Potential new owner seeking advice - Page 2 - The Horse Forum
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post #11 of 20 Old 01-08-2015, 06:54 PM
Weanling
 
Join Date: Mar 2012
Location: Wellington, Florida <3
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Sorry for double posting, but the above post reminded me.. I also have a "horse account" that I put <$50 in every month. Over the years, I have saved thousands and many times it has come in handy and in the end you save so much by just putting the cash in a bank account. BUT you have to be good about it, always remember to put the money in every month (I do it when board is due so I always remember) and don't take it out when you feel like shopping etc. The woman who owned my horse before me had him insured for $50k and only had to use the insurance for a tie-back surgery one time, so she was definitely losing money, which is what prompted me to cancel the insurance when I bought him.
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post #12 of 20 Old 01-08-2015, 06:55 PM
Trained
 
Join Date: Dec 2009
Location: Iowa
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Quote:
Originally Posted by Dad View Post
Hello from Arizona!

I am completely new to this forum and relatively new to the world of horses. My 14 year old daughter has been taking lessons for a couple years now and she is "really into it" (i.e. it is not just a short phase or passing fancy). She rides English and has done about a half dozen shows (and done well). She is with her second trainer now and we all think he is great. All in all, we are incredibly pleased with her interest and dedication and we are also incredibly pleased with the community of people we have met and the great friendships she has made. She intends to pursue her passion through high school and beyond and she will likely go into a field of work associated with horses.

We've been leasing "her" horse since August 2014 and the owner wants to sell the horse.

Horse details:
12 years old this May
Arabian purebred
Grey Gelding
Height 15.2
Overall health, demeanor, appearance, etc. is excellent

Of course my daughter is absolutely in love with the horse and we don't want to see him sold to someone else. We are considering buying him for her but I am very wary of the costs associated and I'd like to ask this forum for advice on the projected costs I'll list below.

As part of the lease we are basically covering all the costs of ownership on behalf of the current owner. I'll summarize the expenses we are paying below:

Board & feed = $375/mo
Fall & Spring shots = $145 each time
Shoes = $200 about every 6 weeks
Coggins Test = $70 once per year
Annual insurance = $400 for mortality on $6,500 and major medical up to $5,000

Total annual sum of the above is $7,060

Then of course we also have the trainer fees which are about $3,600 per year. My daughter already has her own tack.

Regarding insurance, potential major expenses, or any other expenses I am missing, can anyone offer any advice? For now we are considering the horse valuation and purchase price at $6,500. What I don't want to happen is that we take ownership and then the costs really start piling up because of something unforeseen.

Thank you!
I think vaccinations are over done and once a year is plenty. Also your insurance will have a deductible and copy per occurrence. Not sure where you live but the 200.00 for farrier sounds high in comparison to the board. As they get older they can have more maint. For health issues.
If you can afford it every girl should have a horse.
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post #13 of 20 Old 01-08-2015, 06:57 PM
Trained
 
Join Date: Dec 2009
Location: Iowa
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Quote:
Originally Posted by Dad View Post
Thank you all for the feedback. I am not at all worried about the occasional $100 here or $200 there. Even $500 is an acceptable hit. What I'm worried about is the $1,000+ unforeseen expenses or heaven forbid some sort of illness or ailment that all of sudden needs $5,000 or $10,000 to correct. We are researching insurance options now to see what kind of medical coverage and deductibles we can get.
I just switched to Blue Bridle agency and they are reputable and coving things has been a breeze unlike my previous experience.
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post #14 of 20 Old 01-08-2015, 06:59 PM
Trained
 
Join Date: Dec 2009
Location: Iowa
Posts: 6,082
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Quote:
Originally Posted by mrwithers View Post
I'm anti-insurance. Think of it like this. In the end the insurance company makes more money off you than you than you will ever get from them. Put that money you would spend on insurance in an investment account you'll come out a lot better in the end.

