Is this a good idea? (Following on from Insurance post below)

[Scribbles]

I was thinking, instead of paying monthly insurance, of putting the same amount each month into a high interest savings account and using that as the vet bills/replacement money.

That way when it comes to PTS and loss of use etc, the decision is mine and not the companies to make.

Does that make sense? I am not at all business minded.

 

[Pearlsasinger]

This is what we do. 3rd party insurance (which is vital) is covered by BHS gold membership. After paying £thousands to insurance companies for very little or no return, and fighting them at a time when you can really do without it, we feel that this is by far the best option. And of course if you are lucky enough to not have to pay vet's bills you can use what has built up to buy the next horse. In fact if we'd done it sooner we'd have been able to afford a state-of-the-art horsebox as well!
The only downside is that you do have to be sure that you can afford any vets' fees before you have built up the fund (e.g. 1st year).

 

[Booboos]

This is what I do as well, but you have to be strict and not dip into the money for other purposes!!! If you are lucky and avoid expenses in the first few years it mainly works out cheaper (esp if you have a number of horses).

 

[Scribbles]

Well my very strict uncle is in charge of insurance, so I doubt he'd let me anywhere near it!

Am deffo going to do it then when policy runs out

The biggst claim we have had was £6000, which isn't really that much, and definately something we could scrape together if needed.

Ta

 

[Eye_Spy]

Agree with Pearlsasinger about ensuring you have access to the funds incase of immediate emergency. Would not do it myself but lots of people do. Having not made a claim on the insurance for 10 years, in the past 2 the bill for NFU has come to over £10,000 alone for eye removal/ broken knee. An amount we definately wouldn't be able to scrape together. And thats only covering half of hospital livery fees and we had to provide the rest

 

[Scribbles]

With just a £6-7000 bill NFU were afwul and we ended up paying a lot of it ourselves because it was easier than dragging on the process for more months.

I'll discuss it with uncle