Self-insuring horses - do you do it?

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Shilasdair

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Hi
if you self insure your horse, can you tell me;
1. How much you save per month to build the fund?
2. The total you've reached, and the total you're aiming for
3. Where do you save it? Savings account, ISA?
4. Have you had to pay out?

Just trying to organise my hooved minions.
Thanks :)
 
Mine is insured, but I thought about stopping it and having a fund. I decided I'd need a minimum of £3000, then add to it. I went up to the limit on my Holstein's insurance when he broke a leg and just in case, I don't want to worry about affording treatment for the fluffy one.

PS miners a cob, carefully chosen to be robust! :D
 
Total in fund is 3 grand, would also add credit card to the limit too if needed. (So about 4,500 in addition to emergency fund).
If it gets depleted, I reckon to add to it from other savings account within a certain time, or add monthly from salary to replenish, at a min of 150 pcm.

That said, quality of life is paramount and there are various proceedures that I wouldn't do/allow for each of mine, as they are all different temperaments.

Oh, and hello Shils, long time no see on here! :)
 
I put a lump sum in Premium Bonds as interest rates were pathetic at the time and put more in as and when
I am aiming for the total amount you are allowed to invest
Not had to withdraw out any at present, had some vet bills but just paid it as usual, no different to when I had insurance excess to pay
I did have a win on Premium Bonds so I ploughed that back in too so I am winning :)

Oh dear I have just tempted fate...........
 
The Fuzzy Furry said:
Cripes, not good x

Like me or hate me, I have it noted on my vet records that no surgery using a GA on mine, but that's my choice.
(Grabs tin hat and ear plugs)
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I think there's a calculation to be made - years of life the horse might live, prognosis after colic surgery etc. My horse was a 5yr old at the time, and first colic surgeries tend to have positive outcomes (if you get them to the vet quickly).

A second colic surgery, or an older horse - not so much.
 
Cecile said:
I put a lump sum in Premium Bonds as interest rates were pathetic at the time and put more in as and when
I am aiming for the total amount you are allowed to invest
Not had to withdraw out any at present, had some vet bills but just paid it as usual, no different to when I had insurance excess to pay
I did have a win on Premium Bonds so I ploughed that back in too so I am winning :)

Oh dear I have just tempted fate...........
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u

You are going to save £50k purely for vet bills? Or is this just general savings that you would use for anything?
 
Shilasdair said:
u

You are going to save £50k purely for vet bills? Or is this just general savings that you would use for anything?
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It is now intended for the animals in general if I need it, it started out for vet bills only and will always be essentially for emergencies
Your bill makes it seem that I may need the full amount if something goes wrong with them all and I won't have much left over
 
Cecile said:
It is now intended for the animals in general if I need it, it started out for vet bills only and will always be essentially for emergencies
Your bill makes it seem that I may need the full amount if something goes wrong with them all and I won't have much left over
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Ah, don't worry about a bill like mine - my horse managed to have a very rare condition.
How many horses do you have?
 
If you mean "pay the vet bills as they occur" then yes, I do that. I do have a limit to what I am prepared to spend, and a limit to what I am prepared to put an animal through - both are not as much as I see many people do.
 
No I don't. I have one insured as she is on loan. The rest will get treated to a certain limit and there's only so much I will put a horse through, so I'm with Cortez on that score. Also like TFF, none will go under a GA.
 
Shilasdair said:
Ah, don't worry about a bill like mine - my horse managed to have a very rare condition.
How many horses do you have?
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2 tiny ones and 2 bigger ones but I have goats and sheep who I quite like too, although they don't seem to need the vet often, thank goodness
I would not agree to colic surgery, if one ever had laminitis or any other condition I would not keep going endlessly if I didn't feel it was the right thing to do
I believe in quality not quantity of life so I am pretty straight forward on what I am willing to put an animal through

I also decided that if I were to drop dead tomorrow, the money would enable my family to employ someone to care for the animals whilst they got their act together :)
 
Mine cost £1200 a year to insure and I can guarantee if I stopped it one of them would use that amount in a heartbeat so I just won't risk not insuring them. Both are young but once they get to a certain age I will stop and will do the right thing by both of them should the need arise.
 
Recognizing I might jinx the whole system here....

