This topic came up on the thread for Marble, the brindle filly. It got me to thinking about the insurance. How many of you have insurance on some or all your horses? I know I have had insurance on mine when I have been in the process of purchasing them. I would like to keep on with it, but can't always afford it. Obviously, it is a good idea to have, as medical care can get expensive fast. If you have a lot of minis, do you pay to insure them all? When do you insure the foals? When are you allowed to insure foals? What are you paying per horse, on the average? Do you insure all for colic surgery? Do you carry liability?Your thoughts are appreciated!
Barb
I do insure my show animals. Cost 3.2% of insured value, $6,000 minimum value through Wilkins. My policy comes with a colic rider, however, I will go back to having major medical as well at my next renewal. You do not get the option of saying "no" to colic surgery for example (because surgery and after care are estimated in excess of your $,6000 "free" colic surgery rider), and then get to collect on your mortality policy, unless the vet concurred that surgery would be futile, or not recommended. If surgery is an option, better to have either deep pockets (because you will be paying the expense of the colic surgery up front, and get reimbursed by the insurance company) or major medical, as my friend recently had $15,000 into a colic surgery and follow up care at the vet clinic (horse never came home) before ultimately having to have him put down when he coliced a second time due to adhesions that formed after surgery. She came out nearly whole though, as she was about $4,000 short of having everything covered by her insurance (she under insured). Unfortunately, she's still making payments for the purchase price of that dead horse on top of the insurance shortfall.
When I first started insuring I was generally just thinking about the freak broken leg when on turnout, etc. where I wouldn't have the "luxury" of doing surgery. My only option would have been to put them down, and the insurance would at least allow me to purchase another horse. The reality anymore though seems to be that people need to be very honest with themselves about the realities of "self insuring," or foregoing major medical.
More often than not, folks find themselves trotting that phrase out, thinking about the odd need for stitches, etc., things that they can readily afford without the need to make those really "tough" choices that a lack of financial resources might mean as to whether their animals get to live or die based on affordable veterinary care. Your horse comes down with EPM...at least that's what the vet "thinks," and we're not going to really know because the test is invasive, and most often the recommended course of action is to treat the animal with MARQUIS, if it gets better, they had EPM, if they don't it was something else, lol.
The problem with this picture is that the drug alone runs around $800, not to mention the vet clinic costs, etc. I'm sorry to say it, but this is where a lot of folks that are kidding themselves about being self insured are going to have to opt for "wait and see," or other supportive therapy because they simply cannot afford the treatment that is needed. I use this example because it's one of those calls that you could very well be wasting $800+ on a wild goose chase, only to need to spend more money if the animal didn't have epm after all. If you know in your heart of hearts that you couldn't, or wouldn't be able to justify spending this kind of money for for what could be speculative treatment, then self insurance is really NO insurance.
I know many have always said, "I have a credit card" for these kind of emergencies, and that's great...but you have to make the payments some time. This topic is one that animal owner's need to think about when they aren't in the emotional upheaval of needing to make a life and death choice. How much CAN you spend? Realize that you might be going down several courses of treatment, how much will you spend "trying" before you have to say that you're tapped out?
