I'm considering doing a care lease of a horse, but I would like to have the coverage of insuring this horse, just in case something horrible happens when she is in my care.
I tried to get a quote on line, but the few websites that I went to wanted so much information that I knew I would get spammed and I hate that.
So, can anyone give me a guestimate as to how much it would cost to insure a 10 yr. old mare/ TB/Percheron, worth, maybe $5000 tops for a fox hunter. (I will be doing low level eventing on her) I could would think a $250 deductible, major medical up to $7500.
Since it was only about a year ago, the #'s should be reasonably accurate. I would say, pick from the recommended names, get on the phone and ask. There seems to be some consistency re the $500 deductible level, so dont know if you could get to $250. I'd try a couple calls and get quotes with as much detail as you can get. Also, there was a to-do some months back when one of the major equine insurers said they wouldn't do major medical unless the horse was insured for a mortality value of $15k or more. NOT ALL have gone this route, but I'd guess it was more than just one company.
That said, the guestimate would be: 3% of value of horse for mortality - say $175, plus about $300 for the major medical part. Very round numbers, $500 per year.
We don't get less brave; we get a bigger sense of self-preservation........
I agree on the round number, but seriously - pick up the phone and call an agent. They will tell you EXACTLY the amount (usually more than one, depending on the underwrite you choose, and there can be a variety of reasons to choose a different company), and you just have to tell them what kind of horse, age, discipline and where you live (your state). They get calls for quotes all the time while people shop around. Easy and fast.
Regardless of which insurance company you choose, make sure you know your policy inside and out! Is your horse insured for "agreed value" or "actual cash value" (fair market value)?
With agreed value, if your horse is insured for $10,000 and your horse dies, the insurance company will pay out $10,000, as long as there is proof of value. With actual cash value, you may be paying premiums on a $10,000 valuation for 5 years, but if your horse dies, the insurance company will only pay out what your horse is worth at the time of death, which is also known as fair market value. If the economy crashes, your horse was laid up with an injury at the time of death, etc., and the fair market value is only $4,000, that is unfortunately all you will get.
Most horse owners are under the impression that if they insured their horse for $10,000 and they have paid their premiums every year that they will get $10,000 if their horse dies. Unfortunately, no always true!
As well as knowing your policy inside and out, make sure to keep good records on your insured horses - including pictures, video and show records....and remember to continue to update them! We have done several very tough equine appraisal cases in which the owner did not have a single photo or video of their insured horse(s) that passed away, no show record, nothing....which makes it extremely tough to prove their value! And, if you feel the insurance company is giving you the run around, and you truly believe your horse is worth more, get your own independent Equine Appraisal done and present it to the insurance company. We do a lot of these...and it does work!
Since you're looking for more major medical than mortality, you've really got one good choice for an underwriter: Diamond State/AEIG. The Hartford also writes policies that offer more major medical than mortality, but they have some pretty hefty restrictions in place.
You can buy a Diamond State/AEIG policy through a variety of agencies: Blue Bridle is one. Hallmark is another. There are likely several additional. But in the case of a claim, you're not going to be dealing with the agency, you're going to be dealing with the underwriter, so, frankly, who you purchase it through is pretty immaterial.
I've worked with Blue Bridle for years. They were very helpful when I was first looking for insurance, and they were the only company who told ME what questions to ask of other agencies about the policies they sell, like what's excluded and if diagnostics are covered if nothing is discovered. I really appreciated that education (which no one else had offered, and I called *everywhere*) and have stuck with them because of that.