Getting the right cover for your veteran can be really tricky – and knowing how your insurance options may change as your horse achieves veteran status is often a stressful time. Mike King, Equine Team Manager at KBIS, is on hand to explain all.
“Insurance companies understand how important your horse is to you, so they’ll aim to reflect this in the cover they offer to provide peace of mind during your horse’s later years.
The age at which a provider classes a horse as a veteran varies considerably, some in a horse’s late teens, others well into their twenties and some might even continue to insure a horse on a standard policy until the horse is 30. This means that your horse might be able to remain on his usual policy far longer than you’d anticipated. However, the level of cover you’re offered as your horse ages might decrease – typically, the value of his veterinary fee cover might reduce or he may only be covered for accidental external injuries past a certain age.
As horses get older you tend to see more complex claims and this is reflected in a slight increase in premium. However, as your horse ages his market value is likely to reduce, meaning that you can help to bring your premium down by assessing your horse’s value each year, taking into account not just his age but the level at which he’s able to compete or be ridden. If your horse begins to do less ridden work as he ages, consider the class of use he’s insured in, as reducing this will also reduce your premiums.”
DID YOU KNOW?
Some insurance companies require your horse to have been insured with them previously to receive the full range of benefits available through their veteran policies.
For more information, visit kbis.co.uk