vet fee cover, then it’s worth looking at how much a reduction in the sum insured could bring down your premium. There will be a limit on how much you can under insure by, as a general rule we set this at 50% of the horse’s actual value. It will also be advisable to keep an eye on the current market; if there is a financial downturn in the months to come as a result of the current situation, it may well see horse prices fall. As a market value policy, you should adjust the sum insured accordingly if this does happen to avoid paying a higher premium for cover you are insuring your horse for more than he is worth.

To gain a greater understanding of the cover your horse has in place at present and how you can amend elements of this to make a saving, read our article here

Whilst staff work remotely from home to stay safe during the coronavirus pandemic, we continue to function as normal and remain committed to providing the highest level of service to our clients. We continue to receive and pay claims, handle renewals and process new enquiries. Our telephone lines are open, please feel free to call us on 0345 230 2323 or email ask@kbis.co.uk and a member of our team will get back to you.

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