Insurebet does exactly as it says - it's an insurance against your horse being beaten if your horse but finishes second (Insurebet 2 Place) or second or third (Insurebet 3 Place) then you get your stake back. On most races we offer Insurebet 2 Places and Insurebet 3 Places (with races of less than eight runners only Insurebet 2 Places will be offered). You can find these markets in the "All Markets" section alongside the Faller Insurance, Place Only and Betting Without markets.
It can be a consolation for those narrow defeats but offers slightly lower odds than just betting on the horse to win. When both Insurebet 2 and 3 Place markets are offered the price is lower for the Insurebet 3 Place market.