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Insurance

This is a discussion on Insurance within the Horse Health forums, part of the Keeping and Caring for Horses category
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  • Insurance on a horse valued at $4000

 
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    12-02-2012, 08:00 PM
  #1
Foal
Question Insurance

Hey everybody my family and I are looking at buying a horse after the holidays when everything slows down and I have all the expenses exept for insurance and so I was wondering if you have any recommendations for insurance companies (or ones to aviod) and how much you pay ( note whether it is monthly or yearly). Thanks!
     
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    12-02-2012, 08:06 PM
  #2
Weanling
Subbing
     
    12-02-2012, 08:11 PM
  #3
Trained
Liability or a mortality/morbidity? Which are you looking for?
     
    12-03-2012, 12:29 AM
  #4
Weanling
I use agri-risk. LOVE THEM!! Highly highly recommended. I had to file a claim on my gelding who was in a fencing accident- they were wonderful and quick. I pay $400 yearly for $5000 major medical, $2500 colic, and $4000 mortality. This will change some depending on the horse, but my is my trail buddy who gives lessons and does the occasional show. Hope this helps!
     
    12-03-2012, 12:33 AM
  #5
Trained
All depends on what type of insurance you want (mortality, general, surgery, colic, death), how much your horse is worth, and for companies on who is around.
Plus the vet expense for the paperwork. In the long run it is a really minor fee and if your horse is worth alot (monetary, not emotionally) I would never reccomend not having it.
     
    12-03-2012, 12:39 AM
  #6
Weanling
Quote:
Originally Posted by WSArabians    
All depends on what type of insurance you want (mortality, general, surgery, colic, death), how much your horse is worth, and for companies on who is around.
Plus the vet expense for the paperwork. In the long run it is a really minor fee and if your horse is worth alot (monetary, not emotionally) I would never reccomend not having it.
My horse has insurance because he is worth a lot emotionally :) Money wise, $4000 isn't much in the long run... but the bond I have with him is worth WAY more than that!
     
    12-03-2012, 12:55 AM
  #7
Green Broke
Quote:
Originally Posted by WSArabians    
All depends on what type of insurance you want (mortality, general, surgery, colic, death), how much your horse is worth

How would the company determine how much your horse is worth?
     
    12-03-2012, 01:03 AM
  #8
Weanling
Quote:
Originally Posted by Brighteyes    
How would the company determine how much your horse is worth?
They look at "fair market value" in general, and your purchase price is a good start. It's basically evaluating what it would cost to replace your horse is something happened. I bought my horse as a 2 year old for $2800, and with all the training I put into him on my own would expect to get around $4000 if I sold him tomorrow. I can't really speak to the horses that go for $5000+... I'm SURE the requirements are much stricter... I.E. Buying a horse for $500 and saying you want it insured for $10000, that's fishy. You would have to speak to the individual company regarding more expensive horses... I know I need a vet check for my guy to get coverage, but I dunno if more expensive horses are required to have an appraisal as well (which would make sense to me... if you're insuring something for $10,000+). But the Agri-risk people are great, I'm sure they can answer your questions!
     
    12-05-2012, 09:27 PM
  #9
Foal
Hey guys I was just wondering what kind of coverage you would recommend should I get the medical surgical?


BASIC COVERAGE (required)- Getting this
Full Mortality/Theft: $200.00 (includes $2,500 for Emergency Colic Surgery)


ADDITIONAL AVAILABLE COVERAGES
$5,000 Medical/Surgical: $204.00 ($375.00 deductible)



Private Horse Owners Liability (n/a in HI or AK): - Getting this
$300,000 limit: $58.00/horse
$1,000,000 limit: $85.00/horse

PLEASE NOTE: We highly recommend Private Horse Owners Liability, particularly if your horse is not kept on your own property. This coverage is your protection if your horse injures someone or damages someone else's property and you are found legally liable. Private Horse Owners Liability is not available for trainers, instructors, breeding stallion owners, or large schedules of horses. A commercial application would be required for those risks.

Thanks for all your help
     
    12-05-2012, 09:37 PM
  #10
Green Broke
I got mine through Broadstone- I'm working off of memory, but I believe mortality and major medical up to $7500 had an annual premium around $450.

For the horse's value, I used his purchase price. I think I may have had to send in a copy of the bill of sale to substantiate that claim. They do say that you can later increase the horse's value based on training, show record, etc. but you'd have to justify it. So odds are, you wouldn't be able to buy a horse for $500 and then insure it for $10k- even if it was potentially worth that much, you'd have to prove it through a show record or similar.

For liability- double check with your home owner's or rental insurance policy (you'll likely have to call them up to be sure) to see if they'll cover liability on a horse that is kept off property. I was very happy to find that mine does
     

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buying, costs, horse adoption, insurance, recommendations

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