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Spin Off -- Insurance Co. dropping major medical for horses valued at less than $15K

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  • Spin Off -- Insurance Co. dropping major medical for horses valued at less than $15K

    I called my agent today to find out if my insurance is dropping medical coverage for horses under a certain value.

    She said that the only company she was aware of that was dropping medical coverage on renewals was Great American. (She did not verify the minimum required insured threshold before this would happen.)

    But another thread indicated the minimum insured value was $15K.

    Just FYI for those with Great American.
    Nothing with horses is ever easy or cheap. And if it is, you're doing it wrong. They always rip out part of your soul when they leave. I guess that's how they find us later.

  • #2
    Got a renewal notice from Great American a couple of months--my 18 year old
    valued at $3500 could still be insured with major medical. However, the premium had gone up so much for both the mortality and medical, I decided to pass and keep fingers crossed.

    Comment


    • #3
      I got my renewal from GA this week.

      One horse at $15,000,one at $6000 (though I could easily justify increasing his value if needed).

      BOTH of them are listed with Major Medical for $375.

      So GA hasn't dropped MM for the one at $6,000.
      Last edited by Janet; Oct. 24, 2012, 01:57 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


      • #4
        Yes, I was also told GA is dropping coverage (MM) as its happening to me when my policy is due. value less then 15K

        Comment


        • #5
          I use Broadstone, had no trouble renewing MM last month on my horse valued at $10,000.

          Comment


          • #6
            I just got MM coverage on a horse valued at $10k with no problem. This is through Hallmark. Sounds like a Great American thing.
            RIP Sucha Smooth Whiskey
            May 17,2004 - March 29, 2010
            RIP San Lena Peppy
            May 3, 1991 - March 11, 2010

            Comment


            • #7
              There have been several threads about the Great American change. It will be interesting to see if others follow suit, but I have not heard of any...yet.

              Comment


              • #8
                Originally posted by Janet View Post
                I got my renewal from GA this week.

                One horse at $15,000,one at $6000 (though I could easily justify increasing his value if needed).

                BOTH of them are listed with Major Medical for $375.

                So GA has't dropped MM for the one at $6,000.
                Sheesh, my horse was insured through them for $6k for three years and they dropped my policy. I am happy for you that you don't have to find another company but also annoyed that they are selectively dropping people.
                http://www.lucysquest.blogspot.com

                Custom Painted Saddle Pads and Ornaments

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                • #9
                  I'm not sure they are selectively dropping people as that would be a violation of state insurance department rules. The carrier has to have the same rules for everyone.

                  I'm not a GA insured, but I have been a licensed insurance consultant for years. GA has increased its minimum premium requirement. All mortality policies have some form of minimum premium, but the amount is typically lower that $15K of value. I've found it typically runs ~$5K of value.

                  I think Janet's situation is that she has a multihorse policy. She clearly had the minimum premium on one horse. If it was a combo policy, I would guess that the minimum premium did not have to be met individually be each horse but in total for the policy, I've insured multiple horses on one mortality policy.

                  It's pretty clear to me that what GA is doing is trying to be sure it gets enough premium on the mortality side (where claims are infrequent) to offset the MM side (where claims are far more frequent). I'm not saying I agree with it, but one work around for people with multiple horses is to combine them on a single policy to make minimum premium. The other option is the shop around. There are other carriers out there with much lower minimum premiums than GA has instituted.
                  Where Fjeral Norwegian Fjords Rule
                  http://www.ironwood-farm.com

                  Comment


                  • #10
                    Originally posted by ArabDiva View Post
                    I use Broadstone, had no trouble renewing MM last month on my horse valued at $10,000.
                    Right. You don't have a policy with Great American, and you're not looking for more major medical than you have mortality. Your underwriter is probably Chartis, and I assume you have $10k mortality and $10k major medical.

                    This issue is relevant to people who have policies with Great American, and hits those with inexpensive horses who have more major medical coverage than mortality coverage in particular.

                    Comment


                    • #11
                      Originally posted by Starhouse View Post
                      Sheesh, my horse was insured through them for $6k for three years and they dropped my policy. I am happy for you that you don't have to find another company but also annoyed that they are selectively dropping people.
                      Did they drop your medical coverage only (as they are for all the <$15K value horses), or decline to cover you again for anything? Was it due to claims? I've had a horse dropped in the past for too many claims (didn't blame them a bit; I was tired of paying for his medical bills too!). Although they were willing to still offer mortality for him, I opted out as it wasn't worth it to me without medical/surgical coverage.

