To insure or not to insure

[Batgirl]

Hi all, just after some perspectives!
Exclusions - Left hind hoof, right hind hock, skin conditions, airway conditions.
I will not put any horse through colic surgery or 'major surgery'.
Premium £800 (though I've asked for a quote for LOU and Death/Loss only)

Would you bother insuring a 13yo?

 

[be positive]

I wouldn't bother with LOU it is so hard to get paid out for if and when it happens, have you thought about reducing the value as again it is rare they simply drop dead so payouts will not be forthcoming if for example you pts rather than go for colic surgery unless it is not an option the vets feels is feasible, yes they will pay if the horse breaks a leg or similar but to my mind it is best to keep a low value and have the vets fees covered or to self insure and get saving just in case.

Just to add I think 13 is about the danger time for a lot of horses, they either break early on or start to go a bit arthritic as they get into their teens, he still has a fair amount of his limbs covered so I might wait until after the next claim before stopping it, otherwise the law of sod will mean something goes wrong within weeks of cancelling.

 

[milliepops]

Just to add I think 13 is about the danger time for a lot of horses, they either break early on or start to go a bit arthritic as they get into their teens, he still has a fair amount of his limbs covered so I might wait until after the next claim before stopping it, otherwise the law of sod will mean something goes wrong within weeks of cancelling.

This^^ personally I'd ask for a new quote without the LOU as that seems to be difficult to get on some horses, and bumps the premiums up hugely.

 

[Christmas Crumpet]

Kbis are doing a new catastrophe insurance for less than £300 for accidental injury, colic, joint flush etc. I'm tempted!!

https://www.kbis.co.uk/new-catastrophe-cover

 

[Batgirl]

Thanks guys, some interesting thoughts!

 

[supsup]

I think the question whether insurance is worth it is only half covered by cost/what part of the horse is excluded. The other half has to do with your own finances, and whether you'd have the resources to cover vet costs in an emergency. On average (nationally), you always lose money paying for insurance, else the insurance companies would go broke from paying out more in claims than they take in via premiums, and it is impossible to predict whether you personally will be on the winning or losing side, money-wise.
If you have the finances to cover emergency costs, then I would always opt to take the risk myself, rather than pay someone else to mitigate the risk, at a cost. If you'd get into trouble without insurance cover, then I'd shop around for the best deal, being realistic about conditions, and also keeping in mind the cost of excesses on top of premiums in case of an injury.

 

[BandL]

Last year I thought about uninsuring my older boy when he was 19 due to the long list of exclusions he had against his policy. I thought, no I'll do it for 'one more year'... 1 year later and my insurance has paid out over £7,000 in veterinary fees after a displaced bowel (colic) and an eye injury which resulted in him losing it!

I found that dropping his value brought down my monthly payments as well as removing LOU, tack or other extras you may have. IMO the chance of insurance paying out for death due to BEVA guidelines is rare so his insurance value is unimportant. I have kept him insured should he have any further large vet bills and the cost of disposal etc when the day comes.

 

[Batgirl]

Thanks guys, I've asked for extra quotes (good point re: the LOU and death etc) and have contact KBIS who are putting a quote together for my 'competition horse' under their leisure horse rules.

 

[hairycob]

I wouldn't bother with LOU unless it was a very valuable horse.