At SEIB, we understand the importance of finding the right balance between comprehensive cover and affordability when insuring your horse. Here are some tips to help you keep costs down while ensuring you have the protection you need.
 

1. Tailor your cover to your activities

 
It’s important to ensure your insurance matches what you and your horse actually do. For instance, if you’re a happy hacker who enjoys the occasional local show, you don’t need to be insured for higher-risk activities such as hunting or eventing. At SEIB, we recommend choosing cover that reflects your current activities and competition level, whether affiliated or unaffiliated.
 
If you decide to take on new challenges or try a different discipline, you can always adjust your policy later. This flexibility ensures you’re not paying for cover you don’t need while keeping the door open for future activities.
 

2. Adjust your excess

 
A straightforward way to reduce premiums is to increase your policy’s excess. While many people opt for the highest possible vet fee cover to manage rising veterinary costs, choosing a higher excess, such as £500 or £750 per claim, can lower your premiums. At SEIB, we offer flexible excess options, giving you control over your insurance costs.
 
 

3. Consider co-insurance

 
Another cost-saving option is co-insurance. This approach involves covering a set percentage of a claim alongside your excess. By sharing some of the financial responsibility for claims, you can enjoy lower premiums while still maintaining illness and injury cover.
 
For example, SEIB’s co-insurance option on our Classic Horse Insurance policy includes a 20% co-insurance of the total claim, plus a £165 excess. It’s a great middle ground for those who want to balance premium costs with comprehensive protection.
 

4. Reflect on your cover needs

 
Take a moment to think about what you really need to insure against. Some owners, for instance, choose to opt out of cover for treatments like colic surgery but maintain protection for other illnesses. Alternatively, you might consider an accidental injury-only policy, such as SEIB’s Core Horse Insurance or Veteran Horse Insurance, if you’re comfortable covering other treatments yourself.
 
Tailoring your policy to include only what’s necessary can be a practical and cost-effective approach.
 
 

5. Reevaluate loss of use cover

 
Loss of use cover can be invaluable when your horse is in full-time work, out competing, or performing at a high level. However, as your horse ages or if you scale back their activity, you might find this cover is less critical. Removing loss of use from your policy can significantly reduce your premium while keeping other important protections in place.
 

6. Adjust your horse’s insured value

 
Over time, your horse’s market value may decrease, especially as they age or retire from competition. Reassessing and adjusting your horse’s insured value can help keep premiums in line with their current worth, ensuring you’re not overpaying for unnecessary cover.
 
 

 

 
At SEIB, our goal is to help you find a policy that meets your needs without stretching your budget. By tailoring your cover and reassessing it regularly, you can protect your horse while keeping costs manageable. If you’d like to discuss your options or explore cost-saving solutions, our team is here to help.
 

Get in touch with SEIB Insurance Brokers today

 
Get a horse insurance quote here.
 
Anthony Burnett - SEIB Insurance Brokers
Equestrian Underwriting Specialist
Published on 05-12-2024
Anthony has gained over 21 years of experience in the leisure horse insurance market during his time working at SEIB. He is involved with many aspects of SEIB’s horse insurance products including coming up with ways to try and help customers save money on their horse insurance premiums.