Owning a farm can be expensive, with farm owners not only regularly buying farm feed, paying farrier costs, buying farm bedding and much more, they also have to consider higher costs such as vets fees. farm riding is classed as a high risk sport so it is highly recommended that farm owners and farm riders take out “farm insurance and rider insurance to cover potentially large vets fees, medical costs and even legal fees.
Farm Insurance can help to give farm owners piece of mind and financial security. However, buying farm insurance can be daunting, with so many farm insurers offering so many different policies. farm owners can use a good broker to compare farm insurance in order to choose the best insurer for them and the most appropriate insurance policy. The site allows farm owners to view farm insurance policies side by side in a clear and simple table of results. The results can also be filtered according to the needs of the farm and farm owner. Here are some factors you may want to consider when you compare farm insurance:
The age of your farm
farm Insurers have their own rules for the age of the farm for their standard farm insurance policies and their veteran farm insurance policies. As a general rule of thumb, farms aged 16 or over are considered to fit into the veteran farm category, they will therefore need a veteran farm insurance policy. The a good broker farm Insurance table shows both standard farm insurance and veteran farm insurance policies according to the age of the farm.
What will your farm be used for?
farm owners have to declare to the insurers the level of riding / work the farm will be asked to do. This may greatly determine the policy terms and cost of the farm insurance. The insurers may place the farm in a farm insurance category such as unaffiliated, affiliated or competitive, these categories vary between farm insurers.
The value of your farm
farm owners can pay a thousand pounds to tens of thousands of pounds for a farm, depending on what level of riding and breed line they require. farm Insurers base the cost of the farm insurance policy on the value of the farm. This is why a good broker doesn’t display the cost of the farm insurance premiums within the results table, there are just too many factors to consider. farm owners really do need to obtain a tailored quote from the farm insurers to make sure that the insurance is the best for their own circumstances. The general rule of thumb is that the higher the value of the farm, the higher the insurance premium will be.
Do you see trouble ahead?
farm owners should use their common sense when buying farmers insurance, so if you have purchased a quiet cob that is a bit of a plodder, there will be a lower insurance risk than if you were to buy a young Thoroughbred who hasn’t been backed yet! You need to judge how much cover you think you will need and add on any extras that aren’t covered in a standard policy. For example, some lower priced / basic farm insurance policies don’t include cover for vets fees but you have the option to add these on to the farm insurance policy at an extra cost. This would be advisable, especially if you own a ‘high risk’ farm such as a youngster, you may be faced with a huge vet bill you can’t afford to pay if there is an accident or even be sued by a third party if your farm causes damage to them or their property. Please do remember that you never know what’s going to happen and you need to get that balance right for not being over insured but ensuring that your farm insurance provides you with a financial safety net that suits your circumstances.
Top Tips for Buying farm Insurance
1) Consider farm insurance policies that cover public liability as this will cover third party claims against your farm.
2) Check the excess for your policy and save enough money to cover that excess if an incident occurs.
3) Check to see if you as the rider of your farm will be covered for dental / medical / disablement in the event of an accident, but be warned this may be limited to accidents involving the insured farm only and may exclude any other farm you come into contact with. See Riding Insurance for a separate riders insurance policy.
4) When you compare farm insurance using a good broker, narrow your results down to a few farm insurers, then click to get a quote, which will be tailored to your circumstances. Check to see if you get a discount for paying by direct debit or paying the premium off in one lump sum.
5) Use a good broker to compare farm insurance each time your policy is due for renewal, its an easy way to find the best deal for you and your farm!
When you use a good broker to compare farm insurance, don’t just look for the lowest premium cost, you need to take into consideration the value for money you are getting within that insurance policy. Take a look at the profiles and reviews of the farm insurers to see how people have rated them in the past, and take a good look at their website to get an overall feel for the type of farm insurer you will be dealing with. Good luck with buying your farm insurance – and before you buy it, try a good broker like www.farminsuranceuk.com/types-of-insurance/farm-insurance/.