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Insurance companies dropping horses at 17/18?

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  • Insurance companies dropping horses at 17/18?

    Spinoff of the 'Pricing an Older Jumper Thread'

    I've only ever owned one horse, (I lease because I easily get bored with hunters, get another jumper, then want to go back)

    So, he's turning 17 this year and his mortality just dropped 25%, but Major Medical is still the same.
    Do most companies totally drop them at 18? Does that mean just mortality or major medical as well?

    I don't know his insurance company's name off hand, and the parents are out of contact currently- but I want to say Cincinnati?

  • #2
    Most companies will drop everything when they turn 18. It's better than it used to be- I remember 16 being the cut-off in the mid-90s. The major medical is written as a rider to the mortality, so without mortality you can't have major medical/surgical/etc.

    If you are willing to pay a ridiculously high premium, you might get someone to continue the mortality, but I've never heard of it.

    Comment


    • #3
      The two companies I looked into both drop mortality at 18. I believe for an increased premium you can keep surgical/medical. They will keep liability.

      Comment

      • Original Poster

        #4
        That is horribly depressing, but good to know I guess! Thanks!

        Comment


        • #5
          When Music turned 18 (she is now 26) they offered to extend her mortality insurance with a maximum value of $2000, and an exorbitant premium (on the order of $500). No major medical, but could have kept surgical (with a BIG list of exceptions) for a couple more years.

          Not worrth it.
          Janet

          chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).

          Comment


          • #6
            Standard practice and it makes sense.

            Why on god's green earth would we expect to continue to insure mortality on a senior horse? There has to be a cutoff point....otherwise, if the insurance company's raise the age, then we(all people buying equine mortality) all pay for it, even on our younger horses.

            to me it only makes sense to insure them when they are young or in the prime of their value. Otherwise, you're better off dropping it and using the premium dollars saved (by dropping coveage) to put in your savings account to A) pay for any needed surgeries or B) start to save up for your next "new horse fund"

            Comment


            • #7
              I would keep medical and surgical on my old show horse. He has given me years of hard work, its only fair I could provide him with a colic surgery etc. if he should need it during his retirement. He is a lifetimer and I plan to give him a quality retirement when its his time. I absolutley 100% agree that at >18 years, mortality insurance has to go.

              Comment


              • #8
                Great American upped to age 20 a few years ago. I know because my horse was put back on medical at age 17 after being dropped at 15 (16?).

                Saved me thousands (10k+). (None of the claims were age related, just disease related). Horse passed away and I had the mortality claim processed.

                No brainer to me anyways, but horse was very much ridable and in show condition.

                Comment


                • #9
                  My pony hasn't reached the cutoff age, but I would want to be able to keep some sort of medical coverage, if possible. Even a premium of $500 is well worth it, considering a barn call from the vet is $100 just to show up
                  I wouldn't care about the mortality, it's cheaper to replace the horse than to repair her....but like many financially "useless" things, I'm still pretty attached to her.

                  Comment


                  • #10
                    Originally posted by Hinderella View Post
                    ..Even a premium of $500 is well worth it, considering a barn call from the vet is $100 just to show up
                    The $500 was JUST for the $2000 mortality policy. The Surgical premium (they were not offering major medical) was on top of that. The surgical policy won't cover the "$100 just to showup", only the actual SURGERY expenses.Major medical typically doesn't cover the mileage/visit fee either.

                    I have no intention dumping her if she gets sick, but it makes more sense to keep the money in my bank account than to gamble that she is going to need MAJOR surgery.
                    Last edited by Janet; Apr. 27, 2012, 03:35 PM.
                    Janet

                    chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).

                    Comment


                    • #11
                      My coverage got dropped when my horse turned 16. Great American covers up through 20, but the premium doubles, so I wasn't going down that road.
                      Last edited by supershorty628; Apr. 27, 2012, 11:14 PM.
                      http://www.youtube.com/user/supershorty628
                      Proudly blogging for The Chronicle of the Horse!

                      Comment

                      • Original Poster

                        #12
                        Originally posted by Rye View Post
                        Why on god's green earth would we expect to continue to insure mortality on a senior horse? There has to be a cutoff point....otherwise, if the insurance company's raise the age, then we(all people buying equine mortality) all pay for it, even on our younger horses.

