You can either get horse float insurance with normal caravan and trailer insurance policies or as specialised cover. It can cover you for accidental and intentional damage, fires, storms, floods, theft and more.
*Always check the Product Disclosure Statement before getting a new policy. Table last checked August 2024.
What’s included in horse float insurance?
There are a few types of insurance to consider. Firstly, your compulsory third party (CTP) policy that you have on your car will also extend to your horse float. This means that if you get into an accident and hurt someone or yourself, you're covered for the costs that arise from that. It's important to note that this type of insurance only covers people, not property. So if your horse float is damaged in the accident, it won't be covered by this type of insurance.
To be covered for damage to your horse float, you'd need comprehensive insurance for it. Horse floats are typically covered under caravan or trailer insurance policies. Check with your insurer when you get quotes to be sure. With this type of policy, you'll be covered for things like; accidental damage, fire and theft. Additionally, if you cause damage to another person's property, you're covered for costs that arise from that too.
For comprehensive and cost-effective horse float insurance, trailer cover might be the way to go. Barring exclusions or special circumstances, these policies typically include the following:
All damage to the trailer (subject to policy conditions) up to a total loss is covered. Policies will specify the type of damage that is covered. For example, one policy might cover damage caused by storms or flooding, while another won't.
The way it pays out depends on the policy.
Repairs. Insurers can pay for any damage to the trailer, including the cost of replacement parts, work and any other expenses.
Total loss replacement. If the cost of repair is more than a new trailer, many policies will give you a brand new, equivalent, replacement trailer. Often this will only be available for the first couple of years, after which it will switch to payout instead.
Total loss payout. You can get paid the total value of the trailer in the event of a total loss. This might be its market value at the time of the accident or an agreed upon insured sum.
Legal liability
This covers you for expenses where you have liability. This could include injuries or damage resulting from a runaway trailer, sloppy driving, or if someone slips and falls while accessing the trailer. It can offer cover whether you were driving or accessing the float, or if someone else was doing it with your permission. Depending on the policy, this can include the following:
Property damage liability. The cost of property damage caused by the trailer or by use of the trailer.
Medical liability. The cost of medical treatments, as well as possible funeral expenses, that you may be liable for.
Legal liability. The legal costs that may be involved when you need to defend yourself against a claim made by someone else.
Employer liability. This covers your employer's or principal's liability while you are using the horse float for business purposes.
Emergency repairs
This covers the cost of authorised emergency repairs to your horse float if it can't be towed following an accident.
Removal and storage costs
This covers the cost of removing and storing the float if you are unable to move it following an accident and emergency repairs can't get it on the road right away.
Policies can cover the cost of debris removal.
Policies can also include emergency accommodation cover if you're a long way from home and need to stay in nearby accommodation on account of being unable to move your float.
Returning your float
Insurance can also cover the costs associated with returning the repaired, or replacement, horse float to you. Insurers may agree to pay the reasonable costs of transporting the trailer to you or can arrange delivery directly at no cost to you.
Unexpired registration and CTP insurance. The insurer will refund any unexpired portion of your paid horse float registration and CTP insurance.
Tools, parts, equipment and other possessions. Your policy can also cover belongings kept in the horse float that are lost, destroyed or stolen. Naturally, this doesn't include the horse(s).
Exclusions, limits and conditions
If one seemingly equivalent policy is a lot cheaper than another, it might be because there are specific exclusions, limits or other conditions which affect the cover. These define policies as much as the inclusions do.
Limits and conditions to be aware of
The main limit is your sum insured or the current market value of your horse float. You will not be able to claim more than this amount for the trailer in the event of a total loss. With trailer policies, you can often choose either market value or sum insured, while equine insurance might only give you market value.
Market value. If you choose this option, your insurance will pay out the market value of your float at the time of the loss, subject to depreciation at standard rates.
Sum insured. With this option, you agree on the value of the trailer ahead of time, and may claim this amount in the event of a total loss.
The preferable option depends on a range of factors, including what kind of float you have, whether it has any special features or aftermarket additions and how well you maintain it. Often, professionals will insure at an agreed value.
Any company branding, special features or similar features may not count towards the market value of the trailer.
A well-maintained horse float might not depreciate as quickly as the market value indicates.
With market value, the insurance payout might not be enough to get the equivalent replacement trailer you need.
