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Equine Insurance Spin-off

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  • Equine Insurance Spin-off

    I did not want to hijack the other insurance thread so I am starting a new one.
    I have been offered a lovely horse and am waiting husbands apporoval. If I do take ownership I would like to insure her. This would be part of my husbands approval of acquiring the mare. I am more interested in a health type of insurance. My hubby is a little paranoid about possible health issues with a large animal. We have had several health issues with our dog that has cost us alot in vet bills. I checked out a couple of sites but they are very vague on cost and what they cover without me giving personal info. The mare is 10 yr., healthy, (I have been leasing her for a year) and sound, what can I expect for this type of insurance. Any type of input is appreciated

    Dawn
    Dawn

    Patience and Consistency are Your Friends

  • #2
    You will have to pay x percent of her value to obtain mortality insurance. Mortality insurance is mandatory if you want medical or surgical. The x percent depends on your discipline. However, if you are only interested in mortality in order to get major medical or surgical, you can declare less than the real value of the horse. Most companies require a value of $5k as a minimum.

    The cost of major medical and surgical is the same for every horse. You pay some amount $200-$1000 for coverage of x events up to $y dollars with a $z deductible, and possibly a $c co-pay.

    Comment


    • #3
      Most companies will only let you insure for purchase price, initially. Later, as the horse increases in value with proven training expenditures or show record, the value can be increased with subsequent renewals. Medical insurance can almost always be purchased along with (but not independant of) a mortality policy, as joiedevie said. IME, it's always worth buying MME. One usually needs a vet certificate to apply, which can be obtained when doing the PPE.
      In loving memory of Laura Jahnke.
      A life lived by example, done too soon.
      www.caringbridge.org/page/laurajahnke/

      Comment


      • #4
        Just as the others have said...I got a policy on my rescue horse simply because of loosing one to EPM and another with a ruptured tendon running up $$$$$ vet bills...I figure this way I am out the $250 deductible (per occurrence) but should something major happen that requires extensive vet care, he is covered.

        He is insured for a small amount...$1k...and they did not require any sort of vet exam, etc. As time goes by and I find he is more valuable, etc I can increase that amount...at this point I just wanted SOMETHING in case something happened...
        Never Ride Faster Than Your Guardian Angel Can Fly
        Way Back Texas~04/20/90-09/17/08
        Green Alligator "Captain"

        Comment

        • Original Poster

          #5
          Originally posted by relocatedTXjumpr View Post
          Just as the others have said...I got a policy on my rescue horse simply because of loosing one to EPM and another with a ruptured tendon running up $$$$$ vet bills...I figure this way I am out the $250 deductible (per occurrence) but should something major happen that requires extensive vet care, he is covered.

          He is insured for a small amount...$1k...and they did not require any sort of vet exam, etc. As time goes by and I find he is more valuable, etc I can increase that amount...at this point I just wanted SOMETHING in case something happened...
          How much could I expect to pay for such a policy? Is it a monthly premium? She would be signed over to me so there is no purchase price.

          Dawn
          Dawn

          Patience and Consistency are Your Friends

          Comment


          • #6
            For my new dressage horse I am paying 3% of his value for mortality insurance, which includes $5000 of coverage for colic. Value was purchase price but I could have added his shipping fee to his value b/c there were no similar horses for sale in my area. If I had added major medical, it would have been an additional $350.
            You usually pay it all up front but I think some companies have payment plans. Most likely you will need to have the mare appraised to determine value if you are just being given her (lucky you!). Maybe a professional trainer could do the appraisal instead of an official "appraiser".

            Comment


            • #7
              I paid $390 for a year. The premium is $365 and I did a guarantee renewal for an extra $25.

              He is valued at $1000...there has to be some sort of value...

              They did not ask for a bill of sale or an appraisal or vet exam.

              He is a 10yo appendix with no prior issues that I know of.

              I used Detrich Equine Insurance but the policy is with Starnet. They sent me several different insurance companies with breakdowns on each one so I could see the difference in coverage and price.

              This is for General Mortality/theft, 5000k veterinary services, and 3k colic surgery. It has a $250 deductible...which is PER INCIDENT, not per year like us humans. So, if he hurts his leg, I pay $250 for that...(I do not pay the deductible again for 120 days as long as he is being seen for the same reason) if he then gets a cut and needs stitches, I pay $250 for that...

              Its an annual premium. I am sure for $$$$$ horses they do payment plans...but I honestly didnt ask.
              Never Ride Faster Than Your Guardian Angel Can Fly
              Way Back Texas~04/20/90-09/17/08
              Green Alligator "Captain"

              Comment

              • Original Poster

                #8
                Thankyou so much for the responses! Now I have a clearer idea and go to my husband with more details. I am getting excited! I have been blessed to lease her but there is just something about being able to call them your own

                Dawn
                Last edited by rizzodm; Mar. 28, 2010, 10:41 AM. Reason: spelling
                Dawn

                Patience and Consistency are Your Friends

                Comment


                • #9
                  You might want to give EMO a call. They insured my last horse that I felt I needed a policy on, and I couldn't have been happier with their service. Prices were very reasonable, too - nearly $400 less per year for a comparable policy from my former equine insurer.
                  In loving memory of Laura Jahnke.
                  A life lived by example, done too soon.
                  www.caringbridge.org/page/laurajahnke/

                  Comment

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