Insurance - worth having?

[maxapple]

I have 2 horses, both insured with pet plan costing me £60 a month. I'm thinking of cancelling as I don't know whether it's worth having anymore.

Horse 1 is 20 years old. Had a broken leg 3 yrs ago which cost us £5k (insured) and another £2 in vet hospital bills! He's retired now but I know I would never put him through anything like that again. If he had any major injuries / illnesses we would call it a day.

Horse 2 is 14 and is developing issues with his hocks and back. He's a stressy boy and would never box rest or retire. As above any injuries that involved major recovery we would call it a day. He had a horrid life being jumped relentlessly and left in a field the rest of the time before I got him. He's approaching the end of his ridden life also I think.

Don't think it's worth paying £60 a month really - might as well just save instead?

 

[dogatemysalad]

Personally, for me, no. Most call outs are around the excess charge anyway. They only pay up for the first year and then exclude the affected part of the body. Some policies do not include livery and transport charges while in hospital which can rack up huge additional costs.
The insurance company needs to approve treatment or euthanasia which can cause delays. Sometimes, I've hesitated in calling a vet for a seemingly minor issue because it may cause an unwarranted exclusion, and when I stopped insuring, the sense of freedom was great. I can make my own decisions. I do not have to have diagnostic tests done if I do not feel they are in my horse's best interests.

That said, I am financially able to cover the cost of emergency and humane treatment, but for £60 a month, the money saved in an account would soon mount up.

I dislike insurance and only have policies that I am legally required to have such as car and buildings insurance. I've saved many thousands of pounds over the years.

 

[Finlib]

It was cancelled my insurance 2 years ago it was £110 a month .horses were 23(veteran) 17, 7 and 10.
I checked back over the previous 3 years and worked out I had spend £360 on vets bills only one was covered by insurance less excess it was £200.
I am covered for third party by BHS Gold and I put all the tack on the house insurance as it is kept in a brick built annex of the house that costs an extra £20 per year.
I have saved £3,000 in the two years I haven't had insurance and in that time have had the vet out twice at a total cost of £180
I would not put the two older horses through any sort of invasive treatment or treatment involving long term box rest and I am not a huge fan of colic surgery.
I feel able to manage my horses as I see fit and not be pushed into action because of the one year time limit.

 

[MurphysMinder]

I am about to cancel the insurance on our 21 year old (the 26 year old was cancelled a couple of years ago). It is costing me a fortune and as we would not put them through major surgery or treatment, plus insurance company would probably find reasons not to pay, I really cannot justify continuing with the insurance.

 

[Shay]

We no longer carry vets fees insurance. But do keep third party liability, unless you have it elsewhere through BHS, WHW or similar. We do also carry insurance against costs in consequence of death - not for the loss of the animal, but for disposal fees.

 

[Pearlsasinger]

We stopped insuring ours after losing a mare to a rectal prolapse, whose digestive system had apparently been excluded following a mild colic episode. Over the years we had spent a fortune in insurance premiums for multiple horses. Now we just have 3rd party cover through BHS Gold membership and know that we would be unlikely to put any of the horses through invasive surgery of prolonged box-rest. I must admit to having had the vet out a few times in the last 18 months or so, though. Fortunately I am able to pay the bills without worrying about it.

 

[lornaA]

Your situation is very similar to mine. 2 years ago my mares renewal came in and they wanted £38 a month for a horse with an a4 page of exclusions. I decided not to insure anymore and cancelled. My mare died last week of colic aged 21 and I still believe I did the right thing as I would never of put her through a major operation at her age considering her other health issues. You just have to be clear in your head what you would or wouldn't treat and set yourself a budget for vet bills. These can soon add up as I found out with a bill for £375 for the night my mare died.
If I had a younger horse I would probably insure but not an older one, save your £60 a month instead.

 

[skint1]

I pay over £90 per month for 3 horses, used to be over £100 but I reduced the premiums by hiking up the excess, reducing the things they are insured to do. Both my TBs have long lists of exclusions, I am told some are removable if you get them vetted. I am too scared to cancel the policies but I do increasingly think it isnt worth it. I have a line of credit through my vet anyway and a good relationship with them.

 

[maxapple]

Thanks everyone - I think that has helped me make my mind up to cancel. I'll stick £100 a month into the bank instead for emergencies.