Hey I thought it would be interesting to hear how people prepare for the possibility of a large horse bill.
Personally I have a separate credit card (3000 limit, knock on wood I never have to use it) but I keep it empty in case of any emergencies but I know some people keep a bank account/fund etc for the wonderful ponies they care for.
Also do you use it for yearly costs (regular vet visit, vaccines, teeth floating?) or strictly emergencies?
I sock away a few hundred every month in my horsey fund. I have horse insurance for the really big ticket items, so I just try to keep about $2,000 liquid.
Oh horse insurance is another good point, personally I have limited insurance to cover me and my mare from accidents but not something directly for my mare.
Good job having the control not to spend the cash! I have trouble not going out and buying something new for my girl when I have cash "in hand"
i keep a separate bank account for horse expenses..including the day to day stuff to the big emergency stuff. i put away 25%to 35% of my paycheck every month.
i dont have horse insurance..but i guess i probably should look into it
I have a seperate account in which I put away a few hundred each month, and try to maintain it at $3000. My horse is also insured for death and a Hi-Excess vet cover, in which I pay the first $1000 of the bill and my insurance covers the rest.
The insurance I have is the coverage that you have to have to go to almost all shows here in Alberta, so if you want to show you don't have a option, but it is affordable and protects you if your horse hurts somone or damages property well off site
I have heard to many horror stories regarding horse insurance that I can't bring myself to spend that money... Now if I owned $80,000 + horse I would probably think different
I certainly wouldn't bother with insurance on a fairly cheap horse. But when your horse cost 1/4 of your yearly wage as a weanling... you want some kind of safe guard! I only pay $40/month to insure my boy - heck of a lot cheaper than my car insurance, on a car worth less than half of my horse's worth!!!
I got insurance more to cover the cost of something like colic which would wipe me out financially if I didn't have it. Unfortunately, if the horse needs that radical a surgery, I figure the prognosis probably wouldn't be good anyway. Guess it's more for my piece of mind than anything.
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