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Horse Insurance - Is It For You?

 So....


....you've just bought a new horse and you're wondering if you should insure him or her.

Before you actually go ahead and purchase any horse insurance policies you need to ask yourself the following questions:
  • Can you afford to replace the horse if anything happens to it?
  • What is your horse worth in monetary terms?  The answer to this has absolutely no bearing on how much he or she may mean to you.
  • What do you do with the horse?  Some equine pursuits simply aren't worth the expense of some types of insurance premiums such as "Loss of Use".
  • What is your personal financial situation?  Can you afford to pay the annual premiums?
  • If you do decide to go ahead, how much insurance does your horse need?
Horses are a huge financial and emotional commitment.  They also have the potential to be a huge liability. 

Horses can....
  • Get very sick very quickly
  • Injure themselves
  • Cause accidents
  • Injure people
  • Damage property
Any one of these scenarios can cost their owner a small fortune either in vet or damage bills.  Can you afford these types of bills?

Obviously, there are a number of ways you can minimise the risks involved in owning a horse.

  • Make sure the facilities where you keep your horse are adequate for the job at hand ie keeping your horse safely where it is supposed to be.  This includes ensuring that fencing and yards are in good order so that a) your horse can't get out and b) your horse can't injure itself
  • Make sure your horse is adequately trained for whatever it is you ask of it.  If you take it out in public make sure it can be safely handled and controlled - public liability is a huge insurance concern.
  • Make sure your horse is healthy - feed it properly, worm it properly, maintain its teeth and feet properly, and so on.  If you notice any abnormal behaviour don't wait for it to get worse before doing something about it.  Remember the old saying - a stitch in time saves nine, or a massive vet bill.
  • Make sure your tack and equipment is safe and fit for purpose - finding out your bridle is on the way out whilst you're riding the horse is never pleasant.
  • Make sure you are never, ever complacent around him, or her - horses are unpredictable, and a prey species.  That means their flight instinct is never far from the surface and even the best-trained horse can turn into a panic crazed maniac given sufficient provocation.  There is no such thing as a 100% bomb-proof equine, of any size.  Many unfortunate handlers have discovered this to their cost.
  • Make sure small children and people not used to them are not left on their own with horses - accidents can, and do, happen.
  • Don't let your canine friend hassle your equine friend - one of them will eventually get hurt and small animal vet bills are usually even more expensive than horse ones!  
I could go on and on but you've probably got the gist of it by now.  Think of all the things that could possibly go wrong around horses, and take proactive steps to prevent them.  This is called effective Risk Management, and it's a mandatory part of living with horses.  After a while it will become so instinctive you won't even realise you're doing it.  As for that insurance - if you have a horse that is prone to injury or whose value to you in monetary terms is considerable i.e. s/he helps you earn a living, it definitely is worth it.  If you just want to insure some paddock ornaments, it's probably not.  

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