                      Comment


                      • #12
                        I have had many claims with GA for the same horse and never an issue.

                        I am considering switching to a company that will continue to offer MM though... its the main reason I have insurance...

                        Comment


                        • #13
                          Originally posted by horsepoor View Post
                          Did they drop your medical coverage only (as they are for all the <$15K value horses), or decline to cover you again for anything? Was it due to claims? I've had a horse dropped in the past for too many claims (didn't blame them a bit; I was tired of paying for his medical bills too!). Although they were willing to still offer mortality for him, I opted out as it wasn't worth it to me without medical/surgical coverage.
                          They would have continued the mortality, but not the major medical. Since I don't have insurance for mortality and really just want the MM, that doesn't do anything for me.

                          I've made one claim in the three years I've owned the horse.
                          http://www.lucysquest.blogspot.com

                          Custom Painted Saddle Pads and Ornaments

                          Comment


                          • #14
                            Originally posted by Starhouse View Post
                            They would have continued the mortality, but not the major medical. Since I don't have insurance for mortality and really just want the MM, that doesn't do anything for me.

                            I've made one claim in the three years I've owned the horse.
                            So they aren't selectively dropping you as GAIC has made this across the board policy change to no longer offer MM for horses valued under $15K. They would have still done mortality for you, but as you said, that wasn't worth it.

                            Comment


                            • #15
                              Originally posted by Simkie View Post
                              Right. You don't have a policy with Great American, and you're not looking for more major medical than you have mortality. Your underwriter is probably Chartis, and I assume you have $10k mortality and $10k major medical.

                              This issue is relevant to people who have policies with Great American, and hits those with inexpensive horses who have more major medical coverage than mortality coverage in particular.
                              Actually my underwriter is Hartford, and I have $15k major medical -- $5k more than the horse is valued at.

                              I was posting in the thread to perhaps help people who came here because they now need an alternative to Great American.

                              Comment


                              • #16
                                Originally posted by ArabDiva View Post
                                Actually my underwriter is Hartford, and I have $15k major medical -- $5k more than the horse is valued at.

                                I was posting in the thread to perhaps help people who came here because they now need an alternative to Great American.
                                Ah, my mistake. Sorry!

                                I spoke with Broadstone last week about The Hartford. There are some pretty serious restrictions on coverage--they only pay 50% of "major" imaging studies like MRI and bone scan, and they will only pay out $1000 for biological treatments like PRP, IRAP and stem cell. There might be more limitations, but I lost interest once I heard all that.

                                As always, folks, be SURE to inquire as that what the policy covers/does not cover, and read your policy thoroughly!

                                Comment


                                • #17
                                  Originally posted by Simkie View Post
                                  Ah, my mistake. Sorry!

                                  I spoke with Broadstone last week about The Hartford. There are some pretty serious restrictions on coverage--they only pay 50% of "major" imaging studies like MRI and bone scan, and they will only pay out $1000 for biological treatments like PRP, IRAP and stem cell. There might be more limitations, but I lost interest once I heard all that.

                                  As always, folks, be SURE to inquire as that what the policy covers/does not cover, and read your policy thoroughly!
                                  thanks for the heads up. I may need to reevaluate my policy once it comes time to renew again.

                                  Comment


                                  • #18
                                    Regardless of who you go with, 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 the horse dies, the insurance will pay out $10,000 as long as there is proof of value. With actual cash value, you may be paying premiums on $10,000 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 (fair market value). If the economy tanks, 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 $20,000 and they've paid their premiums every year that they will get $20,000 if they die. Unfortunately, no always true!

                                    Regardless of the insurance company you choose, please, please, please make sure to keep good records on your insured horses - including pictures, video and show records....and remember to continue to update them! I've done several very tough equine appraisal cases in which the owner didn't have a single photo or video of their insured horses that passed away, no show record, nothing....which makes it extremely tough to prove their value! And, if you feel like 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. I do a lot of these...and it does work!

                                    I've got a few insurance tips and tricks on my website and on our Facebook page to help horse owners...so my job isn't so hard if someone needs to make a claim at some point!
                                    Daventry Equine Appraisal Services
                                    www.equineappraisers.com
                                    www.DaventryEquestrian.com
                                    Home of Oldenburg, Westphalian & RPSI approved pony stallion Goldhills Brandysnap
                                    Also home to Daventry Equine Appraisals & Equine Expert Witness www.EquineAppraisers.com

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