Insuring your new horse

If a new horse has taken your fancy and you’re looking to buy, you might be wondering how to go about insuring him. It’s tough to know whether it’s best to have a policy ready to start as soon as his hooves touch your yard, or if you should wait until you’re sure he’s the perfect match. Mike King, KBIS Horse Team Manager, explains all…

“Speaking to an insurer in the early stages of purchasing a new horse, even before finalising, has several advantages. 

Firstly, you can find out whether a vetting is required by the insurance company based on the purchase price and the cover you’re looking for. If required, a vetting will usually have to have been carried out within a certain number of days before the policy start date for it to be accepted, normally around 14, so this’ll allow you to plan accordingly.

Secondly, by showing a vetting certificate to your insurer prior to taking out cover they can advise if any exclusions are likely to be placed on the policy. You can then decide, before agreeing to buy the horse, whether you’re happy to take on any risks that your insurer won’t cover. 

It’s common for insurers to limit cover at the start of a new policy to accidental, external injuries only to ensure any pre-existing conditions can’t be claimed for under the policy. Consider insuring as close to the vetting or purchase date as possible, as some insurers may reward this with full cover, as per your certificate of insurance, straight away, removing any limitation period. If your policy does include a limitation period then the sooner you start the cover, the sooner the limitation will be over. 

Ideally you should start cover from the moment money’s been exchanged. Remember, most policies have a 14 day withdrawal period where you won’t incur any fees for cancellation. Beyond this you can always amend your cover mid-term or cancel a policy on a pro rata basis provided there have been no claims.” 

Top tip

A good insurance company will be happy to explain the cover options available and guide you through the process. If in doubt, it’s always best to contact them for peace of mind.