A horsebox is not only a functional vehicle that you can use to transport your animals; it can also be an investment. By renting it out, you can even pay off the cost of buying the horsebox much faster.
Whether you’re looking to actively rent out your horsebox as a business or just want to make a bit of extra cash when you’re not using it though, there are certain things that you should be aware of before doing so. With that in mind, here we present a simple but thorough checklist for anyone who is planning to hire out their horsebox.
Make sure that your horsebox insurance covers you for renting your vehicle out
Your normal horsebox insurance is insufficient for the purpose of renting the vehicle out, and by doing so you may well render the policy void. Not all insurance companies will provide insurance for self-drive hire, and it’s worth noting that hire and reward horsebox insurance is generally also insufficient for these purposes. While a hire and reward policy provides you with legitimate insurance for hiring out the horsebox with a driver, it is not suitable for use by a third party driver.
Be prepared for damage/ wear and tear
Horses are strong and potentially messy animals, so if you’re hiring out your horsebox on a regular basis then don’t expect it to stay in pristine condition for long. The sides and back of the box can be kicked and dented, while not all who rent it from you are likely to be meticulous in cleaning out all mess created by their animal. In addition to this it’s worth considering that those who rent it may be more prone to minor shunts and scrapes as they are not used to driving the vehicle.
If you rent out your horsebox frequently then this will of course also result in more wear and tear to the vehicle and may eventually shorten its lifespan.
Check that there is demand for horsebox hire in your area
There’s no point in setting up your horsebox for hire and investing time/money in it if there’s not enough demand for transporting horses in your area. To gauge this you could speak to horse owners that you know, contact riding clubs and stables, or scout around some of the online forums for horse owners.
Forecast your finances
The additional costs of specialist horsebox insurance and of repairs and maintenance should not be underestimated. Before you commit to anything, you should determine the level of profit you are likely to make after these running costs have been accounted for. Doing so can avoid a situation a year down the line where you realise that you’re actually worse off for the time and money you have invested in hiring out your horsebox.
Consider hiring out through an agency
In some cases, it may be wise to hire out your horsebox through a rental agency rather than going it alone. In return for a percentage of your rental income, these agencies will market your horsebox for you, and also take bookings and payments. Some claim to provide horsebox insurance that will cover you for hiring out and which is compatible with your existing insurance, but these claims should always be investigated further by contacting your insurance company.
If you need any further advice regarding horsebox insurance, please don’t hesitate to contact Park Insurance.