I bought a protective vest when I started riding again after a fall (in a riding ring, from a trot, from a not very tall horse) in which I broke 4 ribs.
So, first, it doesn’t really matter if you intend to be bashing into obstacles or not; you can still do significant damage to yourself in a fall.
Second, I did a ton of research on protective vests. I spent 6 weeks sitting in a recliner all day. I had plenty of time on my hands and a laptop. :lol:
My conclusion is that the less expensive, unrated vests, like the Tipperary Ride-Lite vest (I own one of these), are going to protect you from things like road rash from hitting the ground and skidding, or scraping your back as you slide down the wall of the indoor. And I think they will provide some stabilization to your spine in a fall, since the vest will, to a certain extent, keep you from crumpling up.
But, the more expensive, rated vests, like the Airoware Outlyne (I also own one of these) provide significantly more impact protection and structure. I have had one fall in my Outlyne - from a tall horse having a bucking fit (which was entirely a result of my own stupidity). And I will note that the horse was actually standing still when the debacle started. I landed flat on my back, although my hip did hit first. The area that was covered by my vest was entirely unaffected. No bumps, no bruises, no sore spots, no spinal damage, nothing. I do not believe that my Ride-Lite would have provided that level of protection.
My hip/butt cheek was an entirely different story. Too bad they don’t sell protective shorts. :lol:
So, yes, even an inexpensive, unrated vest will provide some protection from some types of injury in a fall. But, don’t expect any more from it than it is able to provide. You’re going to have to assess your personal risk level and tolerance for that risk and decide based on that.