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Shopping around for insurance co...

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  • Shopping around for insurance co...

    I currently insure Oliver through Broadstone for $5k mortality (so I can get the MM), and $5k MM. Deductible is $325. I had to pay all at once, too. Oliver is worth far more than what I've insured him for, but I wanted the MM on him without paying an arm and a leg. They will also only cover up to 120 days after the injury has been reported.

    I know Broadstone has a large customer satisfaction rating - how about the rest of you? Are you pleased with your company? How difficult was it to process a claim? How do they handle claims? Did you have to prove your horse's worth?

    Thanks - my coverage is up late spring, and since I have had no claims, I have no complaints. However, I would like more MM coverage and a smaller premium, with the opportunity to pay in installments (i know, I want the world). TIA!
    "Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Edison

    So, the Zen Buddhist says to the hotdog vendor, "Make me one with everything."

  • #2
    Me too!!

    Can't help you, but I would love the same info!!! I would especially be interesed in a company that has monthly payments instead of one lump sum
    Harmonys Maestro: 1992-2008 RIP
    Harlequinn - redhead extraordinaire


    • #3
      I just inked a new policy today for a horse I bought last week

      I spoke with an agent covering every company I could come up with, and multiple agents for a few companies. Here's what I figured out:

      The %s of value for mortality are pretty much the same everywhere. So, the long and the short of it is that mortality costs exactly the same from everyone- at least for my dressage horse. Percent changes depending on the use of the horse.

      I found that companies all had similar prices for similar levels of major medical ($7.5k/$8k for ~$250, 10k for ~$350, 12.5k for ~$450). However, some had co-pays or higher deductibles. Some only covered a percent of diagnostics instead of full charge. All seemed to drop major medical and offer surgical only after age 15/16.


      • Original Poster

        Interesting, that.

        I should also add that I have 100% of my diagnostics covered through my company - another thing that was very important to me. I didn't want to be limited to just the basics should my horse, say, pull a tendon (better start knocking on wood!). I have not had to make a claim; however, I know people who have and they have had no problems at all.
        "Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Edison

        So, the Zen Buddhist says to the hotdog vendor, "Make me one with everything."


        • #5
          I have Great American through Dietrich. My horse is insured for $15K with $7500 major medical and surgical. The premium was $750 for the year, deductible $250. Thank god I had the insurance because I used it when my horse came up lame. They covered 100% of the diagnostics, covered 100% of the bone scan, and 100% of the surgery he had on his suspensory. Also covered all meds and supplies needed. The only things they didn't cover (which no one does) were farm calls, routine vaccines, and joint injections. Submitting the claim and bills was extremely easy. I would just fax the bill to my adjuster and 2 weeks later I received a check. 2 thumbs up!


          • #6
            I have EMO with Great American. I've used them a LOT -- first horse was a lameness train wreck and I eventually lost him to a pasture accident. My competition horse had suspensory surgery last year.
            I have been thrilled with them; they've paid out fairly and promptly. They have a longer post-injury period than others and are pretty understanding of my tendency to inform them later rather than sooner of an incident (not mortality, obviously -- on that one the underwriter and the vet on scene had to have a pretty pointed conversation -- underwriter wanted an xray before euth, vet said, no way, I can feel the bone in multiple pieces, horse is in a field and cannot be moved without serious trauma...he did a necropsy and it was all ok. From MY perspective it was easy -- but you don't want to fool around with an emergency call like that. Ick, bad memories, sorry)

            I think the costs are standard as are the exclusions -- suspensory, etc, whatever went wrong the year before is excluded.
            But I can recommend them. In terms of proving value, I insured each horse at his purchase price, which I could document, and left it at that. The chronic lameness horse obviously declined in value but I never changed it (not on purpose, just let it roll over) and they did ask only for a vet statement that he was sound at renewal time (which he always was, sigh). The competition horse went up in value as he did really well, and went down, I assume, after having suspensory issues, but no one has asked about this either.

            Baby horse has gone up in value too but no issues there.
            The big man -- my lost prince

            The little brother, now my main man


            • #7
              I've used Dietrich and Company since 1993. I've made a handful of claims, all of which were handled with zero fuss, personal attention, and complete fairness. The same with any questions, paperwork, policy changes or coverage changes. They are a smaller company, I believe, and I always get to speak to someone who knows what they're talking about. They even insured Gwen for full mortality and major medical at age 18, competing at the Preliminary and one-star level, without a blink. Yes, the premium was higher, but this is determined by the underwriters, not the insurance company itself. Two thumbs up for them in my long experience.
              Click here before you buy.


              • #8
                We use Hallmark and I think they're terrific. They write for Diamond State, I believe. We insure a number of horses through them and they've got fabulous customer service: they call back quickly, they are bright and informed on the phone, and they are great about things like adding horses to our policy quickly. Also, we've had multiple claims on multiple horses over the years, horses being what they are, and Hallmark has always handled quickly and fairly. I tend to insure for the value of a nice youngster to replace, rather than what-the-horse-could-be-sold-for, as the premiums quickly get very expensive otherwise, but I've never had an issue with them as to coming to the right valuation, even with youngsters we've brought up through the years. We had one tiny glitch on a mortality claim, where we couldn't get the underwriter to call us back as we were standing at New Bolton trying to make the decision, but that wasn't Hallmark's fault at all, and the remainder of the admittedly awful process was as painless as it could be.


                • #9
                  I have used Hallmark and agree with GS. Currently my youngster is with Broadstone. He is insured for less than I paid cause as GS said, premiums get out of hand pretty quickly. The % of value, depending on discipline is pretty standard across the board. I found one company that did a "hunter rate" which I used before the horse was doing xc.

                  Have not done a claim with Broadstone, but I REALLY trust the agents to know what I need and not just sell me what they have.


