You may need horse insurance but may not know where to apply.
You can save time searching for horse insurers by checking out the listings in Equindex – Australia’s ultimate horse directory.
Do I Need Horse Insurance?
Horse insurance… What is it? What does it cover, and what are the benefits of having it? Horse insurance is often a fair way down the list of ‘must haves’ for pleasure horse owners. In most cases, it’s because the premiums over time cost more than the horse itself! However, if you’re asking yourself ‘Do I need horse insurance?’ here are some things to think about.
Please note – the following information is a guide only and does not constitute legal advice. Always seek professional assistance from your broker or insurance company.
What Is Horse Insurance?
Horse insurance covers you for some of the ‘risks’ that come with owning a horse. Things like the loss of the horse itself to third party cover if the horse injures someone or damages property.
What Does Horse Insurance Australia Cover?
Horse insurance policies cover risks like:
- Loss of use of the horse – payout if the horse injures itself and is no longer ‘fit for purpose’,
- Public liability – covers damage or injury to a 3rd party or property,
- Medical expenses – covers vet bills incurred by certain types of medical treatments,
- Mortality – cover if the horse dies from set injuries or disease
- Theft and straying – cover if your horse is stolen or strays – may be replacement value of the horse if it’s not found, or assistance with the search costs,
- Transit – cover for the horse whilst it’s in transit,
- Personal accident – pays for treatment of any injuries sustained whilst handling or riding the insured horse.
- Horse float insurance – this will cover your float if there is damage.
For example, your horse gets loose and hurts someone, or does some damage to someone else’s property. They sue you. If you have third party insurance cover, this will help pay your legal fees, any medical expenses in the event someone was injured, repair costs for damage, and settlement costs of you are held liable.
Questions To Ask Yourself About Horse Insurance
Before purchasing horse insurance, do your homework. Ask yourself:
- Is my horse worth insuring from a monetary perspective?
- If anything happens to the horse, can I afford to replace it?
- If you just ride around your property for pleasure, you probably don’t need it. If you travel a lot to competitions with the horse or use it in public settings where there are 3rd party individuals and property present, the answer may be ‘yes’.
- Can I afford the premiums on top of all the other costs of owning a horse?
What To Consider
There’s no doubt that horses can be a big emotional and financial commitment. They can also be a huge financial liability because they can so easily:
- Damage property
- Seriously hurt themselves,
- Seriously injure people, yourself included,
- Get very sick very quickly,
- Cause serious accidents.
These ‘mishaps’ can wind up costing you a lot of money either in damages or vet bills, or both. Do you have that type of spare cash lying around to pay them?
Do I Need Horse Insurance Or Not?
If you have an injury prone horse that always seems to be racking up expensive vet bills, or it helps you earn a living, it is a definite consideration. Likewise, if you’ve invested a lot of time and money in training your horse to compete at an elite level, you’d be silly not to insure it. Or you may stand a stallion at public stud, in which case you should have public liability and 3rd party at a bare minimum. However, if you have a mostly paddock ornament that does very little, then no, you probably don’t need horse insurance.