Specific types of cover will have sublimits you need to pay attention to. For example, you might not be able to claim more than $500 for the contents of a trailer regardless of how much they are worth. With liability cover, the limits are usually in excess of $20 million or more.
Specific conditions will often apply for payouts. For example, you may not be able to make a claim for emergency accommodation unless you’re more than 100km from home at the time. There also may be specific conditions regarding which parts and equipment are covered.
Exclusions are things which your policy does not cover. These can vary between insurers and policies, but the following will almost always be present:
Alcohol, drugs or medication. Insurers may deny claims if the person towing or accessing the horse float was under the influence of drugs or alcohol, or taking prescription medication that was affecting their judgment. They can also deny the claim if the person refuses to take a drug or alcohol test following an incident. However, you may still be able to make claims if you are able to demonstrate that you had no reasonable cause to believe that the operator was under the influence, such as if a previously reliable employee of yours was driving under the influence.
Wear and tear or deterioration. Damage caused by mildew, mould, regular wear and tear, rust or similar is generally not covered.
Unroadworthy or in unsafe condition. Your horse float must be legally roadworthy and safe at the time of the incident in order to make a claim.
Consequential losses. You won’t have cover for loss of income or subsequent damages resulting from the loss of your float. However, certain business insurance policies may cover this.
Illegal or reckless behaviour. If you were driving over the speed limit, unlicensed or doing something illegal or reckless at the time of the incident, your policy might not pay out.
Failure to take precautions. This can include leaving your trailer unlocked when a theft occurs, failing to maintain it, overloading it or improperly loading it.
Specific weather events and environmental conditions. Some policies may exclude cover in the event of a cyclone, a bushfire or a flood within the first few days of taking out a policy. In addition, loss resulting from radioactive materials, asbestos, nearby tree felling done with your permission, and other environmental hazards may not be covered.
Unpaid premiums. Generally, you are not covered while behind on your premium payments.
In addition to these, there may be specific exclusions that can affect a policy’s suitability. If one policy is considerably cheaper than others, it may be worth looking for these specifically. For example, you might not be covered if you left your trailer unattended for more than 48 hours prior to a loss.
It’s often a good idea to find a policy that suits your needs and ensures you have suitable cover, even if it costs more than others.
How much does horse trailer insurance cost?
The cost of a policy depends on your location, the type of cover and the value of your horse float. Based on your answers, the insurer will determine how risky it is to insure you and base your premium off this.
Your risk is determined based on a combination of how likely you are to make a claim and how much it will cost if you do. As such, it can be affected by the following:
The overall value of your trailer and whether you’re covering it at market value or at an agreed sum. Market-value insurance policies are generally cheaper because the amount that the insurer has to pay out for a total loss decreases over time. The other types of cover you have included will also have an effect.
Whether you are under 25 or otherwise qualify as an inexperienced driver since you are statistically more likely to have an accident.
How comprehensive your cover is and what you are able to claim. Higher-level cover carries higher premiums.
How much cover do I need?
Finding the right policy is about balancing cost and cover. Policies need to be affordable, but should also deliver appropriate cover for your needs. Generally, you should have enough cover to make sure that you’ll be able to replace the float in the event of a total loss.
You may also want to consider the following:
Does your income depend on it? If you need your horse float to earn a living, it is a good idea to make sure you can keep on earning even in the event of a total loss. Insuring at an agreed value and making sure you have comprehensive cover will generally cost more, but might be well worth it.
Where and when you’ll be using it. How and where you tow the horse float will affect the types of risks you encounter. You might want to prioritise cover for the more likely hazards.
What kind of excess you can afford. This can make a significant difference to your premiums, and it may be worth opting for a higher excess if you think you’re unlikely to make a claim.
Taking steps to maintain your float (wear and tear damage isn’t covered) and extend its lifespan will help limit your claims. If your horse float or trailer isn’t in good condition and you aren’t taking appropriate care of it, insurers may reject your claims.
FAQs
It can be. Often, insurers will offer a product called 'caravan insurance' or 'trailer insurance' and horse floats can be categorised as one of them. When getting quotes, it's best to check with the insurer if they cover horse floats under that policy.
Alexandra Koster was Finder's publisher for car, home and pet insurance. She has a Tier 1 certification in General Insurance, as well as a Bachelor of Arts in Film and Cultural Studies from the University of Sydney. Her hobbies include reading Product Disclosure Statements and deciphering complicated insurance lingo to help people save on their insurance so that they can spend their money on better things – like dogs. See full bio
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