insurance and "replacing" a horse

[carmenlucy123]

So just a general Question,
I had my mare insured from her purchase date in feb 2000, for £1000 which was the price I had paid for her. After owning her years and never having a claim she died suddenly foaling in 2011, NFU was the company and they promptly paid out £1,000 with £250 towards cremation of my mare,

no complaints about NFU by the way they have been great!

Obviously she was worth more priceless of course to me but I had my foal so I carried on it never crossed my mind to replace her. So I insure my foal, the maximum amount is twice the stud fee, £1000 so that's the sum insured and I carry on with my little orphan horse,
fast forward 3 years and my now strapping youngster suffered a fatal accident while turned out and I am now once again awaiting NFU to pay out for my youngster
However this time I have realised the £1000 plus the £250 will cover the cremation £580 and the excess vets bill £145 = £725 so I will be left with £375 which this time I have realised will not replace my horse for me

This is my own fault I understand as perhaps I should have changed the amount but I obviously didn't sit and think of the worse case scenario this time.

My question is I was paying £48 a month, I wonder what on earth people pay who have their horses insured for 3k, 5k, 10k?????????????????? Must be a fourtune!

 

[samlf]

Very sorry to hear that. I think sometimes we forget that insurers are a business and not in it out of the goodness of their hearts.

You are also with one of the most expensive insurance companies.

 

[PorkChop]

I think most people insure so that they are covered for Vets fees primarily. They insure for a low value as the Vets fees payouts are the same no matter the amount insured, within reason.

Proper comprehensive insurance for a high value horse is indeed extremely expensive.

 

[jl359]

My gelding was insured with NFU for £5000 and I think it was approx £700 per year. He was very sadly PTS in December last year and NFU paid out straight away plue vets fees and cremation. I paid £8000 for the horse so wanted half decent insurance.

I now have a cheap ex-racer who is only insured for £1000 but I've gone with NFU again as they were just so brilliant. However I am still paying approx £60 (inc tack) and I question it every time the direct debit goes out!

 

[Dappledpony]

So sorry to hear of our tragic losses. Recently been through similar. I had underinsured my horse by a good £500 to keep premium down but he unexpectedly died at 5 years old earlier this year. Between the excess, euthanaesia drug (which policy didn't cover although rest of £2500 vet bill was covered), rest of year premium knocked off plus the cost of buying a replacement horse of the same age/type... I have paid out hundreds of pounds. It's taught me a lesson and new horse is insured for the correct value!

 

[EmmaC78]

So sorry to hear of our tragic losses. Recently been through similar. I had underinsured my horse by a good £500 to keep premium down but he unexpectedly died at 5 years old earlier this year. Between the excess, euthanaesia drug (which policy didn't cover although rest of £2500 vet bill was covered), rest of year premium knocked off plus the cost of buying a replacement horse of the same age/type... I have paid out hundreds of pounds. It's taught me a lesson and new horse is insured for the correct value!

Sorry about your loss. It is such a difficult time. I am surprised they made you pay the rest of the years premium. I recently lost my boy and they cancelled the policy from day of the accident and then sent me a cheque for the amount I have overpaid. I didn't realise that wasn't standard procedure for all companies.

 

[Maesfen]

Sorry about your loss. It is such a difficult time. I am surprised they made you pay the rest of the years premium. I recently lost my boy and they cancelled the policy from day of the accident and then sent me a cheque for the amount I have overpaid. I didn't realise that wasn't standard procedure for all companies.

Most companies require you to have paid the full year premiums before you can claim for loss which is one reason why I always pay for the whole year in one; it's one less hassle at a time when you're really not up to it.

I'm sorry for those that have had losses, it's never easy, even more so when the figures don't add up but disposal costs especially for those that want cremation seem to have shot up, you almost need a mortgage for that alone.

 

[Polos Mum]

I don't insure as the whole purpose of insurance companies is to get you to pay them more than they pay you- they will always come out the winner, especially as I have 4 (3 of which are over 20 so would be only covered for v basics)

Take care with valuations, especially increasing values as the small print will state they will pay you lower of insured value or market value - so they have lots of wiggle room to argue that the £7k 8 year old you sadly had PTS as a perfect school master at 13 was worth much less because of his age.

In the few instances I have insured I've only insured for £1k - no point paying higher premiums when they wiggle out of paying anyway