Loss of Use Insurance

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Tinkle

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Hello all.

Insurance for my two comes up for renewal at the end of August - just wondered if people here insure theirs for loss of use? I seems a sensible idea (and Bianca, my first horse, has always been convered for it), however, a lot of the information I read about it seems to give mixed views.

Any thoughts? On insurance in general also?

Thanks very much.
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I have LOU on daughters horse but do wonder if worth it as puts a lot on insurance.Keep thinking will take it off but then sods law something will happen.
Not much help sorry.
Am with Petplan and have had no problems with them.
 
Thanks - you're as unsure as me he he! I'm definitely going to put my older mare with PetPlan on their Veteran Policy, so it's good to know you haven't had problems. She won't be insured for loss of use. But I'm not sure about the 5yr old. There's been a article in Horse and Hound recently about insurance but the section on loss of use didn't seems very clear.

All opinions very much welcomed!

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I've never insured for LOU except for the mare I bought at christmas & I needed it !!

The premiums are way higher but if you cannot afford to replace your horse if something goes wrong then its probably better to have it than not.

When I had two horses I took the view that one was in effect insurance for the other as I would always in theory, have something to ride, so I didn't bother.
 
That's the thing Dixie - I don't think I could afford to replace my younger one if something happened. But then I read in a lot of places that with loss of use insurance companies rarely offer the full amount and, if they do, the horse usually has to be euthanised to receive it.

Hmmm...
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Loss of Use bascally covers (up to) the full market value of your horse should, for example the horse suffer an injury/illnes (ie, broken leg, degenerative condition etc) and cannot be used for it's intended purpose. If the horse was a competition animal and say sustained a tendon injury and could, not then be used for competing but could be used as a light hack you are likely to get only a % of the sum insured/ market value under a Loss of Use claim as opposed to the full sum insured/market value.

Loss of Use would also pick up a claim where maybe death wouldn't. To claim under death on a policy it has to be under BEVA guidelines so therefore the horse has to warrant being PTS on immediate humane grounds. However, IF you had a horse say that had a degenerative condition but DIDN'T warrant immediate destruction yet you felt it would be kinder to have the horse PTS/youcouldn't afford to keep a horse just to be out in a field then that would then be covered under the Loss of Use section.

Hope that makes some sense!
 
That does make sense. Thanks LadyT. I guess at the moment I can't afford to not insure him against loss of use.

Insurance is a nightmare! The car comes up in a couple of months as well :-(

Thanks again.

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[ QUOTE ]
To claim under death on a policy it has to be under BEVA guidelines so therefore the horse has to warrant being PTS on immediate humane grounds.

[/ QUOTE ]

This is something most people don't realise. I always say if you don't insure for LOU then just insure for a nominal value to get Vets fee cover as the Death part on it's own is not that useful.
 
I think it is a lot of money for what it is. I always have it on new ones for a few months and then cancel it off once I know they are ok.

I would rather put the money in the bank and have it there if / when I need to buy a new horse.

The payment isn't 100% of the value of the horse anyway.

However, saying all that, it is just s*ds law that as soon as you cancel the cover there will be a problem!
 
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