In The Saddle

What would you do without an income?

By Protect My Income

By Abby Wilken at Protect My Income

Protect My Income know that accidents and injuries occur every hour of every day in the equine industry. It’s estimated that there were over 2,000 reported riding accidents in the past 5 years and that’s just on UK roads. Fortunately, most of the time we can pick ourselves up and get back on the horse but what happens when it’s more serious? And what happens when our livelihood is at risk because of an accident or illness, would you and your family be able to cope?

Where exactly does our money go?

It’s sometimes difficult to get a good idea of just how much we rely on our income to pay for everyday essentials and with the cost of living rising year on year it’s easy to get confused.

According to the Office for National Statistics the average household spends a whopping £554.20 per week and when broken down, over 50% of this weekly spend goes on four main categories.

· We spend the most on transport at £79.70 a week

· Closely followed by recreation and culture, where we spend £73.50 a week on things like pets, family days out and holidays

· Fuel and power for our homes comes in at £72.60

· And £58.00 of our income goes on the food shop each week.

Keeping a roof over our heads doesn’t come cheap either. Every year we spend an average of £10,500 on housing alone. £4,265 of this goes towards direct payments on rent or mortgage interest, council taxes and insurance. The remaining £6,235 is then spent on utilities, operational and maintenance expenses, as well as household goods and services.

And of course, let’s not forget the horses!

It’s no secret that horses cost A LOT of money and as most horse owners know it’s not the initial cost of buying a horse that’s expensive, it’s everything that comes with it. In 2015, the British Equestrian Trade Association (BETA) estimated that the equestrian sector was worth over £4.3 billion so it comes as no surprise that horse owners can expect to spend a further £3,000 to £10,000 a year.

Of course estimating the average cost of keeping a horse is by no means an exact science. It can differ massively from owner to owner and there are always hidden costs that appear unexpectedly but it’s definitely worth thinking about when considering if Income Protection is right for you as you may incur additional costs for the day to day care of your horse(s) should you become incapacitated.

What is Income Protection?

“The one protection policy every working adult in the UK should consider is the very one most of us don’t have – income protection” – Which? Magazine 2018

Generally, Income Protection pays out between 50% and 70% of your regular income in the form of tax-free monthly payments if you’re unable to work because of injury or illness.

Why choose Protect My Income?

Some horse owners and riders will have a minimal accident policy included within their membership packages, but these can often be misleading and may not provide you with the benefits you need. It’s worth doing your research before taking out any Income Protection or Accident policy as different insurers offer a varying range of benefits and exclusions.

Protect My Income offer Injury policies (breaks and fractures) and Accident policies (combining breaks and fractures with disability and death benefits). They also offer short and long term Income Protection where you can claim your monthly income payments as a result of any injury or sickness that you have acquired at any time, in any country and by doing anything. As long as you are aged between 18 and 63 and are currently employed or self-employed you’re able to choose a monthly benefit of up to £3000.

If Income Protection sounds like something you’re interested in and you would like to discuss the best options for your personal circumstances, get in touch with one of our knowledgeable advisors today.

You can call for a no obligation quote on 0333 355 2468

or email us via

Alternatively, you can visit our website or social media pages to find out more.

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