Equine insurance

Lipsmackerpony88
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Equine insurance

Postby Lipsmackerpony88 » Tue Mar 16, 2021 3:26 pm

Do you guys have your horses insured? What have your experiences been with claims? Any recommendations?

My only experience was years ago with this small company that only offered mortality up to a certain amount. It was pretty cheap, the way they ran it was very unique. Unfortunately I did have a claim when my horse shattered his coffin bone. They did pay out with no issues though.

Now I'm probably wanting major medical. The horse was under $10k purchase price, so I don't need super heavy mortality but I definitely would like some major medical.

I'd love ball park price estimates too! I want some insurance but not drain my bank account. I'll be checking into a few companies.

Thanks guys!

khall
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Re: Equine insurance

Postby khall » Mon Mar 22, 2021 12:55 pm

Yes. I’ve had three of mine insured for mortality and MM for years. I just dropped Rip this year. He has too many medical issues and is 15 this year so I just stopped. For 3 it runs $2600 with Rip
$15,000 Joplin and Gaila at $10,000 and MM for $7500 each I think. Each incident has a $500 minimum to meet. It’s expensive and I’m not always sure it’s worth it especially the MM. though I’ve had claims on MM that I’ve collected no issues. It’s a gamble and I’ve considered dropping MM but keeping mortality

Lipsmackerpony88
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Re: Equine insurance

Postby Lipsmackerpony88 » Mon Mar 22, 2021 1:38 pm

Khall, I've heard mixed results. With the luck I've had, everyone insist I get insurance. I think mortality is definitely a good idea. for some reason I thought for most insurance companies that just mortality wasn't an option? But maybe I misunderstood. I haven't looked into it enough yet, hoping to call an agent today.

Over the years I've dealt with different accidents or weird things. But if there is a minimum some of them would have been covered and some probably not. I had a horse pop a splint once, had another cut his head open repeatedly (that was actually a neuro thing,) get a bone sequestrum in his knee and require surgery. Then I had a horse get bit by a Brown Recluse on his muzzle. That was a nasty thing. Horses always just get the weirdest things! Especially mine.

Maybe I'll at least insure through these youngin years!

Canyon
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Re: Equine insurance

Postby Canyon » Mon Mar 22, 2021 9:43 pm

I had mortality and MM insurance on my warmblood the first few years I owned him; I was a bit freaked out at what I had paid to purchase him. DH eventually convinced me to be self-insured. Never needed to file a claim.
Last edited by Canyon on Tue Mar 23, 2021 4:18 pm, edited 2 times in total.

Lipsmackerpony88
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Re: Equine insurance

Postby Lipsmackerpony88 » Tue Mar 23, 2021 1:07 am

Canyon, That's how it is though when you don't have insurance you have a bunch of things that you would have filed a claim for! When you do have insurance then you don't need it ;)

heddylamar
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Re: Equine insurance

Postby heddylamar » Tue Mar 23, 2021 1:09 am

I have two credit cards, and savings ¯\_(ツ)_/¯

tlkidding
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Re: Equine insurance

Postby tlkidding » Tue Mar 23, 2021 3:26 pm

I have just mortality (it usually also covers up to $7000 colic surgery) and have for years, as low as $15,000 and high of $25,000 value coverage.

I did have MM + mortality and got reimbursed for a medical colic treated on the farm and ulcer treatment. After this issue, he was no longer covered for colic for 2 years, so I dropped that company and shopped around for a company that had the shortest colic surgery exclusion period after an episode and found one that I could apply for 6 months after the colic.

I found MM likes to exclude everything, and if you have a horse that has several "small" issues, the risk those issues would be the next problem versus a new/novel issue made it so I dropped the MM. For example, my horse's eye were excluded due to a traumatic uveitis episode (not recurrent), front left hoof due to a vague diagnosis but coffin injection, both hocks due to OCD, no coverage for his allergies, etc.

I found CareCredit more helpful for spreading vet bill payments across 6 months without interest versus MM.

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StraightForward
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Re: Equine insurance

Postby StraightForward » Tue Mar 23, 2021 5:50 pm

Lipsmackerpony88 wrote:for some reason I thought for most insurance companies that just mortality wasn't an option?


