Insurance. .. do I ? don't I?

[smellydogjack]

Duke's insurance is up for renewal, I have a low grade policy, that I have never used and that I have just had for the sake of having it. I have had largish vet bills before and have never claimed as, I have the savings and I generally cannot be bothered with the hassle. However I have always kept the insurance ticking over just in case the bank blew up and I lost my money or something meant I couldn't pay for it.
Shall I renew it? I am often of the belief that the minute I give it up I will need it. Despite the fact I put money for vet fees into saving and the extra £30 i pay to SEIB could join that money...
Does anyone else not insure? £30 isn't a huge amount a month but I have been paying it for 10 years... and never claimed choosing to pay myself.
Right this post seems pointless, if you have a reason for thinking I should definitely renew I would love to hear it the same if you think I shouldn't
Thanks and apologies for the ramble.

 

[Morgan123]

Just having this dilemma myself as my horse is having a year off work and I'm not sure whether to continue to insure him. I don't know - for me the point of insurance is to cover me if there's something I can't pay for (colic surgery for example). If you have savings and you're sensible with money, and can't be bothered to claim when something does go wrong, then no, there's not really much point!

My horse just spent a year maxing out my insurance (£3,500) on a mystery lameness that we still didn't get to the bottom of. We did some things like MRI scans that i probably wouldn't have, without the insurance. So it was very nice to be able to do that! However - I've given up on solving the mystery lameness and he's now a very decorative field ornament for a year... I do have some savings which i could use if e.g. he fractured a bone or needed colic surgery, but on the other hand it would probably blow most of my cash and i'd be a bit gutted! so I'm keeping him on a low grade policy.

If I had more savings I probably wouldn't bother. Sounds like maybe it's not worth continuing with for you....

 

[Wheels]

I don't bother any more - paid out a lot more in insurance fees than I would have at the vets so I now I put a set amount away each month. I like to keep a set level of funds in the savings account and once it goes over that I treat my horse / husband / self to something or pay off a credit card balance if there is one etc and small vets bills just come out of my expendable income. Works better for me

 

[EmmaC78]

I would also say in your circumstances i would not continue with insurance. I would just get the BHS gold membership for the third party liability and then pay any vets bills out of savings.

 

[Buddy'sMum]

I have my youngsters fully insured (because they would be expensive to replace) but not my oldies, although I do have public liability insurance for all.
If you do decide to cancel your policy, I recommend you take out public liability insurance.

 

[smellydogjack]

Thanks guys, good heads up about the public liability insurance. Had not given a thought to that .

 

[The Fuzzy Furry]

Thanks guys, good heads up about the public liability insurance. Had not given a thought to that .

You can get this as part of being a gold member of the BHS, or as a member of an affiliated Riding Club, as well as some other associations, costs usually around £55 - £65 a year

 

[Hayley_Dressage]

The insurance was getting too much and not to mention it can be difficult to claim if needed so Ive stopped mine. I do have 3rd party for them just in case. I am sensible with my money and since stopping the insurance for vet fees etc, more is going into my savings now

 

[wills_91]

I almost didn't renew my insurance this year, for the fact that I have never claimed and could be putting the money aside. However my horse has had a what I thought would be a minor ailment and is now being referred to the vet school for x rays and in blooming glad I kept it!

 

[Tapir]

I've just let the insurance on my 19 year old un-ridden companion expire. I have 3rd party insurance through WHW gold membership. I'd rather help out a welfare charity than others for the 3rd party.

 

[Ella19]

I decided to cancel my vet fees 4 months ago as renewal came in at £60 a month for a 10yr piebald Irish mare 14.2hh never claimed insured for £1500. It was ridiculous!! I have savings if needed. Left death, tack and liability on there, reduced to £30. Just had a recent scare but all ok thankfully. It's a game of chance and a risk I've chosen to take. I may save thousands or end up spending thousands!

