Insurance Bureaucracy Grrrr - Rant!

[burtie]

How silly is this, I am chaning Hannahs insurance a bit as she is going out on loan. I am decreasing her vets excess to the normal £120 as I had it at £500. I am also increasing her value form the nominal amount to £2k, hardly a staggering figure, but they want somebody like an intructor to write to confirm she is worth this amount!!!! I pointed out that I was an instructor but that probably wouldn't count

I then advised that she has BSJA winings and is sound and healthy(they know this as they insure her already!). But now I've got to got to find a suitably qualified friend to confirm she is worth the £2k I want to insure her at! I know they are only doing this to protect me from over insuring and if I wanted to up her cover to £5 or more I could understand, but £2K, you barely get a horse with 4 legs for that these days!

 

[Tempi]

i have my PTT - is that qualified enough?! Insurance companies are a proper pain in the backside if you ask me - they ask for so much information and half the time it really dosent matter anyways............

 

[jacks_mum]

i wanted to increase the insurance on my mini shetland from £400 to £1000 and was told i had to get a 5star vetting done!!! i'd actually like to see them try that!! would be most amusing i think

 

[burtie]

Probably more than qualified!! Hopefully the yard manager where Hannah has lived most of the last 9 years will put something in writing for me! If not I may ask very nicely

Ta,

 

[_daisy_]

i really cant believe that Burtie. Like you said its understandable if youre increasing the value but not decreasing it and especially not when theyve been insuring the horse for a while.
Insurance companies have you over a barrel. I wanted Chantins insurance increasing form £2500 to £8500. They said i need a 5* vet cert and a letter from someone qualified to say she was worth that amount. Luckily they accepted a letter from my friend who was Chantins breeder, but also is an instructor and imports from Verden. God knows how i wouldve done it if they hadnt accepted her letter. Then once theyve got the vetting they slam loads of exclusions on your policy. I got told when i queried the exclusions.
"well if you didnt have her vetted we wouldnt have known about it and wouldntve put the exclusions on - its your fault"
my answer was - "well you wanted uit doing and there was no way around it"
their answer "oh"
its laughable really

 

[LauraBR]

I work in insurance

and... do understand where your insurer is coming from.

The one thing my employer doesn't insure is horses so I have to go elsewhere for my cover, but the principles are the same and, and the end of the day- horse insurance really isn't profitable (hence why my company don't do it).

Given my knowledge of the insurance industry I think their attitude is sensible. Of course you aren't happy but TBH, we'll be lucky to be able to insure horses at all in a few years if the claims carry on the way they are.

Sorry, don't mean to sound harsh (and I share your frustation) but the simple fact is horse insurance isn't profitable for insurers. Horse insurers make a loss on horse insurance by and large, they make money on selling you other insurance.

 

[star]

can understand that lzt. i've paid £1500 in premiums the last 5yrs and so far claimed £2500 on one injury and £1000 on another, although if he ends up in surgery tomorrow will probably be another £2000, so that's £4000 more they've paid out than i've paid them and he's only had 2 injuries, albeit big ones. hate to think what figure would be if he was accident prone!