Your boarding cost of 375/mo is pretty cheap so you're getting some savings there. The cheapest boarding around here is 375 for muddy pasture board and no arena. It's not uncommon for stall boarding with an arena to be $800+ around here so consider yourself lucky.
I had a 5k health insurance claim a week after I got my policy. If you have an expensive horse it is well worth the money. It doesn't take much to rack up large bills.
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post #15 of 20 Old 01-09-2015, 01:45 PM Thread Starter
Dad
Foal
 
Join Date: Jan 2015
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Thanks again for all the great feedback. Our current insurer is Horse Insurance Specialists out of Pilot Point, Texas. In addition to mortality coverage we have surgical and medical coverage up to $5,000 with a $200 annual premium and a $300 deductible. It looks like I could up the coverage to $7,500 for a $300 annual premium with the deductible still at $300. I'm actually surprised at how low the premiums and deductibles are. I'm going to contact Hallmark Equine and Blue Bridal as well.
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post #16 of 20 Old 01-09-2015, 02:12 PM
Weanling
 
Join Date: Mar 2014
Location: Newport, PA
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Quote:
Originally Posted by Dad View Post
Thanks again for all the great feedback. Our current insurer is Horse Insurance Specialists out of Pilot Point, Texas. In addition to mortality coverage we have surgical and medical coverage up to $5,000 with a $200 annual premium and a $300 deductible. It looks like I could up the coverage to $7,500 for a $300 annual premium with the deductible still at $300. I'm actually surprised at how low the premiums and deductibles are. I'm going to contact Hallmark Equine and Blue Bridal as well.
wait, what?

I've never looked into horse insurance before. You mean for $200 a year, I can have that much coverage, with the deductible only $300? You can blow through that just in well-care visits and one lameness. Or am I misunderstanding something?
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post #17 of 20 Old 01-09-2015, 02:33 PM Thread Starter
Dad
Foal
 
Join Date: Jan 2015
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Quote:
Originally Posted by skiafoxmorgan View Post
wait, what?

I've never looked into horse insurance before. You mean for $200 a year, I can have that much coverage, with the deductible only $300? You can blow through that just in well-care visits and one lameness. Or am I misunderstanding something?
The well-care visits are probably not covered. The exclusions include things like:
"general maintenance of a healthy animal"
"transportation, veterinary travel, or veterinary call charges"
"any dental treatment for a non-life threatening dental condition"
"any elective surgery and/or procedure including castration, caslicks operations, cosmetic surgery, etc."

The insurance is only for surgical and medical coverage in the case of accidents or illness. What I am worried about are things like colic or accidents such as a deep cuts or bone fractures.
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post #18 of 20 Old 01-09-2015, 02:47 PM
Weanling
 
Join Date: Mar 2014
Location: Newport, PA
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okay. still...that's not half bad. It's easy to run through expenses if a horse gets sick or injured. I may have to look into it myself.
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post #19 of 20 Old 01-09-2015, 03:17 PM Thread Starter
Dad
Foal
 
Join Date: Jan 2015
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Quote:
Originally Posted by skiafoxmorgan View Post
okay. still...that's not half bad. It's easy to run through expenses if a horse gets sick or injured. I may have to look into it myself.
Insurance may seem like a rip-off at times but it also lets you sleep at night.

With my current policy, you have to first have a mortality policy and then you can add the medical. The mortality policy is $195 and then the medical is $200. The mortality covers "death or theft" and you would be reimbursed for the agreed-upon value of the horse in the event of death or theft.

So if you really think about it you can see that it is well worth it. For $395 per year I have my initial investment covered ($6,500 purchase price of the horse) in case it dies or is stolen. Then I also have medical coverage up to $5,000 for any illness or injury with a deductible of $300.
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post #20 of 20 Old 01-09-2015, 03:49 PM
Started
 
Join Date: May 2014
Location: Indiana
Posts: 1,564
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The only thing I could add to this is maybe the cost of supplements down the road. Specifically joint supplements if the horse is going to remain competitive in his "Senior" years. And sometimes these aren't even needed. But for example, I gave adequan injections for my senior mare for her arthritis up until I retired her. It was approximately $500 a year. This is something you can definitely save up for, though. It's not an immediate need.
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