Insurance and broken horse

coffeeandabagel

coffeeandabagel

Well-Known Member
Joined
12 August 2011
Messages
633
Location
Central Herts
Visit site
My horse has severe SI arthritis (see my other threads if you want sad details ;o( ) and is waiting to go off for treatment in May. At the best he will only ever be suitable for hacking and maybe prelim dressage. His insurance is due for renewal and the cover I had last year was for £4000 and eventing up to Novice level. Obviously that is not what’s needed now and I cant afford the £500+ premium plus his treatment.

He is only 8, 17.1hh, ISH with a fantastic temperament. 1) what do I value him at now 2) might it harm his on-going treatment in any way if I reduce his value drastically?
 
With my last horse I cancelled my policy when it shot up after making a claim and had lots of exclusions.

Interestingly the company I had him insured with continued to pay out on my existing claim until the twelve month period was up.

Please don't take my word for it that your policy would be the same but its worth checking.
 
Value him at whatever you think he's worth purely as a hack / possible low level dressage. I'm claiming loss of use as we speak for mine and they've given me a remaining value of him of £500 but then he's being signed off as not even hackable. I'd say stick £1k on him? It really depends what you insure for (is it loss of use / horse? If so value matters but if its just vet fees it doesnt really matter?). Remember they'll likely knock off anything to do with joints etc. if he's athritic? Are you making a claim right now for this in vets fees? Assuming you are, it doesnt matter if you now reduce his value as its taken at the time you make the claim. Does that make sense? Probably not!

You need to work out if its even worth re-insuring. Considering they'll refuse to insure so much of him (ie. joints etc. due to his condition). Ive stopped insuring my horse who Im claiming loss of use for, since they've taken off both his hind legs for a start (tendon injury on one leg).
 
Can't really comment on value but if you reduce the value and the level of cover (as in what activities you are covered for) this should help reduce your premiums.

Regarding a drastic reduction to his value, not sure what you mean about it affecting his treatment? However, insurers will pay up to your policy limit for treatment. It won't affect what they will/won't pay for. You could reduce his value to the minimum the company allows.

Wellsat - you paid your premiums for the year so despite not renewing they should continue to pay for treatment for the 12 month period as that what you paid your premium for!
 
Value him at a minimum and that should reduce your premiums.

Have you spoken to your insurance company about the renewal and what to do??
 
I'd speak to your insurance co and make sure you claim before you change anything/ renew (if his renewal already has exclusions on it that could prevent you claiming later on) - incase they could reject your claim later on
 
yes they ahve excluded any thing to do with arthritis, hocks unless accidnet, etc etc,

They coinfirm tbey will continue to oay for this condition for the rest of the year.

Well done guys - I will reduce his value to £500 and his work to hacking / dressage and see what they say. He is prone to getting kicked and bitten in the filed so I do want to keep accidental injury. Never had loss of use.

They suggest upping the excess as well - might get a quote on those changes first.

PS if its snowing where you a e its my fault - I have a lesson booked tonight on my loan horse and it always snows or gets windy or icy when i have a lesson!
 
A claim will continue to be paid up to 12 mths following incident date regardless of whether you renew the policy. I would definitely reduce the value to a nominal amount, you will be reducing the class if use too if can no longer event so just making these two changes should dramatically reduce you premium even if they apply rate increases to your policy at renewal. Increasing your excess will also further reduce you premium but consider if you really want to do this as thus will be the amount you have to pay in the event of any further claims
 
You must log in or register to reply here.
Top