The word from the Insurance Emporium, who have been crunching data on horse insurance claims. Here’s the info;
With horse owners jumping financial hurdles to afford their pets, York-based horse insurance provider, The Insurance Emporium has released its top highest paid for volume claims for 2023. Without insurance, accidents and conditions could set back horse owners between £418 and up to £1,081, on average, per ailment.
Horse ownership can cost thousands of pounds a year, that’s before owners are exposed to veterinary fees for unexpected illnesses or accidents with some conditions more prone to being recurrent requiring ongoing treatment. Even with all the necessary precautions taken, horses can be injured or become unwell. However, going without equine insurance with vet’s fees as an optional benefit could cost owners dearly.
The Insurance Emporium’s Chief Executive Officer, Francis Martin commented:
“Our latest data on customer claims for common illnesses and conditions paint a similar picture to last year, with leg conditions topping the list for disease-related claims and external accident for accident-related claims. Incidentally, claims for ‘colic’ resulted in the highest average paid claim of £1,081, closely followed by digestive system conditions, such as gastric ulcers, at £908. It highlights that without equine insurance, horse owners could be footing an extremely expensive veterinary bill.”
Despite the UK’s inflation rate coming down, everyday costs have remained high including energy costs and interest rates. What’s more, environmental effects such as the wet weather has a knock-on effect to the cost of feed, straw and hay, while other livery costs have also increased. These outgoings are likely to impact several horse owners and their ability to finance their passions.
Martin continues: “We understand the rise in veterinary costs, feed, yard fees and all the other costs associated with horse ownership are having a demonstrable impact on owners, with many struggling to afford to keep them. As an alternative, some owners have decided to go into shared ownership to keep costs down. However, if they haven’t already got cover, additional riders may want to consider rider insurance. While the owner, if concerned about vet fee costs, may want to consider horse insurance cover with vet’s fees cover as an optional benefit.”
The average paid claim for ‘Veterinary Fees – Disease’
Top 8 most common conditions:
Data range: 01.01.23 to 31.12.23
The average paid claim for ‘Veterinary Fees – Accident’
Top 5 most common conditions:
Data range: 01.01.23 to 31.12.23
For further information on equine insurance, visit: https://www.theinsuranceemporium.co.uk/products/equine
Be the first to comment