View Full Version : Insurance cost??
Mar. 14, 2012, 01:39 PM
I have a youngster that I bought as a yearling for 15k and is now 4 and almost show ready. Since having him for 3 years and put a lot of training into him I have no idea what his "value" is for insurance purposes. Do I have to get him appraised? Also what are the typical insurance costs every month? I am aware that this is a broad spectrum question dependant on the horse and type of insurance plan, but I am curious to see the cheapest vs the most expensive. I have a few insurance providers on my "list" to contact but would like COTHers opinions as well.
Mar. 14, 2012, 01:45 PM
Usually the value is the purchase price. If you want to insure for more, I believe you have to show proof that the value has gone up.
I pay insurance twice a year, $400 each time. Mine is with QSB/Praetorian and includes major med and mortality, with a colic surgery sublimit.
Mar. 14, 2012, 02:32 PM
Mortaility insurance is just over 3% of the horse's value per year. You can add on major medical for not much more than that. In order to insure your guy for more than the purchase price, you would need to submit evidence that his value has increased (show records, etc.) I think if you call the insurance company directly they would be able to best help you determine what other evidence would be needed/acceptable.
Mar. 14, 2012, 03:03 PM
As for the price, you will start with the sale price and fill out a justification of value form for any increase over that. It will ask about monthly training costs and show results. Your agent should be able to help you decide what's reasonable, and provide comps on the current market if the company is hesitant.
Mortality is a percent of value. The percent will depend upon the discipline the horse paricipates in, and the level. I've seen things between 2% and 4%.
On top of mortality, you can get riders for major medical, loss of use, surgical, colic, fertility, etc. These are usually a flat yearly cost for a certain $ value of coverage with a certain deductible. I believe I have $10,000 of major medical coverage, with a $250 deductible and no co-pay for anything (including diagnostics). I believe the cost is between 300 and 400 per year.
Mar. 14, 2012, 11:21 PM
I have my horse insured for $15,000 mortality and MM - w/ $250 deductible. Just got my renewal today and premium for 1 year is $922.
If I were OP since you have no show record to speak of you can either have your trainer vouch for increase in value or insure horse for $15K mortality and MM - My horse has increased in value over the years but I've kept him at his purchase price.