Insurance 9Eventers/competers)

I_A_P

I_A_P

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29 March 2005
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I have metioned on here before that our qoute for Digby has been very high.,(ie. over £900)
Thing is its the loss of use thats making it so much more expensive than millies which was £330 when she was valued at 5k.
We obviouly want all the basic cover...but am slightly concerned about not having the loss of use. Just in case something was to happen.
How do you work it?
 
Personally wont insure for Loss of Use. Difficult to get in alot of cases, and if you put the amount you would be saving aside every other month, you would hopefully have some put aside if anything went wrong anyway! Insurance is a necessary evil for vets fees only IMO though!
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Mine isn't insured for LOU, but it does worry me. His insurance premium is high enough as it is, and its just too expensive for me atm.
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Mine, was just over £900 for my WB. I had him isured for the amount i bought him for & LOU.

It's just to expensive luckily i havent had to make a claim for 2 years but ive also thrown over £900 a year away also. All i really want is vets fee's.

Ive just re-insured him for a lot less than his what i bought him for & got rid of LOU. Brought it down to £365. The way i see it is your not going to get the value your horse is worth anyway with LOU in my case i wouldnt get another horse out of that LOU money any way.
As long as my vets bills are covered i'm not bothered anymore. £900 a year is a lot of money i would rarther put the rest of the amount i'm saving now away in a savings plan. For those just in case incidents.
 
I only insure for vets fees. I did think of getting LOU for Beau - as to replace him would be about 3k given current markets. But as he isn't used specifically for anything, just Riding club etc, its not worth it. I am still amazed as last year I was £178, this year its £260 for the same horse, doing LESS, but a year older - bah!
 
Thanks very much, mums on the phone to the insurers now, we are just going to cut out the loss of use most probably-and putting that money aside seems a good idea.
 
Out of interest, does anybody know of/themselves successfully claimed loss of use? I am wondering whether I should save the money instead of feeding it to the insurance company. She is valued at £5.5k at the moment, with 100% loss of use, for riding club activities. But I will have to increase this to include BE from April onwards.
 
As i insure horses for work my opinion would be that LOU is more really used for horses that are used for competing so that should the horse be injured/develop a degenerative condition the LOU would cover this aspect as the horse would not be able to be used for its intended purpose. If the horse could still be used for light hacking for example then an insurance company is likely to settle on a % of the value of the horse (generally 60-75% dependant on company).

If the horse was totally incapacitated and was only good as a lawn mower/companion then you would be able to claim 100% loss of use. However, as effectively this would mean the horse then belonged to the insurance company you may be expected to pay a 'salvage' amount should you wish to keep the horse (for example say £350).

if a horse could be used for light hacking but you could not afford to keep the horse and wanted it to be put to sleep you are likley to find your insurance company would not cover the death of your horse as it did not require euthanasia but you wanted it for economic reasons. This would be another area where LOU would pick up your cover.

I know we have settled several LOU cases but not many people take it out due to the annual costs. unfortunately it's each to their own i guess. i do't have it on my own horse as cannot afford it either!
 
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