When I imported my previous horse from Canada, I purchased a year of mortality insurance on her before she shipped. It was $300 for around $12K value. It didn't seem worthwhile to keep it without also having major medical.

I don't currently insure my horses - I am rethinking it a bit as Tesla's value moves up from the low 5 figures, but in reality, if she died, I would either not replace her, or buy something probably under $15K after saving up for a bit. As I understand it, loss of use is even more expensive, and then of course the insurance policy is going to start adding exclusions for existing problems - for example I'm sure Annabelle's right hind leg would be excluded due to the previous coffin bone fracture and DDFT injury.
Keep calm and canter on.

Lipsmackerpony88
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Re: Equine insurance

Postby Lipsmackerpony88 » Tue Mar 23, 2021 7:14 pm

Thanks guys this gives me something to think about. I've heard such mixed things. I've heard from people being extremely glad that they've had insurance and then I've heard from multiple people that they felt it was a waste of time. Especially if they deny your claim or start to exclude everything.

I really wish that company that I did the mortality with the still business. I think at most it was like $250 a year but it could be as cheap as $50 a year. They did it quarterly and it was based off of how many horses had died that quarter. I just remember it was really not expensive at all and they did pay on my horse.

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StraightForward
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Re: Equine insurance

Postby StraightForward » Tue Mar 23, 2021 7:28 pm

I just looked it up and Fry's Equine Insurance is the one I purchased mortality from. Never had a claim, so I can't speak to that, and I honestly didn't do a lot of research because I was in a time crunch and worked with the company that responded and issued a policy quickly. I think the annual premium was based on around 3% of the horse's value. http://www.frysequineinsurance.com/
Keep calm and canter on.

Moutaineer
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Re: Equine insurance

Postby Moutaineer » Tue Mar 23, 2021 7:43 pm

Just bought mortality from Markel. Includes some colic coverage too. I had MM on Laddie for a while, but somehow it never covered the things I spent money on, so I dropped it when he started getting older and more expensive to insure.

Lipsmackerpony88
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Re: Equine insurance

Postby Lipsmackerpony88 » Tue Mar 23, 2021 7:51 pm

Thanks guys!!

Ryeissa
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Re: Equine insurance

Postby Ryeissa » Wed Mar 24, 2021 5:22 pm

sorry a bit late- have had horses insured since 2005. the trick is finding the right agency that can underwrite several companies. I have changed companies 3x based on the changing needs. I have been very happy with my decision to do this, but my horse is under-valued to save me money on my premiums. My priority is medical.
You horse is very young but as they age it's important to keep an eye on what companies cover older horses- i have had to change companies to keep medical.
I pay 700 a year (roughly) for everything, knowing it won't cover things like adequan or chiro. That's fine.
I am also super picky about reporting EVERYTHING. If you prefer to do more "home spun vet work" then you might not want to be insured as this requires a lot of communication. Some people don't like that about insurance and sometimes might not report- however- if you don't report and it becomes a "thing" they don't have to cover you.

exvet
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Re: Equine insurance

Postby exvet » Fri Mar 26, 2021 2:27 pm

I had my broodmares insured while they were actively in service, especially those that lived in TN with me here in Arizona. Other than that I've always kept a separate (and untouched unless equine emergency occurred - or dog) account that was my 'insurance'. Originally I kept it in an online account with higher than average interest yield, then I moved it to investing in stocks that were relatively safe and now I have it back in savings. This has allowed me to grow it a little not just because I've contributed to it but due to my choices of where and how I saved the money. Because I've maintained it for my use and have monies available when surprises happened I've managed to survive a few emergencies and come out ahead financially when compared to buying insurance, though you do have to be very disciplined about it. Even as a vet, equine emergencies can take a toll on one's pocket book (same for dog emergencies unless I was able to do the surgery myself).

Lipsmackerpony88
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Re: Equine insurance

Postby Lipsmackerpony88 » Fri Mar 26, 2021 2:58 pm

I've thankfully never had to use a credit card to pay for any emergencies. My vet will allow payments (which I only have done on the rare occasion.)

I do always set some money aside for emergencies too. It's worked out but depending on what other havoc is going on that year, it definitely can hurt the pocket book.

Having mortality with that one horse was a true blessing. It helped at the very least pay for the expenses.


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