Insurance or money-pit?
Does anyone else's horse insurance go up every year even though they haven't made a claim?
I feel as though I'm getting charged more because I haven't claimed. My initial thoughts are that it should be going down - but I am yet to see that happen.
Anyway, I suppose that I should be thankful that I haven't needed to claim, but I'm starting to feel as though I'm just chucking my money down a black hole.
What's everyone's thoughts on insurance? Is it necessary?
As a vet nurse, this is one thing that really frustrates me about insurance companies! I feel that insurance premiums should at least stay constant if you haven't made a claim. I understand that they increase each year due to the increased risk of injury/illness as the horse/dog/cat ages, but the jump in price each year with a lot of the companies is unreasonable. All it does is make insurance more unaffordable to the people who most need it. Having said that, I've had to make some massive claims for injuries and emergency surgeries on my very accident-prone dog's insurance, which I just would not have been able to afford otherwise, so I wouldn't be without it for any of my animals. And if I had a pound for every owner I've met through work who cancelled their insurance then their animal developed a complicated condition or got a serious injury... It's annoying that the premiums go up every year but it's worth it for peace of mind in my opinion! It is worth calling your insurance company when the renewal comes through and telling them you're considering switching companies, they will sometimes lower the price, especially if you've been with them for a while.
I am one of those who foolishly canceled my dog's insurance when the premium went up again. I purchased the insurance when he was eight weeks old, after another of my dogs had many expensive medical issues. But after three years of price increases and no claims I decided I could do without insurance. Within a few months my dog had his first epileptic seizure. The medicine is expensive. The frequent blood work is very expensive. It's a crap shoot, I know, but I sure wish I hadn't dropped the insurance on this dog.
Barbara J Martin
I now insure both my horses for only £1000, not their true value, but it gives me £3500 vet cover per horse. I use my BHS gold membership for 3rd party cover, its £63 a month for both, and I had to claim ( thanks to some trespassing walkers) earlier on this year, they paid out no probs. Scottish insurance .
That's what scares me the most, that I cancel and then something happens that I cannot afford. I'd hate to have to say no and have my horse pts simply over money.
My other fear is that I keep paying the premiums but then something happens and they insurance company STILL doesn't pay out due to some exclusion or loophole. I double check all the small print, but it's still a fear of mine.