Brian Brown, of Defaqto, said: “Generally, more competition is good for product development, but our research has shown that insurers still have some way to go with these products to give consumers the cover they really need.”
Horse insurance firms defended the standard of the policies on sale.
Suzy Middleton, of Seib, an insurance broker, said the varying amount of cover was due to insurers deliberately offering stripped-down policies to appeal to all budgets.
Mrs Middleton said: “What a lot of providers are trying to do is fit the criteria of the individual. Products out there have been adjusted to look at different needs for the different categories of riders.”
For example, vets’ bills might be excluded from policies because the cost of these has been rising due to medical advances., which can increase the cost of insurance as a result.
Anne Robinson, of Geo Agriculture, an insurer, said: “As a general rule the products that are available in the market do their jobs well at the moment.”
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