Medical emergency account - Page 2 - The Horse Forum
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post #11 of 21 Old 01-06-2011, 06:55 PM
Showing
 
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Location: Ohio
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What do you guys think about insuring horses? How would that work? I have 7 horses but would probably only insure the four full-size horses. Does it cover everything medical? How much is it? Do you have to go to certain vets?
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post #12 of 21 Old 01-06-2011, 08:40 PM
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Personally, I would NEVER not have insurance on my horse. I never want to have to think about whether or not she'll live or die in case of an accident/medical emergency just because I don't have $15k in the bank.

I'm insured for full mortality (purchase price/appraisal price), $15k medical, $15k surgical (both are for each episode/event). Knock on wood, I hope I NEVER have to use it. But for what it costs me over the year it's priceless in making me feel better. If something happens, my coach can throw her in the trailer, get her to the hospital and get her taken care of and every single one of my expenses (for the most part) are covered. A BIG relief.

Note: You will find many opinions on the board about insurance. What's important is you do what's right for you and your situation. This is strictly just my opinion for my specific situation.
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post #13 of 21 Old 01-06-2011, 09:21 PM
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The annual premium is about $100 for every $1,000 of your horse's value. Mine has a $500 deductible and covers everything. My colic surgery coverage is $13,000. For me, that alone is worth having it. If my sweet boy ever did die, I would get paid his claimed value. The only downside is, once they have paid for a condition, they will not cover that same condition the following year, or anything in it's class. For example, say you treat for Lyme disease, anything neurological is out. I believe you can only insure a horse until it is 15 years old.

You just have to see your distance...you don't have to like it.
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post #14 of 21 Old 01-06-2011, 09:48 PM
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Insurance is great, and takes the worry out of having a ton of money in the bank. The downside is that once your horse has had X, there is a chance they won't be insured for that the following year. Also, you have to keep in mind that you will be paying the premium as well as any deductibles on each injury - so if you have a $250 premium, and a $500 deductible, and your horse injures himself 10 times for 10 different issues where the vet bills total up to or including $500, you have to pay for each of those bills, nothing is covered. There are also certain stipulations such as that the horse has to have certain vaccinations, and if they aren't up to date, your insurance is null and void.
Like I said, insurance is peace of mind, but it does not mean that you won't need an emergency fund. One horse I worked with was insured, and injured 2 of his legs within a month of each other - each bill came to just under $500, so $1000 within a month that insurance didn't touch. But there's peace of mind that if anything major ever happened, the horse would be covered.
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post #15 of 21 Old 01-06-2011, 11:16 PM
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Quote:
Originally Posted by JustDressageIt View Post
I personally feel that an emergency account should hold whatever your maximum is to spend on a vet bill, plus enough to pay for euthanization and removal of the carcass in your area.
I agree with this.

Re: insurance -- I can't even GET insurance on my horses because I didn't pay anything for them. Doesn't matter that they are registered. I don't understand it. I could insure my mutt dog that someone PAID ME to take away, but not my horses. I wouldn't get insurance anyway, but it boggles my mind that it's not an option.
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post #16 of 21 Old 01-06-2011, 11:36 PM
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Call up some insurance companies, NM, and see what they suggest. Tell them that you've put X amount into training, or get a trainer to assess them for value, and speak to an insurance company about moving forwards from there.
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post #17 of 21 Old 01-07-2011, 05:04 AM
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My ponies are insured. My emergency account covers my insurance excess plus a little bit extra for things that are under the minimum claim value (so anything under £200)

A typical colic operation over here will cost £3000 plus hospitalisation costs. My horseis insured for £5000 in vets fees per incident of condition (of which I have to pay the first £200). I can use any registered vet that I choose and can phone them and get approval for a procedure (so a promise that they will pay) before anything gets done (and at any time of night or day).

It costs me £300 a year and the horse is insured for a value of £3000. It will pay for all medical treatment, including experimental work if reccomended by a vet, It will cover remedial farriery, dentistry, chiropractor, massage, even taking him to a centre where he can go in a swimming pool and swim everyday.

RIDE your horse FORWARDS and keep him STRAIGHT


Last edited by faye; 01-07-2011 at 05:12 AM.
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post #18 of 21 Old 01-08-2011, 03:32 PM
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Thanks for the suggestion, JDI, but as I said, I wouldn't get insurance anyway. I just think it's rather odd that dog and cat insurance is so easy to get, but not horse insurance.
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post #19 of 21 Old 01-08-2011, 03:35 PM
Green Broke
 
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why wouldnt you insure?

I insured stan for 3 years so paid approx £800 to petplan. In return they paid out in excess of £4000 for his tendon injury and then £1500 when he died plus the rmoval costs. I think I came out far better off!

RIDE your horse FORWARDS and keep him STRAIGHT

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post #20 of 21 Old 01-09-2011, 12:02 PM
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Faye, to properly answer your question I would have to go through all my research again. But, I don't insure any of my animals. It has never been a mindset in growing up on a farm. I looked into it when I heard about horse insurance but if I remember correctly the finances didn't make any sense for my outlook. I know that's not a complete answer, but I'm not going to delve into it all again. It was way too much work. ;)

It doesn't make sense that you would pay 800 in premiums and they would cover 1500 in death costs... I know that part of the plans I looked into said that they wouldn't cover death costs in all instances. I think only if the result of a covered risk would they do that.
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