                  • #10
                    Horse Insurance

                    I can't say enough good things about BROADSTONE!! I have carried insurance on horses for years with different carriers and Broadstone has far been the best especially when having to file a claim!!

                    Not just the past year but the year before I had to file fairly large claims both years that maxed out my major medical on my horse. I too have my horse way under insured in his value but carry $7500 major medical "just in case". AND thank god I did!! Broadstone paid all my claims and quite promptly with no problems what-so-ever! They were spectacular!!!

                    It is such a horrible time when you are having to go through all these things with your horse, the last thing you need is trouble having a company pay out. I have not recently checked around with other companies on what they charge but I can tell you that even if they were a bit cheaper than Broadstone I would not go with them. Broadstone will break the payments up a bit for you, they have before for me.

                    I carried a lot of insurance(with a different carrier) on my previous upper level event horse for 8 years. It was very expensive and when something went wrong with him they found a way out of paying for anything, one of those clauses that if I didn't read with a magnifying glass I wouldn't know about!!

                    I just don't think you can go wrong with Broadstone!!


                    • #11
                      I too use Broadstone and have been very satisfied. I switched to Broadstone after a very distressing experience with another company when my horse died a few years ago from cancer. BUT recently I heard someone say that the actual underwriter of the insurance is pretty much the same for all the different agents. I wonder if there is any truth to this. The actual policy I currently have is through Broadstone as the agent but the actual insurance company is American Home Assurance Company which I believe is a subsidiary of AIG. Can anyone else who does not use Broadstone check who their actual policy to see who the underwriter is?

                      I guess my point to the OP is that I wonder if we spend alot of time looking for an agent but the underlying product may be pretty much the same everywhere!?


                      • #12
                        I use Hallmark and LOVE them.
                        True North Dressage
                        Select Cheval Canadiens for dressage and eventing


                        • #13
                          I also use Broadstone and have $7500 MM. this past year they have been spectacular to deal with. My young horse was lame left hind and they promptly payed for xrays, bone scan, polyglycan injections, shock wave, arthroscopy and stem cell therapy with only 1 $325 deductable. Each claim was paid with in 14 days and the agent was very easy to talk to and very helpful!

                          NO complaints with Broadstone.


                          • #14
                            Great American just has come out with a $10,000 and a $15,000 Limit of Major Medical...... and you can also stack limits.....by adding an additional $10,000 Surgical limit ON TOP of your limit of Major Medical........AND they now offer Major Medical to the age of 20!!!!!.............call your agents!


                            • #15
                              I also use Dietrich and Co. and have been more than pleased with them. I have had several issues- fractured knee, hock infection, tried to cut foot off and a horse with ehrlicia (sp?) and this year one with lyme. Everything paid for beside farm calls and routine injections. Did find out I only had 6 months of non surgical coverage for the knee injury but I think that is standard with most.

                              The claims adjusters at Great American have been wonderful and I believe the last time I called they said I had worked with all of them Not a reputation that I would like to continue but it has been a fairly easy process so I am thankful for that.


                              • #16
                                Out of curiosity what % of value is standard for premium?


                                • #17
                                  3.6% for an event horse, I believe. MM to 20!!!! OMG! Calling tomorrow. There is nothing like the peace of mind that having MM gives. My boy turned 18 on Jan 1.


                                  • #18
                                    Originally posted by May the FORCE bwu View Post
                                    Great American just has come out with a $10,000 and a $15,000 Limit of Major Medical...... and you can also stack limits.....by adding an additional $10,000 Surgical limit ON TOP of your limit of Major Medical........AND they now offer Major Medical to the age of 20!!!!!.............call your agents!

                                    actually, I found this thread for EXACTLY this issue. They may have added those goodies but what they also added was that you get to pay 30% of ALL diagnostics. 30% of a bone scan or MRI? I don't think so. I'm changing to a company that will give 100% for diagnostics.
                                    Horses are amazing athletes and make no mistake -- they are the stars of the show!


                                    • #19

                                      Thanks to GotSpots I have always kept Hallmark on my radar.

                                      I emailed for a quote yesterday (which was sent to me within the hours) and I spoke to a rep this AM. Super super nice, she allowed me to ramble on the way I do. (If you know me you know that I'm a talker)

                                      end result
                                      5K for mortality that also includes an extra 3K for colic surgery
                                      costs 3.8% of whatever $$ you pick to insure your horse for.
                                      (my current insurance went up to 4.5%)

                                      10K major medical/surgical (with no limits due to my low mortality insurance)
                                      (so if colic surgery was needed I would have 13K)

                                      300 $ deductible (old insurance was $250)
                                      100% coverage of all diagnostics
                                      (old insurance only paid 70% [this was new as of 2010])

                                      all for the price that I was searching for. : )

                                      Basically the insurance I had gave me all the same coverage but changed this year to required me to pay 30% diagnostics and surgeries and increased their mortality coverage to 4.5%.
                                      So if I were to need an MRI I would have had to pay the deductible + 30%. Peace out on that! That would basically be 1/2 of the MRI cost right there.
                                      Horses are amazing athletes and make no mistake -- they are the stars of the show!


                                      • #20
                                        Originally posted by idtogo View Post
                                        I also use Broadstone and have $7500 MM. this past year they have been spectacular to deal with. My young horse was lame left hind and they promptly payed for xrays, bone scan, polyglycan injections, shock wave, arthroscopy and stem cell therapy with only 1 $325 deductable. Each claim was paid with in 14 days and the agent was very easy to talk to and very helpful!

                                        NO complaints with Broadstone.
                                        My friend had to pay 30% of her bone scan--with Broadstone.
                                        Horses are amazing athletes and make no mistake -- they are the stars of the show!