 

[pippixox]

i did contemplate it. my oldest is not insured (except BHS public liability) as basically all his legs are excluded now plus i would not put him through colic surgery. he is technically my dads so vets bills are covered by him! I have 3 others, all now ridden (2 who were backed this spring) and I did start thinking it is ridiculous how much insurance is! But if all 3 had serious injuries/ illness at the same time I could be bankrupt, so not a risk i can take. If it was just one horse I probably would not insure. I have however changed my coverage to a slightly lower level, but still enough to be worth it, so it is £90 a month for all 3.

agree it is such a gamble either way

 

[charliecrisps]

Guess it depends whether if needed you'd put your horse through surgery or if you're of the opinion that you would rather not put them through it. Also if you have a good 5k at least 'just in case' fund. My horse came down with atypical myopathy a couple of years ago and the bill was 4800! Ouch!

 

[amycamycamyc]

You may find that your insurance is a bit useless anyway. I did the same as you - choosing not to claim for various things (usually small-ish) because the hassle wasn't worth it. However when I did come to make a claim for a sarcoid treatment, my insurance company refused to pay because I hadn't told them of the various issues/niggles that my horse had been treated for over the past few years, and these of course were shown on her veterinary history. My fault for not reading and obeying the small print, but given I wasn't claiming for anything, I didn't think to let them know!

 

[gnubee]

I'm just about to stop all mine as the £1500 per year I spend on 3 young healthy horses would be better in the bank for when they are old and everything is excluded. Bit worried about the 3rd party though - is the BHS free insurance really good enough, or should you really have something else as well?

 

[Barnacle]

If you have insurance but don't claim from it for the little things, you're going about it the wrong way! You have to claim those things - otherwise it's entirely pointless. So, in your position, I'd stop insuring. You're paying for something you do not use (even though you've had opportunities to do so) and you are not in a position by the sounds of it where this has been a financial struggle. On the other hand, if you see yourself being able to do so, a change of habit might be wiser... Continue the insurance and start actually using it. Insurance is really not that expensive and claims are a hassle but after you've done a couple, you know what to do. It usually pays over the long term rather than forgoing the hassle by paying out of your own pocket. It may feel better in the short term but in the long term, insurance is normally the better option.

I personally would always insure a horse no matter what. But I would also claim every penny I could! I'd also keep a backup fund though... Just in case.

 

[catkin]

You may find that your insurance is a bit useless anyway. I did the same as you - choosing not to claim for various things (usually small-ish) because the hassle wasn't worth it. However when I did come to make a claim for a sarcoid treatment, my insurance company refused to pay because I hadn't told them of the various issues/niggles that my horse had been treated for over the past few years, and these of course were shown on her veterinary history. My fault for not reading and obeying the small print, but given I wasn't claiming for anything, I didn't think to let them know!

This
And you find if you do as they ask and let the company know that the horse was seen by a vet even if nothing came of it an exclusion will be wacked on a goodly proportion of the horse anyway.
As long as you have public liability insurance (through BHS gold membership or such like) then put the rest into a savings account for vet's bills.

I may regret saying this (so touching wood madly) - I've found a real sense of relief since stopping vet's bills insurance and having a special savings account. There are no time-limits, all treatments can be considered, in other words the vets and I can really decide what's best for the individual horse in individual circumstances and just do it.

 

[eggs]

I have public liability cover for all my horses as a member of British Dressage. I don't insure my retired horses as I wouldn't put them through an operation and usually chose to have them pts before they meet BEVA guidelines so wouldn't be covered by insurance.

My riding horses are all insured for death and vet. My tack is covered on my household insurance.

You are not helping yourself by not claiming when your bill is over your excess as if you do ever make a claim the insurers will ask for the full veterinary history - whether you have claimed or not is irrelevant.

 

[catkin]

You are not helping yourself by not claiming when your bill is over your excess as if you do ever make a claim the insurers will ask for the full veterinary history - whether you have claimed or not is irrelevant.

and this is the Catch 22 -
horse gets for example a leg wound that requires vet attention, perhaps a couple of stitches. Cost of visit plus stuff is about the cost of excess, most of the successful treatment is actually down to time and good nursing and management. You may get a couple of pounds back from the insurance but that leg is then excluded from insurance for any other thing whether related or not.
Or, horse comes in with a weepy eye, you don't take chances with eyes - vet comes and checks over thoroughly- in this case it's OK just needs a few days of eye drops and some tlc - eyes are now excluded even though there's nothing wrong with them.

It's up to eevery individual to work out what's best for them but you do have to think through all the consequences.

