Now, I haven't found the cost to be near so high. I have theft and mortality with colic surgery coverage on my two Arab mares, and I need to get it on my stallion as well. It is $150.00 a year for the first $5k of coverage. They will not cover less than $5k, and unless you need around 10k or more in coverage, you just tell them you paid $5K for the horse or whatever, and they will accept that. Plamp-Keen Agency
They are very helpful and personal service oriented at that agency. Highly recommended to me from my mare's breeder as well.
Quick and easy - one form to fill out - and that is it. No vet needed or anything unless you're talking a lot more than $5k in value.