Horse Insurance

[m-mini]

I seen horse life insurance and major medical. Is it worth it??

It seems like a scam for a mini.

 

[Kim~Crayonboxminiatures]

I've had mortality insurance on different minis over the years, but have never had to use it (thankfully!). Some were leases, so I was covered if something happened to the horse. I also insure ones that I have invested a lot into and would feel a huge loss if I lost the horse. Not a scam, but depends on your situation. Typically I only have 1-2 horses insured at a time, not my whole herd.

 

[Carolyn R]

If one spends more than a few thousand on a new mini, knowing the initial transition to a new home is the hardest on them, it may end up being well worth it.

I have submitted claims to the insurance on a new horse that got sick in transit and arrived ill, I have also used it for a mini that got injured while in training. Both times it was well worth it to have spent the money on the insurance.

Is it economical to insure a horse that cost $500, no, but in some instances it may be more of an ethical issue rather than an economical issue (granted that the insurance chosen will cover the horse up to the agreed policy amount, not what is written on a receipt).

 

[m-mini]

The company I looked at would only insure the horse for the pruchase price. The first years premium for mort. and health insurance cost more then the horse.

I only paid 350.00 for my mini.

I want the major medical, but I can not find anyone that just offers it.

I have some of my show cattle insured. But they are insured for an amount I wanted, not purchase price.

 

[JMS Miniatures]

I've had my horses insured before but it was just for liability and any freak accidents that could have killed them. Wasn't worth the costs. Especially since my filly I had coliced and died they weren't responsible for that or any medical bills.

There is an actual equine insurance co. I'm looking at and it covers major medical I don't know what their prices are like but if I had one that I find that I couldn't replace sure I'll put insurance on them.

 

[LostInOz]

Most companies have a minimum on their policy, and I find that to be around $200.00 That is for mortality insurance. Add major medical and that adds some more premium - depending on how much medical you buy. Some are an additional $250 for a standard amount of $7500 or $10,000 (will reimburse your medical expenses to that amount for covered medical procedures). Unlikely you will find medical coverage alone. You MIGHT find surgical coverage, but most of the time both medical and surgical come with mortality.

You can also just get limited /named perils, where the ins. co. pays for death by accident, fire, lightning, transportation, and some others, but does not pay for death by colic or illness. You can normally insure for this for $75-$200 per animal. Depends on the company on how much the cost is, just like for your car.

All depends on how much your animal is worth and how much you want to spend to insure them. A minimum of $500 for a year of mortality w/ major medical isn't much to spend if you purchased for $75,000.00. But you will normally have to prove to the insurance company WHY the horse is worth $75,000 if that is not the purchase price (show or breeding records)

You can't buy a $350 pony and want $10,000 in insurance. That is like me buying a $350 car and deciding I want $10,000 for insurance. But if I buy that $350 car and put $10,000 in it in customization (training for pony- they usually allow 60% or so in training fees for a few years) so it is now worth $25,000 at Barretts auction, then the insurance company will likely not have a problem with my requested amount.

Is it worth it? Only you can decide that.

One other thing - READ YOUR POLICY carefully. Coverages differ by company and also by WHAT you purchased. A limited policy MAY NOT pay if your pony dies from colic. A mortality policy MAY NOT pay if you didn't use the vet's advice to try and save the pony.

 

[Karen S]

Hi,

Lost in Oz pretty much hit the nail on the head. If you are insuring a breeding stallion there's more to his paperwork as well. They want to know how many mares he was bred to. How many were pasture bred, how many were hand-bred, how may were AI. Do you stand to outside mares and if so how much do you charge for breeding. They also may want to know how many babies he has on the ground and how much each one sold for. This helps them to see if you are over-insuring or sometimes under-insuring your breeding stallion. It's a check and balance system.

My stallion also carries an endorsement to his policy to pay me the limit of the policy in the event he gets kicked by a mare and renders him sterile. I've had him insured for several years now and will be adding my best broodmare to the policy soon. I'm very happy with the cost as well.

Horse Insurance Specialist is who I buy my mortality insurance through. They are on the internet. Give them a call.

Karen

 

[StarRidgeAcres]

I chose to only use it on two horses. They both have mortality, major medical and a specific colic surgery rider. The stallion also has a fertility rider in the instance he is injured or somehow would become infertile. The stallion policy is more because of the fertility part. The mare is covered due to her value (based on purchase price, and several years of show history). In the very beginning I tried to get insurance on a horse I paid $2000 for and I soon decided the cost of the insurance was not worth what I would get. So, for now and going forward, I will probably only insure horses that actually have a high $ value should they be lost. For my pets, etc I have decided to just pay out of pocket.

I use Smith-Embry in Kentucky. You can try them and see what they have to offer. Good luck!

 

[ruffian]

I have a farm policy that covers my horse herd in general, and one policy on Thumper for mortality and major medical.

I had a claim on my farm policy and had a hard time proving value. Long story not going into it here. Suffice it to say there is a farm and a trainer that I will NEVER do business with again!! Finally got my money but made sure to change my policy wording.

My policy on Thumper is very specific to value. I had to have him vet checked thoroughly before the policy could go into effect. Also had to have a reason for the value (show record in this case). He is covered in full for mortality or sterility. it's about $600 a year for $50,000 coverage.

 

[valshingle]

I have had both major medical and mortality insurance on our horses over a certain value, for us $3500.

I had two bad years where we lost three horses over that time period. The insurance company paid out promptly. We had the horses insured for their purchase price and just had to send the insurance company a copy of the Bill of Sale as proof of value. All three horses were in the equine hospital when they died and the vet did send all the records. Plus we notified the insurance company as soon as they became ill, since they were covered under Major Medical.

 

[StarRidgeAcres]

I have a farm policy that covers my horse herd in general, and one policy on Thumper for mortality and major medical.

I had a claim on my farm policy and had a hard time proving value. Long story not going into it here. Suffice it to say there is a farm and a trainer that I will NEVER do business with again!! Finally got my money but made sure to change my policy wording.

My policy on Thumper is very specific to value. I had to have him vet checked thoroughly before the policy could go into effect. Also had to have a reason for the value (show record in this case). He is covered in full for mortality or sterility. it's about $600 a year for $50,000 coverage.

I think your policy on Thumper is extremely reasonable! That rate seems GREAT! Would love to know who you use. If you don't want to state here would you mind pming me?