🚛 Do You Need Insurance to Get a Horse Float Loan?
It depends on the lender and loan type. Most secured loans require insurance because:
✅ The lender wants to protect their investment
✅ It reduces the risk of financial loss if the float is damaged or stolen
✅ Comprehensive insurance may be a condition for loan approval
💡 Tip: Even if not required, insurance can save you from major repair or replacement costs.
🏦 How This Buyer Used Insurance to Secure Horse Float Finance
A 37-year-old equestrian applied for a $20,000 secured horse float loan and got faster approval by arranging insurance in advance. They:
| 🔑 Strategy | ✅ How It Helped |
|---|---|
| 📑 Got a comprehensive insurance quote | Met the lender’s loan condition |
| 🚛 Chose agreed value insurance | Ensured payout would cover loan balance if needed |
| 💰 Bundled insurance with their existing policy | Saved 15% by adding the float to their vehicle insurance |
| 📆 Provided proof of insurance before settlement | Avoided loan processing delays |
💡 Tip: Bundling horse float insurance with vehicle or home insurance can often reduce premiums.
📋 What Type of Insurance Do You Need for Horse Float Finance?
Different lenders have different insurance requirements based on loan type.
| 🔑 Insurance Type | ✅ Why It’s Important | 📉 Required by Lenders? |
|---|---|---|
| 🚛 Comprehensive Insurance | Covers damage, theft, and total loss | ✅ Often required for secured loans |
| 💰 Third-Party Property Insurance | Covers damage to other vehicles | ❌ Rarely required but recommended |
| 📆 Agreed Value Coverage | Ensures payout covers loan amount | ✅ Preferred for financed floats |
| 📉 Horse & Equipment Coverage | Protects the float’s contents (e.g., saddles, gear) | ❌ Optional but useful |
💡 Tip: If a lender requires insurance, they may request proof of coverage before releasing funds.
🏆 Best Loan Options Based on Insurance Requirements
Some loans have stricter insurance conditions than others.
| 🔑 Loan Type | ✅ Best For | 📉 Insurance Requirement |
|---|---|---|
| 🚛 Secured Loan | Buyers wanting lower interest rates | ✅ Required |
| 💰 Unsecured Loan | Buyers without collateral | ❌ Not required |
| 📆 Chattel Mortgage | Business owners seeking tax benefits | ✅ Often required |
| 📉 Dealer Finance | Buyers financing through a dealership | ✅ Required by some dealers |
💡 Tip: If your loan doesn’t require insurance, it’s still smart to protect your investment.
(*Loan policies vary based on lender and finance structure.)
💳 Why a Finance Broker Can Help with Insurance & Loan Approval
A finance broker can:
✅ Advise whether insurance is required for your loan
✅ Help compare insurance policies to find the best coverage
✅ Ensure proof of insurance is submitted correctly to avoid loan delays
🔑 Final Thoughts
Some lenders require insurance before approving horse float finance, especially for secured loans. Even if it’s not mandatory, having comprehensive coverage protects your investment and prevents financial loss.
🚀 Need horse float finance & insurance advice? Get expert guidance today!
DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
