Horse insurance

[racebuddy]

So quick question what does everyone do re horse insurance insure for what they pay ie bought for £7000 for example and. Insure for that or insure for less as payment would be sky high ?? also does anyone have loss of use ? Thanks in advance

 

[Birker2020]

Loss of use is sky high, I'd not even consider that. I had some quotes a while back just to get an idea of how much it would cost me for normal insurance and up to £5K vets bills and was amazed how expensive it is these days. If I buy a horse at say £10 K I'd probably insure for £8K to see if it would bring the premium down.

I'd think about your tack too and whether keeping it in the car or house would be a safer option for you. It's just a faff having to keep getting it out and again not something I'd consider.

There are loads of insurance companies around, some of the lesser companies may not be as well known and can probably offer more competetive quotes. Just because they are not well known doesn't mean they are no good. They have to give you what they say they will in the event of a claim but its essential to read the small print.

Just shop around and get as many quotes as you can. Try Equesure as well. https://www.equesure.co.uk/campaign...MI--G8kuK68gIViZ7tCh05XwXfEAAYBCAAEgLoifD_BwE

 

[xxcharlottexx]

I've not insured for several years now as horse is 22. I'm put £50 a month into a savings account incase of vets bills but was fortunate enough to have funds available if it was needed in the early days.

Loss of use from what I gather if it can still do light schooling and Hacking you'll probably have a fight to get them to pay?

 

[Bernster]

I don’t get loss of use, often requires x rays for that. With the high prices now, that’s triggering more stringent reqts for insurance like I don’t usually get xrays to insure but nfu expected that for 10k plus purchase.

I think insurers expect you to cover for market value or price bought if higher. Or the insurance cover is based on that so I’d check if you’re planning on insuring for less than you paid, to make sure you’re not voiding the cover.

 

[criso]

When mine retired and was effectively worthless I asked what would be the difference in premium to insure for the minimum value. It would only have saved about £60 a year on a premium ten times that. That was coming down from £5000 to whatever their minimum was. NFU gave me a breakdown of how much of my premium went on different things and most was vets bills with theft and death being a small part of the premium.

I didn't go for loss of use as that was so expensive but I'm thinking in terms of insurance cover the value would influence that.

When I've filled in forms they ask how much you paid as well as how much you want to insure for.

 

[teddy_]

I have found premiums to be sky high too. I purchased a horse yesterday morning, did quotes with KBIS, NFU, SEIB and The Insurance Emporium. All of these insurers have a good reputation and unsurprisingly, The Insurance Emporium (The Equine and Livestock Insurance Company Limited) were about 40% cheaper.

I included 100% PLU too which does obviously bump things up but having been recently stung by a horse being written off (aged seven) and not insuring him, I was not going to take this risk again.

The Insurance Emporium's quote tool is very user friendly as there's lots of add-ons which could come in handy for some people.

Just for reference, I insured the horse for £2,500 (purchase price, he's a TB straight off the track), 100% PLU, vets fees cover and my monthly premium is £44.

 

[chaps89]

You are more likely to claim/get a pay out on LOU than death. That’s why it’s more expensive, it’s more useful really.
Depends on finances for the individual, if I spent a lot of money on a horse I’d go LOU cover for the first year at least whilst I get to know it and to see if I uncover any niggles.
After that I’d probably remove LOU and reduce the value insured for mortality and suck it up financially if something happened to the horse and it couldn’t do what I wanted or was pts.
If horse was cheap/an amount I could find again quite easily I’d just under-insure and not do Lou from the off.
It will very much be down to the individual.

 

[GoldenWillow]

Whenever I've bought a horse it has had to be insured for what I paid for it as that was deemed to be it's market value at the time. I have changed a horses value, both increased and decreased, but have had to provide reasons and documentation in the case of increase in value to validate reason for change in value.

I've never insured for lou.

 

[Griffin]

I have always insured for what I bought my horse for but I don't bother with loss of use. If my horse was un-ridable I would not be looking to get another one just to ride.

I have a friend though who always insures for loss of use and has successfully claimed for it.

 

[milliepops]

You are more likely to claim/get a pay out on LOU than death. That’s why it’s more expensive, it’s more useful really.
Depends on finances for the individual, if I spent a lot of money on a horse I’d go LOU cover for the first year at least whilst I get to know it and to see if I uncover any niggles.
After that I’d probably remove LOU and reduce the value insured for mortality and suck it up financially if something happened to the horse and it couldn’t do what I wanted or was pts.
If horse was cheap/an amount I could find again quite easily I’d just under-insure and not do Lou from the off.
It will very much be down to the individual.

this would be my approach.
i've never had an expensive horse (they're all priceless obv! ) but if i was in the position of shelling out £££ for a horse I'd do LOU for a year and then cancel it at renewal.

 

[ycbm]

Insurance Emporium has a £160 excess but also you have to pay one sixth, 17%, of the rest of the bill. Is that normal for the others?

Vets used to refuse to deal direct with E&L, same company. Does anyone know if they still do?

I need to insure while we move homes, just trying to find the right supplier.
.

 

[Melody Grey]

Insurance Emporium has a £160 excess but also you have to pay one sixth, 17%, of the rest of the bill. Is that normal for the others?

Vets used to refuse to deal direct with E&L, same company. Does anyone know of they still do?

I need to insure while we move homes, just trying to find the right supplier.
.

I’ve insured with E&L for years with no problem. My vets (large referral practice) are happy to deal with them directly. I’ve had several substantial claims over the years. Although payouts haven’t been super fast, they’ve all come through.

I don’t know if co-payments are a thing with other insurers, but for me the insurance gives me treatment options I couldn’t afford without it, so the co-payment seems a good compromise with the premiums being substantially less than other insurers.

 

[criso]

The % contribution seems to have been introduced by a few insurers over the last few months. Years ago I had it as an option with Amtrust but it was one of several excess options not the only one.

 

[rara007]

I think it’s gone a bit bonkers after shearwaters troubles.

I do insure for (roughly) bought value. My new one has LOU on. V expensive but I can’t afford him to be a write off…! The 14yo I know we’ll ‘only’ has catastrophe cover and an empty credit card. I know he still X-rays clean (self funded as not lame), so I’m not convinced I’d claim LOU on him within a year for most troubles, and his value is now priceless, yes a little back would be ‘nice’ should the worst happen, but it really wouldn’t soften the blow much. He’s pretty special! Surely soon enough the insurers would start docking his value due to age.

 

[Bobthecob15]

We've recently bought ours, didn't do loss of use and insured for 2k less than we paid! Still in shock at the premiums!