How to make real savings on your Farm Insurance Premium
COMPLETE A FARM HEALTH & SAFETY QUESTIONNAIRE
One of the farm insurance companies on our panel (Aviva Insurance - March 2021) currently allow up to a 15% discount on your farm insurance premium when you complete their Health and Safety Questionnaire. You can download it here. It's really simple to complete – all questions are answered either yes or no and there are only 11 of them. By answering 'yes' to four of the questions, you will still earn a discount of 5%.
INSTALL SMOKE DETECTORS IN YOUR FARMHOUSE
All of the farm insurers on our panel give discounts for having smoke detectors in your home. As well as saving you money, it really is a good idea to have them installed to keep you and your family safe. Fires can start very easily and spread so quickly – a high pitched noise will alert you to a possible fire - as smoke detectors activate when there is smoke and excessive heat.
DO YOU REALLY NEED ANIMAL MORTALITY COVER?
Unless the animals are a high value – such as €2,000 or more per animal – you should question whether you actually need this cover. It is a costly cover to have and has little benefit because the excess is high - €1,500 with Aviva and €1,000 with Zurich - as of March 2021. Zurich also impose a policy excess of €125 if your animal is in transit. Our recommendation would be to have this cover on pedigree bulls or cows and not include it on your entire flock.
MARKET VALUE OF YOUR AGRICULTURE MACHINERY
We suggest that you check the market value of your agricultural machinery each year. Maybe do a quick scan of Done Deal. Tell us your revised values. If they have reduced, we will look for a reduction in your premium.
COVER FOR YOUR FARM TRAILER
If your trailer has a low market value, consider what cover you need. For example, do you really need comprehensive cover? Would you actually claim for accidental damage to your trailer? Do you need Third Party Fire & Theft cover (TPF&T)? Would you actually claim if your trailer was stolen? Or, would you just go and buy another? If you would not actually make a claim, then remove your trailer from your farm insurance policy. They are automatically insured for third party only cover (TPO) once they are attached to an insured vehicle.
COVER FOR YOUR YOUNG DRIVERS AND FARM JEEPS
Adding your farm jeep to your farm insurance policy is a very inexpensive way to insure your young drivers. There is no age limit and young drivers with learners’ permits are acceptable. Open Driving between the ages of 25 and 70 is standard and there is no age limit on the jeeps – they can be old vehicles. The jeeps need to be a 2 seater or a crewcab.
INSURING YOUR FARM TRACTORS
It is much cheaper to insure your tractor by adding it to your farm policy than insuring it as a stand-alone tractor. Windscreen cover can be added to your tractor even where the main cover on the insurance policy is Third Party, Fire and Theft (TP, F&T).
MEMBERSHIP OF FARMING GROUPS
Please tell us if you are a member of any farming groups as we will likely get you a small discount on your farm insurance premium.
BE CAREFUL WITH OUTBUILDINGS
Underinsuring your farm outbuildings is a false economy. In the long run it will not save you money. In the first instance, outbuildings are very inexpensive to insure. Submitting low values will not drive any significant reduction in premium. In the long run – if you have a claim – your re-build cost will not be fully covered. We recommend that you insure your farm sheds and outbuildings for the correct values and give yourself long-term peace of mind.