junglefairy
Well-Known Member
Ive just received my insurance renewal, a £900 premium for a year for a 6 year old!
My renewal letter justifies the premium with the following facts:
- their underwriters make a loss on vet fees;
- 1 in 4 competition horses and 1 in 5 leisure horses have made a claim in the past year;
- the average claim exceeds £2,000;
- the bulk of cost comes from diagnosis not treatment;
- most claims present with multiple issues; and
- gastric ulcers are a significant issue.
I understand the insurance companies are running a business not a charity and actually I can understand why premiums are so high. However, it hit me thinking, clearly people are currently making the most of diagnostics and the full suite of vet services on their insurance (and why wouldnt they, we all want the best for our horses), but surely this isnt sustainable? I will probably cancel or amend my insurance cover this year as it doesnt make economic sense.
Will this go full circle with no one being prepared to pay huge premiums and less people being insured? Without insurance will people be less prepared to use all the latest diagnostic technologies, and so vets wil re-adjust to a new market?
I cant decide if this would be to the detriment or benefit of horses. Part of me thinks its great that we can get to the bottom of problems and make an educated decision about treatment, but part of me also thinks, because we can, we sometimes carry out treatment with long recovery times and rehab that is not really in the horses best interests.
My renewal letter justifies the premium with the following facts:
- their underwriters make a loss on vet fees;
- 1 in 4 competition horses and 1 in 5 leisure horses have made a claim in the past year;
- the average claim exceeds £2,000;
- the bulk of cost comes from diagnosis not treatment;
- most claims present with multiple issues; and
- gastric ulcers are a significant issue.
I understand the insurance companies are running a business not a charity and actually I can understand why premiums are so high. However, it hit me thinking, clearly people are currently making the most of diagnostics and the full suite of vet services on their insurance (and why wouldnt they, we all want the best for our horses), but surely this isnt sustainable? I will probably cancel or amend my insurance cover this year as it doesnt make economic sense.
Will this go full circle with no one being prepared to pay huge premiums and less people being insured? Without insurance will people be less prepared to use all the latest diagnostic technologies, and so vets wil re-adjust to a new market?
I cant decide if this would be to the detriment or benefit of horses. Part of me thinks its great that we can get to the bottom of problems and make an educated decision about treatment, but part of me also thinks, because we can, we sometimes carry out treatment with long recovery times and rehab that is not really in the horses best interests.