How to Get the Best Deal on Horse Insurance
Insurance companies tend to be up there with estate agents in the popularity stakes. Nobody likes spending their hard earned cash on insurance but the right policy is a good investment and could be a life saver. It is important that your needs are covered but there is no point in paying more than necessary for your horse insurance policy.
Beware of Short Term Special Offers
From time to time, many insurers will offer special deals to entice you to sign up. These may be in the form of reduced premiums for a certain period and this type of offer can look like a great deal. However, you should check the policy carefully to ensure that those up front discounts are not off-set by excessive charges further down the line.
It is often the case that insurers will partner special deals with even more special conditions! Make sure that your policy’s level of cover hasn’t been reduced along with the price.
Know What You Are Buying
Always read your policy thoroughly including the smallest of small print. Insurers will try to bury any bad news. Any downsides to the cover are unlikely to be highlighted in the policy summary. If there is anything in the wording that you do not understand then seek clarification before proceeding.
Purchase the Right Level of Cover
You should try to avoid paying too much for your policy but don’t attempt to mitigate your costs by dropping cover that you might actually need. Compare the cover offered by several policies. Identify exactly what you require as there maybe cover available for eventualities that you hadn’t thought about. On the other hand, don’t pay for cover that you definitely won’t require. If you don’t get involved in certain activities or competitions then you don’t need to be covered for them.
Think About Your Excess
With many policies you can enjoy a lower premium by increasing the excess. Only consider this option if you can comfortably afford to cover the excess in the event of a claim.
If you are investing in a new horse then get him thoroughly vetted before parting with your cash. This expense represents short term pain for long term gain. You may be prepared to take on a horse with issues but repeated claims on your horse insurance will result in a sharp escalation in your future premiums.
Horse Insurance Renewals
You may have found a good deal but pay attention to your renewal notices at the end of the year. It would be fair to say that insurers rarely put their prices down! Indeed, dramatic increases are not uncommon, even if your circumstances haven’t changed and you haven’t made a claim. The insurance companies rely on the fact that many people will take the hassle free route of renewing their existing policy without investigating their options.
If you are unhappy with the renewal price quoted then get a comparative quote and then call your insurer to complain. If they won’t budge on the price then take your business elsewhere.