Insurance Costs

[zola89]

Hi, my insurance is due for renewal soon and as usual it seems to be an awful lot. When I get comparison quotes they too seem to be an awful lot but it's got me to wondering does everyone pay silly amounts for insurance?
Mine is nearly £70 per month for £5k vet fee cover (£145 excess) for category use including cross country/unaffiliated eventing. She is only valued at her purchase price ~£2000. She should be worth more than this now but you can't increase it without justifying it and getting a new vetting done.
Am just interested to see if this is "normal" or if I am missing a trick somewhere. TIA

 

[Joyous70]

Mine is a similar amount, for a similar cover, although my trailer is covered for theft etc., on my policy too.

It does seem an awful lot of money, and some people do self insure, but i don't have the discipline, plus i can almost guarantee if i cancelled the policy madam would do something drastic, and i would still need to find somewhere to cover just my trailer.

 

[Hormonal Filly]

If you want it much cheaper, you could value her at much less.

I value mine at £500 when in reality they're worth 5 x that but it keeps insurance down and I only have it for vet fees. Obviously if something happens your only get £500 where you'd get £2000 currently, so its up to you if you want that or not.

I pay £33 a month with NFU who are great, up to £5000 a time.

 

[zola89]

That’s s

If you want it much cheaper, you could value her at much less.

I value mine at £500 when in reality they're worth 5 x that but it keeps insurance down and I only have it for vet fees. Obviously if something happens your only get £500 where you'd get £2000 currently, so its up to you if you want that or not.

I pay £33 a month with NFU who are great, up to £5000 a time.

That’s a good idea. I too have only got it for the vet fee cover. I have a feeling I did try that one year and they wouldn’t let me drop it below the purchase price but I can always look at switching insurers.

 

[Sasana Skye]

Feel your pain I pay ridiculous amounts on insurance but good grief have I needed it and I’ve had twice as much paid out to me than I’ve put in. It costs more to insure my 5yo (£92pm) than it does to insure my 15year old, 2 year old trailer and 3 saddles on a different policy (£84pm) both have £7,500 vet fee limits. I insure the 5yo for purchase price which was over the 5000 threshold but asked for a quote under a different name to devalue her to £150 just to help cover disposal costs and it barely changed my premiums so I thought I might as well get my money back if the worst should happen. I think that only makes a difference to premiums on very high value horses.
Check your policy details and ask whether you really need to insure for the activities you have listed - hunting, eventing, polo etc. otherwise it’s probably a case of shopping around to find the best deals.

 

[zola89]

I’m glad it’s not just me paying a small fortune!

I did shop around a bit last year but a lot of the new insurers wanted a new 5 stage vetting so by the time you’ve added that cost in it wasn’t really working out any better. I’d probably end up with a load of exclusions as well! I’ve had to argue to get some ridiculous ones removed as it is!

I don’t think it would cost this much for private human health insurance, we really must love these animals!

 

[criso]

When I was with NFU, I looked reducing the value. They gave me a breakdown of the various aspects of cover and death/loss/theft which is affected by the value is a small proportion of the fees. The biggest thing was vets fee which realistically cost the same for a £100 horse or a £10,000. At the time it was going to save me about £25 on a policy that was pushing £700

 

[Sasana Skye]

When I was with NFU, I looked reducing the value. They gave me a breakdown of the various aspects of cover and death/loss/theft which is affected by the value is a small proportion of the fees. The biggest thing was vets fee which realistically cost the same for a £100 horse or a £10,000. At the time it was going to save me about £25 on a policy that was pushing £700

Tbf that does make sense. Vet fees are where the £££ goes.

I also realised I was double paying for public liability as I’m also a BHS gold member so I removed public liability off my horses insurance expecting a big price drop and my premiums dropped a whopping 20p a month there or there abouts 😂

 

[milliepops]

When I was with NFU, I looked reducing the value. They gave me a breakdown of the various aspects of cover and death/loss/theft which is affected by the value is a small proportion of the fees. The biggest thing was vets fee which realistically cost the same for a £100 horse or a £10,000. At the time it was going to save me about £25 on a policy that was pushing £700

I'm with a different insurer but that has been my experience too. I have one that is insured at the moment but basically a write off from a riding POV. I got her sum insured down to £500 which was the least they would allow and it really made little difference.