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- - Insurance (http://www.horseforum.com/horse-law/insurance-21301/)
I am thinking about putting my TB on insurance. Because he has had colica at his first home, before he was at the rest i adopted him in.
Also he is registered, has GREAT racing blood lines, ect.
What other advice does everyone have on insurance?
any advice would help!
If I were you, I would check out equine insurance agencies in your area or from a magazine (they are usually full of insurance ads) and see what best price you could have him covered under with a good amount of benefits. You could also google it and have an estimate drawn up through the insurance webpages. Good luck! :)
Okay thanks! i'll try and look some up!
anyone else please?
Understand the policies!!! Figure out all the insurance lingo like "major medical" and "deductible" and everything. I mean, most people get the general idea but find out all the knitty gritty details and know exactly what kind of policy you're getting into. I hear lots of companies make you jump through so many hoops if you ever need their money. I insure my ponies and I love having that assurance, but let's be honest, insurance companies exist to make money not to give it to you.
Yeah i understand most insurance. I pay insurance now, but I've never delt with horse insurance. do they look at some horses lines? like i want to price out my horse, and see how much he is.I dont know if you can do that with insurance. and of course get him insured.
I just got a binder on a pony we have out on trial and there was a question on there if it was a QH if it was HYPP N/H or H/H or if it had Impressive lines. But that was the only question about that. The rest of the questions were like, has the horse had any soundness/health issues, has he colicked, been xrayed before, etc.
You're responsible for filling out the horse's value, but with Equisure they make someone else (like a trainer) fill out a form that basically says, "why is this horse worth this price".
Oh okay. I'll check out Equisure. I've heard good things about that company.
If your horse has coliced before they will probably not insure him for colic. Also some insurance companies will only insure mortality for what you paid for the horse. Some insurance companies will only pay out the first time something happens. For example if your horse has never coliced and he does once and needs surgery or something, if the horse happens to colic again he will not be covered. This happened to my girlfriend. Be very, very careful and read all the fine print.
When I insure my horses they only cover what my purchase price was...not quite fair for a yearling or something.
With my company you get your horse insured for what you paid for him. If its $500 or $5000. That is his value unless he has improvements (training, show records, etc.). If you didn't purchase the horse the base line is usually $2500. The value of the horse will be reviewed and if they think it is higher than the horse should be valued at, they will only approve it for so much. If you value him at $4000 after improvements, and the company says its only worth $2500, that all you will get. My company, Great American, through Connaway and Associates will insure for mortality up to the valued amoune and Major Medical/Surgical up to $7500. Obviously, this is a great deal for horses valued at less than that. There is a $250 deductible for each claim. Your horse will most likely not be covered for any type of colic, because they will see it as a pre existing condition. Good luck.
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