Cancelling my insurance, what basics do I need?

[awelshandawarmblood]

After a lot of thought, I'm taking the plunge & cancelling both my lads insurance policy's - its nearly £200 a month now & I'm finding it pretty unreasonable with the way everything else is spiralling, so something will have to give, as much as it makes me uneasy!
I'm going to go down the road of putting that money aside monthly into an account to save & will have a credit card on standby meanwhile - I already have a bit saved too so I'm not just going for it empty handed.

I know I'll still need some kind of basic policy to cover them at livery & 3rd party etc, who is the best for this & do I need anything else? Will BHS gold be enough? I'm a bit lost as all of this usually is just under my normal policies for each horse.

Any help much appreciated!

 

[AShetlandBitMeOnce]

£200pcm?!?!?! Jesus christ! Who is that with? Is he old??

You'll need third party public liability - you can get all of the following for £4.15 per month with Harry Hall Insurance, the discounts online aren't half bad too.
You can then add £1500 vets fee cover for external injuries for an additional £7.65 per month



World Horse Welfare also have an insurance product that is very pocket friendly.

 

[Upthecreek]

Are you cancelling the policy or has it come to an end and you are not renewing it? If you are cancelling it, be aware that you purchased a year of insurance cover, you just have a credit agreement in place to enable you to pay for it in monthly instalments. If you have made any claims they’ll probably make you pay the rest of the premiums. If you haven’t made any claims there will likely be a penalty if you cancel. If you are not renewing rather than cancelling that obviously doesn’t apply

 

[awelshandawarmblood]

£200pcm?!?!?! Jesus christ! Who is that with? Is he old??

You'll need third party public liability - you can get all of the following for £4.15 per month with Harry Hall Insurance, the discounts online aren't half bad too.
You can then add £1500 vets fee cover for external injuries for an additional £7.65 per month

World Horse Welfare also have an insurance product that is very pocket friendly.

Oh wow that's amazing, thank you! I'll go & look at them now.
That's the total of my 2 policies which now looking at is more than that! I have a 19yr old who is more or less retired with NFU at £75 a month & a 6yr old who's my main riding horse with Petplan £143 a month! Neither are insured for much at all, no where near their worth as I never take out loss of use.

Are you cancelling the policy or has it come to an end and you are not renewing it? If you are cancelling it, be aware that you purchased a year of insurance cover, you just have a credit agreement in place to enable you to pay for it in monthly instalments. If you have made any claims they’ll probably make you pay the rest of the premiums. If you haven’t made any claims there will likely be a penalty if you cancel. If you are not renewing rather than cancelling that obviously doesn’t apply

Ooh thank you, that's worth knowing. No claims on either policy luckily, but one is due for renewal January - so I'll cancel that one then. The other renews in August so I may have to take a sting on that - although I'm sure it'll save me more than it'll cost me to let it run to term.

 

[Jellymoon]

Are you a member of anything like BHS/BRC/BE/BS etc? If so, you get third party and public liability as part of your membership.
I have BHS Gold, and that’s it.

 

[Widgeon]

That does sound extortionate to me....can you shop around a bit? Or are there complicating factors of some sort? For context my 14 year old cob costs me about £60 per month for a decent level of vet fee cover with a reputable insurer.

ETA I used to have BHS Gold for third party but it kept going up so I switched to Harry Hall.

 

[BMA2]

If you have contents insurance the liability on that should cover you for your horse should it kick someone etc as they would fall.under domestic pets. Like if your dog bit the postman

 

[Sossigpoker]

About £150 from World Horse Welfare.
You'll be obviously supporting Horse Welfare too!
That will give you public liability and £1500 for external injuries. I think it's an SEIB product they're selling so it should be a decent policy

 

[rextherobber]

Oh wow that's amazing, thank you! I'll go & look at them now.
That's the total of my 2 policies which now looking at is more than that! I have a 19yr old who is more or less retired with NFU at £75 a month & a 6yr old who's my main riding horse with Petplan £143 a month! Neither are insured for much at all, no where near their worth as I never take out loss of use.


Ooh thank you, that's worth knowing. No claims on either policy luckily, but one is due for renewal January - so I'll cancel that one then. The other renews in August so I may have to take a sting on that - although I'm sure it'll save me more than it'll cost me to let it run to term.

I paid my insurance premium monthly and cancelled mid term, with no penalty. Wasn't unhappy with the company, ( E&L) or the premium, but basically had so many exclusions, pretty much the only insurable thing was the tail!

 

[Squeak]

About £150 from World Horse Welfare.
You'll be obviously supporting Horse Welfare too!
That will give you public liability and £1500 for external injuries. I think it's an SEIB product they're selling so it should be a decent policy

Another vote for WHW if you want vet fees cover and would recommend BHS if you only want third party or public liability. My friend has the Harry Hall one and it's not as comprehensive as the WHW one.

 

[expanding_horizon]

I paid my insurance premium monthly and cancelled mid term, with no penalty. Wasn't unhappy with the company, ( E&L) or the premium, but basically had so many exclusions, pretty much the only insurable thing was the tail!

Some are set up as genuine monthly payments and can do this. Others you are committed to full policy amount up front, and making monthly payments to pay this off. You need to know which and read your small print.

Some you CAN cancel after say three months, despite making a significant claim. Others you cannot cancel (after 14 day cooling off period) even if you have not claimed.

 

[PeterNatt]

BHS Gold provides £30,000,000 Third Party Public Liability cover.
In the 2003 case of Mirvahedy vs Henley the House of Lords rules that the animals act 1971 imposed strict liability (without the need to prove negligence) on the keeper of any animal with known dangerous characteristics or with 'ordinary' behaviours that might cause harm.
Thus the Animals act 1971 Section 2 (2) as now interpreted by the highest court in the land (House of Lords) says that animal owners are liable.
Thus one needs a minimun of £20,000,000 so check each policy carefully as many do not provide sufficient cover. Also with BHS Gold you get free legal advise.

 

[ponynutz]

Deleted as realised already said/not relevant.