We stopped insurance about 5 or 6 years ago now. A mix of competition and non competition horses. All bar one hunts. 1 cob - but the rest TB / warmblood types. Not especially hardy. Total insurance bill exceeded £1,500 at the time I refused to re insure. Total saving so far.... at least £6,500. Probably more as they have all got older, and I have acquired others. Total spend - £400 which I probably would not have claimed anyway. I don't save specifically for insurance but I have a reasonable savings cushion anyway.

Insurance is essentially a gamble. You bet you are going to need the vet - they bet you won't. But the odds are stacked in favour of the house. If you do claim they stack the odds further. Something in industry has learned not to do with small animal insurance as too many people stopped insuring. If you would have no way of covering costs for reasonable emergency treatment then insurance makes sense. But otherwise it is basically little more than a further tax on those with less resources.

And having said that it would serve me right......
 
I stopped insuring my 22yr old about 18 months ago. In theory I should have saved about £1800 but have saved absolutely nothing. I have no savings at all just a pension when I get to 67 if I’m lucky. Credit card would be used for an emergency and I’ve been cutting back on everything to try and save money. I’ve had an expensive year for various reasons.
 
I don't at this point, but am planning to get my act together and start self-insuring. Touch wood, I've only ever made one claim since I've had horses, and that for only a little over my excess. Like others have said, there is a limit to what I'd put mine through, and one is old and only covered for injury now anyway, so it seems silly to be wasting so much money each month.
 
I put aside £120 a month to use for various stuff but keep the available pot between 3.5 and 4K for unseen vets fees. I also have a lot of credit available in case they all decide to pull out the sicknote at once, and tbh if I needed more then I would find it.

Like others, there are a lot of things that I would not put them through though
 
ycbm said:
Same here. Pass the hat.
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Ditto. I have three, normal insurance plus excess would be nearing £2k per year, excluding routine visits. I rarely pay more than £1k per year including routine visits.

Ditched insurance 12 years ago, so I'm very glad and up on my gamble.

By far the most import factor for me was that now vets discuss and ask me what next steps I'd like to take with a condition, not what the insurer wants.
 
Cortez said:
If you mean "pay the vet bills as they occur" then yes, I do that. I do have a limit to what I am prepared to spend, and a limit to what I am prepared to put an animal through - both are not as much as I see many people do.
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Me too.

I feel strongly that insurance can all to often subject animals to treatment that benefits humans more than them whether that be owners who can't face making the right decision be that turn away or more final and vets who see profit and prestige for treating difficult conditions.
 
teddypops said:
That’s not self insuring! That’s not insuring and paying all the bills yourself!
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Can you define self insurance for us?

For me, that's all it means, paying the bills yourself. If you can't pay them, you aren't 'insured' at all. If you can pay them, you are.

I don't see that it makes the slightest difference whether your pool of money to pay them is in a savings account or on a credit card?
 
ycbm said:
Can you define self insurance for us?

For me, that's all it means, paying the bills yourself. If you can't pay them, you aren't 'insured' at all. If you can pay them, you are.

I don't see that it makes the slightest difference whether your pool of money to pay them is in a savings account or on a credit card?
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No I can’t because it’s not a thing! If you are not insured with an insurance company then you are not insured whether you can pay your bills or not.
 
I debated this last year, my cob has had no more than £1000 of treatments over 12 years. She injured her SDFT in her hind 3 months ago so despite a £500 excess I think I’ll end up on top. Her insurance has been about £35 a month for that period which is worth it for not worrying about big bill. I do have a good pot of savings but I like spending a set amount on my horse. She is nearly 19 so will probably put her on accident only cover, as others if was colic etc I’d only put her through it is big chance she’d recover fine after.
 
teddypops said:
No I can’t because it’s not a thing! If you are not insured with an insurance company then you are not insured whether you can pay your bills or not.
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It is a thing. It's well known in the automotive insurance world. You and I are forced to have third party car insurance. Large companies can self insure. It's a legally recognised term.

Self insurance is any situation where you accept the risk yourself and can cover the payment if needed.
 
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ycbm said:
It is a thing. It's well known in the automotive insurance world. You and I are forced to have third party insurance. Large companies can self insure. It's a legally recognised term.
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So when the vet asks ‘is your horse insured?’ Do you say yes or no?
 
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