 

[Harlequin_]

My ponies are insured but as they're all out of work at the moment (two are youngsters, the other is going to be brought into work next month) it doesn't cost me a great deal. Although I like the thought of them being insured as it stops me stressing over every little thing!

 

[smellydogjack]

Thanks so.much for all the advice. I really didn't know that about not claiming for the things I had paid for

 

[pepsimaxrock]

I've just claimed for colic surgery. Insurance paid up although my 5k limit was insufficient and I'm forking out the extra. All digestive system problems are now excluded and the premium has risen. Don't think it's worth insuring now as she has no value

 

[PeterNatt]

Regarding Third Party Public Liability Insurance a recent court case demonstrated that one needs to have each horse insured to no less than £10,000,000 (Ten Million Pounds).
I believe that the BHS Gold Membership provides Public Liability Insurance to a value of £20,000,000 but many policies do not insure to £10,000,000 so read and check your policy carefully.

The Animals Act 1971 Section 2 (2) as now interpreted by the highest court in the land says that animal owners are liable. This is as a result of the Mirvahedy v Henley case
There, the law lords held that under section 2(2)(b) of the 1971 Act the keeper of a non-dangerous animal was strictly liable for damage or injury caused by it while it was behaving in a way that, although not normal behaviour generally for animals of that species, was nevertheless normal behaviour for the species in the particular circumstances, such as a horse bolting when sufficiently alarmed; and that, since the accident to the claimant had been caused by the defendants' horses behaving in an unusual way caused by their panic, they were liable to him.

 

[FNC]

Mine is no longer insured (she is 21) and neither is my dog (11). I have money saved (I put aside £100 pm) but this money is only to be used in an emergency (ie colic surgery etc, something major ). Any other bills for bog standard things (dog's dental, hoof abscess etc) I can normally pay out of my income otherwise the money I've saved just gets frittered away on "small" bills.

Dog and horse both have 3rd party liability (horse through BHS gold and dog through Dogs Trust)

 

[twiggy2]

and this is the Catch 22 -
horse gets for example a leg wound that requires vet attention, perhaps a couple of stitches. Cost of visit plus stuff is about the cost of excess, most of the successful treatment is actually down to time and good nursing and management. You may get a couple of pounds back from the insurance but that leg is then excluded from insurance for any other thing whether related or not.
Or, horse comes in with a weepy eye, you don't take chances with eyes - vet comes and checks over thoroughly- in this case it's OK just needs a few days of eye drops and some tlc - eyes are now excluded even though there's nothing wrong with them.

It's up to eevery individual to work out what's best for them but you do have to think through all the consequences.

usually an insurance company will not exclude a leg for a minor superficial injury such as you describe, if they try to your vet should be happy to write to them to get the exclusion lifted.
The same with the eye example you give.
You do however have to tackle these things as they come up not wait till you have an issue with the horses health.
Exclusions for basic injuries (not tendons etc) that are not likely to re occur should be lifted after at most 2 years.
And it is always worth presenting a claim, one gelding at work was noted to have an assymetrical pelvis and from the start the insurance said they would not cover anything to do with or resulting from the assymetrical pelvis, then it was found to me abnormal muscle development and the horse had scans, bloods, xrays and finally surgery on the stifle as it all resulted from there-the insurance paid for everything!
We also currently have a dog at work who was bitten by an adder on his elbow, treatment is a nightmare due to the effect the venom has on the body tissue, as the wound has repeatedly broken down, he has had skin grafts and a form of plastic surgery, the area is very difficult to treat due to be so mobile and there being a lack of skin flesh in that area to work with, 3 weeks on and the bill is just under 5k and it is likely more surgery will be needed.
I insure mine (when I have them) by working for a vet!
No point having insurance if you don't claim though.
Also ALL insurance ask you if there have been any changes since you last renewed it is no secretive special thing with pet insurance-it is the same for car insurance if you have had even a minor bump and not claimed then on renewal you don't mention it your insurance is void (if they find out).

 

[lannerch]

And they will find out as they will ask to see all your previous vetinerary history if you ever put in a claim, anything you have paid for will be excluded still, it doesn't matter who paid the bill.

If you pay for insurance for goodness sake claim!