                        to me it only makes sense to insure them when they are young or in the prime of their value. Otherwise, you're better off dropping it and using the premium dollars saved (by dropping coveage) to put in your savings account to A) pay for any needed surgeries or B) start to save up for your next "new horse fund"
                        I guess I don't see him as a "senior", he gets tricolors at every show he goes to, which are selected based on footing/schedule so those shows end up being AA shows, he gets his hocks injected once a year and other than that he's the same horse I bought 8 years ago...
                        I guess the way I see it is that I'm paying to replace the horse I have (which to me is priceless, but to everyone else, is still in the 35-55k range). That's why I have mortality, and while he is not in his 'prime' anymore, he is a safe packer who can go into any jumper ring and win with my ammy mistakes (and there are MANY), and would cost that much to replace him, if not more.
                        I realize this won't change anything, but I had never heard of horses being 'dropped' because of age- good to know! And I of course am going to keep surgical/medical for as much as I can since like Squish said, he deserves to enjoy his current situation and future retirement.

                        Comment


                        • #13
                          Relax this wasn't a "dig" on your horse. But be honest with yourself...18 is older for a horse, but he's still functioning well for you that is great. It was a statement about the purpose of a mortality policy. I have a senior 19 year old horse that is equally as precious to me even though he's retired from jumping, but I haven't insured him since his mortality policy was canceled at age 16, instead I've ferreted money into an account to cover any needed surgeries, etc. However, at his age I'm not sure I'd do a colic surgery. Its such a hard recovery. I just had two friends have to do colic surgerys on their senior horses: one is 22 (and he's made it post-op to day 5) and the other was only 18 and he didn't make it out of surgery.


                          If you're counting on his mortality policy to be a funding vehicle for the next horse, I think you need to consider that at this point statistically, he's more likely to die of old age past the coverage of mortality, than to need to be put down while he's still covered.

                          Based upon the price range you quoted, you've spent 1100 to 2000 a year for mortality for 8 years without a claim, that's a total $8800 to $16,000 spent in mortality coverage. You've covered the "possible risk" of his death at a cost of $8800 to $16,000.

                          I did what you're doing on my now retired horse, but I've rethought the process and realized it wasn't a great financial decision for me. With my new mare (of a similar price range), I opted to do her mortality coverage at a lower level, and buy the 10Kof major medical coverage.

                          Comment


                          • #14
                            Unexpectedly having to replace

                            I think mortality insurance is more for the instance that you might suddenly unexpectedly have to replace a horse in its prime. Once a horse is a senior, the idea is that your insurance policy is not a new horse savings account you have been placing money in every year, but that you should be planning in other ways to buy the replacement horse.

                            Comment


                            • #15
                              Originally posted by Rye View Post
                              I With my new mare (of a similar price range), I opted to do her mortality coverage at a lower level, and buy the 10Kof major medical coverage.
                              this is what i have done. i want the medical coverage but not such a high premium. its a gamble but keeps the bills down

                              Comment

                              • Original Poster

                                #16
                                Originally posted by Rye View Post
                                Relax this wasn't a "dig" on your horse. But be honest with yourself...18 is older for a horse, but he's still functioning well for you that is great.
                                Oh no no, I didn't think so!

                                Thanks to everyone for all of your help!

                                Comment


                                • #17
                                  My old guy was not dropped per se, but the renewal offer we got the year he turned 17 was ridiculously expensive (it was at least double what we had previously) and contained a huge list of exemptions despite the fact that we had NEVER made a claim on anything. We ended up dropping everything but liability.

                                  Comment


                                  • #18
                                    I had a surgical policy when dropped from MM at age 17, but it was only good until 18 and about gagged when I read what was (not) covered.

                                    500 Deductable, actual surgery only (on a 17 year old that may not be a great candidate for surgery) and a 5k cap for the single year remaining on insurability. It was about 850 I think, on top of mortality which was about 1100. I said buh bye.

                                    Horse is retired, 23 now. Healthy as a...horse..
                                    When opportunity knocks it's wearing overalls and looks like work.

                                    The horse world. Two people. Three opinions.

                                    Comment


                                    • #19
                                      My 18 year old is still insured. The rates went up but since I have only had one claim on her in 15 years, I figured the moment I dropped coverage I would need it. I also think she is insured for mortality still too. But it is worth covering them for major medical at this age. I don't think I have any exclusions either.

                                      Comment

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