MrsMagoo
Well-Known Member
just trying to sort my insurance policies out and get a new quout for Star - dilema being do I go for loss of use or not??? Is it actually worth the extra money??
Loss of use - is it worth it??
- Thread starter MrsMagoo
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PaddyMonty
Well-Known Member
Thats a very difficult question.
Seems a lot extra to keep paying out if you never need it but a godsend if you do.
It depends really on whether you could stand the loss financially if your horse did become unusable vs additonal cost per month/year.
Seems a lot extra to keep paying out if you never need it but a godsend if you do.
It depends really on whether you could stand the loss financially if your horse did become unusable vs additonal cost per month/year.
burtie
Well-Known Member
For me personally I'd never pay for it, but it might be right for you. Get a quote on the additional cost, then read the small print VERY carefully, LOU is about the most complex and misunderstood part of Equine insurance, so don't be afraid to ask the Insurance company lots of questions if you are not sure about what it means.
MrsMagoo
Well-Known Member
Hmm well have been reading all the guidelines in my policy book i have already and Loss of Use does seem to cover what i'd need - say she could no longer showjump etc anymore...
But then ive heard loads of stories that companies dont often pay out for it anyway!!!
But then ive heard loads of stories that companies dont often pay out for it anyway!!!
fairhill
Well-Known Member
Thanks for posting this - I was wondering the same and searching through old posts on it this morning.
I'm erring towards not including it at the moment, but I've got a mare, and I've heard that it's difficult to claim LOU if they can be used for breeding.
I'm erring towards not including it at the moment, but I've got a mare, and I've heard that it's difficult to claim LOU if they can be used for breeding.
MrsMagoo
Well-Known Member
thats what i thought about also...cause if you say they cant be ridden they would just turn round and say they can be bred from then!!!!
_jetset_
Well-Known Member
That is exactly what I was told when I took Grace on loan... her owner wanted LOU added to the insurance, but when I spoke to her about it and exlained the extra costs and the fact that a mare can be used for breeding so it can become void, she told me to forget about it!
I would question this 'mare' situation with your insurer... there is no point paying all that extra money if they can just argue that she still has a use as s broodmare.
I would question this 'mare' situation with your insurer... there is no point paying all that extra money if they can just argue that she still has a use as s broodmare.
horsegirl
Well-Known Member
Not if they are geldings - LOL
Alibear
Well-Known Member
I have no luck at all with horses and always wished I'd gotten LOU on my previous two, got it on current horse and am now in the process of making a claim.
It has been a lot of money to find each month but now hopefully I shall get it all back and some.
Think it depends if you have your own land so can keep a retired horse cheeply and afford a new one then it's not such a necessary thing but for those of us who can only afford one horse at a time on livery it's a definite help.
It has been a lot of money to find each month but now hopefully I shall get it all back and some.
Think it depends if you have your own land so can keep a retired horse cheeply and afford a new one then it's not such a necessary thing but for those of us who can only afford one horse at a time on livery it's a definite help.
AmyMay
Situation normal
I took it off my policy because of the three cases that I know who went for it - not was paid out.
MrsMagoo
Well-Known Member
Ok think i have decided to go with it - spoke to the insurers who checked with thier brokers....if she could no longer showjump/dressage then they would not fall back on using her for breeding as she is not insured it that!!! They would pay out...
well we will see a
well we will see a
SouthWestWhippet
Well-Known Member
I've got 60% LOU on my mare. The insurance company said they usually recommend only 60% with mares because you can still breed from them.
But my LOU is linked to my category of insurance. Cos she is insured in category 2 (which covers hunter trials, team chasing and hunting) if she is unable to be used for any of these activities because of accident/injury etc the LOU kicks in. I also had showjumping (usually category 1) included in her list of activities for LOU claims because that was one on the main things I did with her. Basically I worked out with the insurers which activities she would need to be unable to do for me to make a claim based on what I wanted from her.
Having said this... I suspect if the worst should happen I'd probably find I'd got it all wrong and she wasn't covered at all... me and insurance have a bit of a shaky history LOL
But my LOU is linked to my category of insurance. Cos she is insured in category 2 (which covers hunter trials, team chasing and hunting) if she is unable to be used for any of these activities because of accident/injury etc the LOU kicks in. I also had showjumping (usually category 1) included in her list of activities for LOU claims because that was one on the main things I did with her. Basically I worked out with the insurers which activities she would need to be unable to do for me to make a claim based on what I wanted from her.
Having said this... I suspect if the worst should happen I'd probably find I'd got it all wrong and she wasn't covered at all... me and insurance have a bit of a shaky history LOL
lizzie_liz
Well-Known Member
We claimed LOU for our mare in 2002 and it was worth it, as we needed the money for me to buy a replacement.
The vet at Animal Health Trust wrote a report and we tried various treatments and none were working, we claimed LOU for eventing.
But now my mare has come sound and is back competing, winning a dressage test this week with 70%...typical!! if she didn't have the L stamp we would show her.
If you can't afford to buy a replacement then LOU is worth it i feel
The vet at Animal Health Trust wrote a report and we tried various treatments and none were working, we claimed LOU for eventing.
But now my mare has come sound and is back competing, winning a dressage test this week with 70%...typical!! if she didn't have the L stamp we would show her.
If you can't afford to buy a replacement then LOU is worth it i feel
Stella
Well-Known Member
One of the problems people have is that generally the pay out would be 80% of the value insurred. Fine as far as it goes, but then if it can be used as a light hack, they knock a further % off that, so you might end up with e.g. 50% of the value and a horse that can only be used as a light hack and has no further insurrance! So you may have 50% of the value to spend on another horse, but you will have been paying something like double the cost of insurrance without LOU in order to get that. chances are it would only take a few years of that to pay out what you might get back and you may never need it, and pay through the nose for it for years
Anyway, thats how it looked when I was making this decision!
Anyway, thats how it looked when I was making this decision!
guisbrogal
Well-Known Member
My friend has always had it on her policies and thought she had it on her current one......only to find out to her cost that her chap isn't insured for LOU. It is proving to be a horrible situation to be in
Louby
Well-Known Member
Ive ummed and aaaghed too about taking off my policy as it is getting pricey but knowing my luck I will need it (god forbid) if I remove it. Ive always had it in the past and have claimed twice through LOU, NFU were paying 100% out on my old mare with ringbone, so no problems with her being a mare and my other horse many years ago was also a mare and the company then paid out 100% too for Navicular which I thought was very good. Saying that I have heard people getting less than 100% so you really need to read the policy before committing.