What would you do re insurance?

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littlen

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My insurance is up for renual in 2 weeks and I am trying to decide what to do with it! I am struggling financially at the moment and dont know whether to do change my policy to save myself some more money a month
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So with petplan I can get him insured for £500, with £3500 vets fees, 1 million third party liability and on group 3 (gymkanah,le trec, local shows, PC, RC, Schooling, Hacking, Vaulting) for £15.28 a month.

Currently I am paying £28 a month but he is insured to the value of £2000.

Would you decrease the value of your horse for a massivly cheaper premium or is it too risky. He was gifted to me by a friend so i paid the pricely sum of £10 for him, so its not like i would like my money back, its more if something did happen to him would the company be less likley to pay out for say, vets bills because he is worth less? Also if i wanted another horse I would have to save hard (or take out a loan
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The extra £10 a month does sound very appealing though and I would never sell so I dont mind what he is valued at, as long as he is covered for vets bills.
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Also would you say that £3500 vets bills is sufficiant, or would you opt for £5000 which would increase the premiums to £22 per month.
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I would definitely drop his value to £500 if your main reason for insuring is vets bills. Hard to say whether £3500 would be enough if you got say a colic or bad lameness that needed lots of investigating.
It is all such a gamble isn't it...good luck whatever you decide.
(Ps I have my old arab mare insured for £500 as I need her to be covered for vet and her value is irrelevant now)
 
I would drop the value as it seems the vets fees are more important to you, i'm with Amtrust Equine who are very good at paying claims but also good premium and if you haven't had to claim then they will give you a 10% no claims discount, it's worth a call just to find out
 
I had my horse insured for £1500, cant remember vets fees, I think they were either 3.5 or 5k and I paid £20 month, through NFU. He had exclusions on forelegs for being bar fired though, not sure if this would effect the premium.
 
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