I'm in the process of insuring my pony since I'm about to lease him out. He's not worth a $*(#&%load :) but he's worth a decent amount and I felt that it would be best since someone else will be riding him. It's really not that expensive so I'd rather have him covered in case he well, dies, and in case he needs any kind of surgery. I'm going through a company called Equi-Sure (most of the horses at our barn use it) and if you are a member of USEF you get a discount.
You start off with a base rate for mortality/theft that's dependant on the cost of your horse and then you add 'options' on top of that. For my $10,000 7y/o pony it's $375. On top of that I'm getting what's called "major medical and and surgical coverage". Basically pays for vet fees for injuries, surgery, accidents, etc up to $10,000. That's another $300. A cheaper option would be "emergency surgical coverage", which is for life saving surgeries like colic, and pays up to $2,500 (Option A: costs $98) or $7,500 (Option B: $150)depending on what option you chose. The total for my horse is like, $675 for the year with my USEF discount. He's going to be traveling to a lot of shows and he jumps quite a bit so I figured it was worth it. If your horse is ridden mainly for pleasure you'd probably be fine with mortality/theft and then just emergency surgical for accidents/colic.
***ok, for some reason when I write out the price for Option A it keeps putting a smiley face in there! It's ninety-eight dollars. :) Not $9:)