A few years ago, when I was involved in horse trading, a prospective buyer approached me with her husband, who happened to be a pet insurance salesman. We had a good conversation, and he naturally inquired about whether my horses were insured. I explained that I had so many horses that it was impossible, and despite the number, I had never had a reason to take any to the veterinary hospital. In fact, I had earned millions by not insuring them. He laughed and agreed, “You really have a point. You have no idea how much we make from pet owners. There’s no limit to what people are willing to insure their animals for, and most will never even use the insurance.”
I then shared that I had, in fact, insured a horse. It was a pony I had traded for, and it came fully insured. Many private owners prefer their horses insured, so I transferred the insurance to myself. It later turned out that the pony had joint inflammation and needed to go to the veterinary hospital. I thought, “What luck that it was insured,” but it cost me 2000 SEK to have the pony insured. The insurance only covered part of the vet costs, and the rest I had to cover myself.
I understand the concern about potential high costs, especially given today’s veterinary prices. The decision to insure a horse is personal, and I’ve personally saved a lot by not doing it. A piece of advice for those who want to save money but still feel nervous is to deposit the money they would have paid to the insurance company into a separate account. Make monthly transfers equivalent to the insurance cost, and you’ll have the money if needed. Many follow this advice and can practically buy a new horse every other year if they had full insurance.
Remember to be critical when taking out insurance. Read through all the exceptions to avoid surprises! Insurance companies are there to make money, so always negotiate to get something extra if you’re critical 🙂