Loss of use insurance

[suzi]

Horse passed vetting today and I've phoned to sort out insurance.

He'll be the first one I've had insured for ages but I've paid more for him than the others and we'll be going out and about doing more.

(Before anyone jumps on me - I can find the money for vets fees for the others if needed but the TB has already broken his leg once and done ligaments so insurance excludes so much it's not worth it!)

I've had several quotes but just wondered what people's experiences were of LOU insurance. It'll add over £200 per year to the premium and I've heard of people who've had problems claiming.

Is it worth it? Would you bother?

Any thoughts experiences appreciated!

 

[MrsMozart]

I've had it on Dizzy.

Coming to the end of the claim. Ho hum .

I guess that if one would need/want the money back for whatever, then it's worthwhile.

For me, whilst that sort of money is always nice and is ear-marked for another horse and its first year's livery (after that we hope to have our own land), I'm not sure it has been worth it, for me.

Maybe once we're past this stage I'll feel differently. Freezemark people are booked to come out and do the LoU mark. I'm hoping that once that is done and the cheque is in the savings, I can look forward.

Sorry. It's just been one of those days and I'm a bit deflated. PM me if you want to chat.

 

[suzi]

Thanks MrsM.

About to leave work but will PM you later on.

My problem is I'd never PTS just cos the horse couldn't do a job, so maybe the money would help, but then it's not really about the money - if I kept him but he couldn't do the job I wanted I prob couldn't afford to keep another - I've got quite a collection as it is.

And if I could afford to keep another (my some miracle I had more money!!!) then buying a new horse may not be such an issue anyway . . . .. .

I don't know. My brain is too fried from work to think straight!

 

[eggs]

I wouldn't bother with LOU. I have heard too many horror stories of insurance companies wriggling out of paying it.

Also carefully check the small print. Some companies will only pay out say 60% of the LOU is you do not have the horse PTS.

 

[traceyann]

Iv had loss of use had no problems claiming and being my horse was nineteen got 1500 which i dont think was to bad which went on more vet treatment for him he is know sound so got the best of both world it is very expensive but in my mind worth it

 

[suzi]

I wouldn't bother with LOU. I have heard too many horror stories of insurance companies wriggling out of paying it.

Also carefully check the small print. Some companies will only pay out say 60% of the LOU is you do not have the horse PTS.

This is kinda what I'm worried about.

The 2 companies I spoke to will pay out 75% of value if the horse is PTS but 65% if you keep in in retirement / lower level work.

Seems rather harsh to me.

 

[Puppy]

Is it worth it? Would you bother?

Any thoughts experiences appreciated!

Depends how much you are paying for the horse, IMO. I wouldn't bother for a cheap horse, as the premium will be more than it's worth, but if you're spending several thousand then yes, I think it's sensible to protect your investment.

I had it on my last riding horse as I paid a fair bit of money for her. She has (v v sadly ) broken beyond any work is a LOU case. As a result I will have 80% of what I paid for her to go towards another riding horse for myself, which is the one saving grace in the whole sad story.

 

[MrsMozart]

Mine is paying out 80%.

I can hack her, so long as the conditions are right, i.e. not very muddy.

I bought her to BS. If I could afford it, then I would have liked to see if we were any good for three-day events (BE). I did not spend all that money on a loopy just backed youngster just to hack. I have nothing against hacking, just it's not what I bought the Dizz to do.

She won't be able to carry a foal, due to the pelvis issue.

 

[Puppy]

This is kinda what I'm worried about.

The 2 companies I spoke to will pay out 75% of value if the horse is PTS but 65% if you keep in in retirement / lower level work.

Seems rather harsh to me.

Really! May I ask which companies those were?

I'm with NFU and they are paying 80% what I paid for Be, and will then allow me to take out a fresh policy for her so that she is still covered for vet bills.

I was nervous in advance that I would have to prove her value or something, but their valuer was very nice and we sorted in on the phone.

 

[Tr0uble]

I've had my new boy insured for LOU. I did't bother for Snip, and even NFU have told me that he is a classic LOU case and they wouldn't have questioned a LOU claim.

Not getting burned like that again, but yes it does add a lot to the insurance payments.

 

[suzi]

Really! May I ask which companies those were?

I'm with NFU and they are paying 80% what I paid for Be, and will then allow me to take out a fresh policy for her so that she is still covered for vet bills.

I was nervous in advance that I would have to prove her value or something, but their valuer was very nice and we sorted in on the phone.

This was SEIB and KBIS.

 

[pip6]

I was offered LoU on my mare after she did a tendon, but turned it down in favour of a much lower offer of cash to cover some physio for her. I had 2 major concerns, firstly being a white grey she would have had to have a bald freezemark for the LoU. Now I used to ride a grey pony with a bald mark & it caused her no end of pain especially in the summer with sun burn & flies (nice easy place to get to the skin). No-way would I ever put a horse through a bald mark.

Secondly, with time, I thought I could get her going in lower level work again. If I took LoU I would have trouble getting any further form of insurance. As her injury wasn't caused by work (did it being led in), & I have had a couple of minor accidents competing resulting in vet bills (didn't claim for - too small), I wanted as much of her insured as possible. The company I was with did plenty of stuff wrong, paid begrudgingly & made me feel as if I was trying to scam them (SEIB). As soon as her policy ran out (SEIB wanted to exclude both back legs totally) I switched to Shearwater, telling them everything as you have to. They excluded tendon or muscle claims on the back legs for a year. On renewing, because I could show she had been on on rides, passing vet inspections, the back legs were reinstated. Personally I think this was very fair treatment by Shearwater (who have since paid out a claim on another horse of mine who had an accident in the field, no fuss, they dealt directly with the vet, fantastic).