Horse Riding Insurance
Looking for horse riding insurance but not sure where to look? Or what insurance you need cover for?
I want to give children and adults horseback riding lessons. Do I need insurance? It all depends on whether you want to run an official business. If you do, it would be very, very wise to have insurance. At the very least you need to look for insurance that can cover injuries to people that ride your personally owned horses.
Do I need horse insurance?
Ask yourself these questions:
Could your horse kick someone or cause property damage to others
Do you give riding lessons or train horses
Do you own a horse farm, and need to protect buildings
Do you have horses you do not own in your care
Do you belong to a riding or hunt club
Do I need to protect my saddlery and tack
Protect yourself and your horse
Read the contract thoroughly before you apply for coverage.
Ask the insurance company to explain any words or phrases you do not understand completely.
Know your responsibilities. What is required should your horse fall ill, become injured or die.
Understand any specific guidelines for emergency situations. A crisis is not the time to be trying to interpret your policy's fine print or to look for contact phone numbers.
Make a list of questions to ask your insurance company.
Shop around for comparisons
Besides cost, buyers should look at the longevity and reputation of the agency and the insurance company.
If you have any questions about your insurance or your coverage, check NOW.
Don't assume you are covered because you may be in for a shock if something happens.
Read your policy (every word of it) and let your agent know about your horses
and horse activities. You may also want to check if riding accidents are covered by
your health insurance company. Some companies are starting to exclude coverage for accidents due
to risky activities, such horse riding.
A horse can be a large financial investment and it is important to have insurance cover in place should anything happen.
Think carefully about which type of insurance you need and, as with all
insurance policies, read the terms carefully and compare quotes.
Horse Insurance
Horse Valuation
Before you write down a number, think for a minute. One of the most important steps you can take to make your insurance experience run smoothly is to insure to value
Start with the purchase price and add on value only if you're able to substanitiate it. Insurance is not an instrument to make money, but a safeguard to put you back where you were before the loss of your horse.
Good insurance companies will work with you. But ultimately the legwork is up to you. Horse owners need to keep in touch with what the market is. Reassess your horse's market value every time you renew the policy. Talk to a trainer, look around at local shows, keep an eye on advertisements, or hire an equine appraiser.
Mortality insurance is easy to buy these days. Some companies require a documented valuation before the policy is written, and require further documentation if you seek to increase the amount for which your horse is insured.
If you then have to file a claim, the value is already established.
But other companies are more likely to do the stringent valuation check at claim time. Whilst most underwriting companies will ask detailed information on your horse and seek justification for the amount you're insuring for, you may not have to produce a bill of sale or other hard evidence at application time.
But come claim filing time, you'll need to produce some evidence that your horse is worth what you thought. Because no matter what the premium you've been paying, the insurance company will pay the horse's actual value. Trouble might arise if you buy a horse for say $15,000 and feel so sure it's going to become a national champion in your sport within the year that you insure it for $100,000.
If the horse needs to be put down before it has begun to prove itself, you're probably only going to receive the $15,000 worth you can prove even though you've been paying premiums for $100,000.
Most insurance companies recommend you keep records as you go along, to save yourself hassle in the long run. A bill of sale, cancelled cheque, or other proof of purchase price will serve as evidence.
You should also keep track of training expenses, show ring performance, breeding performance, or any other proof of your horse's increase in value. Then adjust your policy amount up or down each year as necessary, to reflect your horse's current value.
Understand Your Horse Insurance Policy
Ask your broker any questions if something isn't clear. Understand what's covered under what circumstances, and what isn't. Make a note of any actions required on your part. Will delayed notification of any illness or injury nulify your policy?. You need to know before an emergency strikes, and before you seek to fil a claim.
In general, getting the most out of your insurance boils down to the basics. Insure with a reputable company recommended by someone you know. Evaluate your horse's value as stringently as you can, and don't hold back information. Fill out applications correctly the first time, and know your policy. As long as individuals follow the terms of the contract and these are very open, you shouldn't have any problems.
Equine Insurance
Now you just need to heave a sigh of relief and pay the premuiums, right?.
Well, close. In order to avoid any nasty surprises in the event you submit a claim, you also need to make sure you track the changing value of your horse, understand your policy, and communicate with your insurance company.
None of this is difficult or time-consuming, but can make the difference between an easy and frustrating experience at a time when the last thing you need is headaches and hassles.
Horse Insurance Tips
As is the case so often in life, communication is key to establishing the best possible relationship with your insurance company.
People think they're penalised because they're being honest, but they're not.
Services for example, you might consider not informing the agent of your horse's colic three years ago, fearing the company might not sell you the policy or might include an exclusion that wouldn't cover your horse for colic-related death.
But reputable insurance companies try very hard to work with their customers who are forthcoming and honest.
If you're upfront about your horse's health history, the company can take extenuating circumstances into account, for example (your horse colicked when moved from Tasmania to Queensland ).
If the company finds out later that you held back relevant information, you may be looking at an exclusion regardless, or you may find you've nullified your policy. One standard provision in virtually all mortality policies is immediate notification of any health issues.
Your insurance company will provide you with a toll-free number where you can reach someone 24 hours a day.
If you horse faces an emergency, you should call the number as soon as possible, contact your insurance company immediately.
The adjustor you speak with can help you evulate options and make decisions in view of your situation and your insurance coverage.
If your horse faces a less-dire situation, you can call during business hours, companies generally stress that when in doubt CALL.