What are your feelings on equine insurance

[GrandmaC]

Kind of a little background here, we're retired military and my husband is a jr at a university and we paid off everything

before he retired in 2004. We are a NO credit card. NO car payment family. If something comes up or we want something

we work harder to get the money up. We're able to due to owning our own business.

We do have a repore with our vet but I'm sure he as anyone else would have their limits. We've never had to test him lol

Due to something I have brewing I'll need insurance on one.

My husband and I have been wondering about it for the future with other horses.

In an 'expensive' emergency our vet would work with us and we have other resources but if I have to drop 2,000 or $3000

on a vet it would sort of ruin our day and our month. I mean 18 to 24 months from now when my husband graduates

our income will jump over an additional 60k a yr. But currently it's his retirement and my business income.

We're kind of wondering when it's appropriate to have insurance, should we apply for a cc and keep it in the draw for equine

medical emergencies only? Where do most of you draw the line as to insuring or not insuring a horse.

Just got a quote for 'what's brewing' and mortality which includes emergency colic surgery was $210. Adding major medical with a $7,000 limit upped it to $450 per year.

I feel that is well worth it and God forbid we ever had a $3000 vet bill we'd have to pay into the insurance for nearly a decade to lose money on the premiums. Mortality is only $210 which to me is worth it, but the medical adds another 240 a yr.

Which if something happens and you need to drop a grand on a vets lap makes it worth it.

Our cat with a urinary blockage caused us a $750 bill all in one day.

Ok I'm rattling but we're very much looking forward to examining and hearing others views and thoughts on the matter.

We're just trying to explore what's worth paying for and what isn't.

 

[Allure Ranch]

How many horses are you considering covering?

 

[ruffian]

In one sense you've already answered your own question. You think it's worth it, and the premiums are less than $500 a year.

This is what I ask myself before insuring a horse:

• What is the value of the horse - is it worth the cost of the insurance and deductible.
  
• Are you "Required" to have the insurance" ie: a lease or borrow
  
• Would the premium put you in financial jeopardy?
  
• Would the vet bill if not covered put you in financial jeopardy?
  
• How would you respond if it comes down to a vet bill of several thousand or a live horse? It sounds cruel, but it must be considered.
  
• How would you feel if you had to let a horse die because the vet bill would be too high.
  

After a certain value you have to have a vet inspection (mine was around $100 plus farm call) and have to have a reasonable cause for the value - show record, offspring record, etc.

Hope this helps. After what happened in barn today (see my other thread) I felt good that I had premium insurance on one horse (Thumper) and loss insurance on all, if the unthinkable HAD happened. Wouldn't have replaced them, but would have helped me rebuild.

 

[disneyhorse]

I've never had a very expensive horse (one that's over $5,000) so I've never bothered with insurance. Pretty much, my personal limit is to not spend more on vet bills in a year than the horse is valued at. They are not an "investment" to me (e.g. I don't have a $15,000 National Grand Champion stallion that I breed and sell 10 foals per year from) and they aren't really "beloved family pets" that would get unlimited veterinary care and surgery from not matter what. I just won't do colic surgery, experimental treatments, or other surgical procedures if I can't afford it.

Not that I don't have my share of vet bills that crop up over the years. I spent $2,000 on an eye injury for a mare. I've spent plenty of $1,000 vet bills for other injuries and lengthy colic treatments and such. I did spend a total of $3,000 on random veterinary treatments for a weanling mini I had several years ago (choke with hospital stay, and then several days of various colic treatments but ultimately after $3,000 in to the horse, declined exploratory colic surgery and opted for euthanasia as my vet felt that at four months old, the horse was likely to need colic surgery again in its lifetime).

I have friends with various "expensive" horses that are Andalusians, Friesians, and other dressage and performance type horses and they are insured, but if I had a $80,000 horse a $5,000 colic surgery would be a whole 'nother thing to me.

I do spend about $350 per horse per year on dental, and an additional $500 per year on various vet bills (vaccinations, emergency calls, Coggins/health certs) so that is just set aside as routine costs.

I think it's a personal call, and of course you will have to talk to your Insurer about the annual costs for this. If you are uncomfortable euthanizing an animal because of looming vet bills, then insurance will definitely give you peace of mind but surgeries themselves are not guaranteed.

Good luck and congrats on your new horses,

Andrea

 

[Matt73]

I've never had a very expensive horse (one that's over $5,000) so I've never bothered with insurance. Pretty much, my personal limit is to not spend more on vet bills in a year than the horse is valued at. They are not an "investment" to me (e.g. I don't have a $15,000 National Grand Champion stallion that I breed and sell 10 foals per year from) and they aren't really "beloved family pets" that would get unlimited veterinary care and surgery from not matter what. I just won't do colic surgery, experimental treatments, or other surgical procedures if I can't afford it.

Not that I don't have my share of vet bills that crop up over the years. I spent $2,000 on an eye injury for a mare. I've spent plenty of $1,000 vet bills for other injuries and lengthy colic treatments and such. I did spend a total of $3,000 on random veterinary treatments for a weanling mini I had several years ago (choke with hospital stay, and then several days of various colic treatments but ultimately after $3,000 in to the horse, declined exploratory colic surgery and opted for euthanasia as my vet felt that at four months old, the horse was likely to need colic surgery again in its lifetime).

I have friends with various "expensive" horses that are Andalusians, Friesians, and other dressage and performance type horses and they are insured, but if I had a $80,000 horse a $5,000 colic surgery would be a whole 'nother thing to me.

I do spend about $350 per horse per year on dental, and an additional $500 per year on various vet bills (vaccinations, emergency calls, Coggins/health certs) so that is just set aside as routine costs.

I think it's a personal call, and of course you will have to talk to your Insurer about the annual costs for this. If you are uncomfortable euthanizing an animal because of looming vet bills, then insurance will definitely give you peace of mind but surgeries themselves are not guaranteed.

Good luck and congrats on your new horses,

Andrea

I totally agree. We did spend a bit more than he was valued at on vet bills this past summer on our stallion; he had to be put down at the clinic. Then almost as much on our filly, too (who was suspected of having the same illness), but she made it through the crisis with flying colours

It's just a personal thing. That Willow is healthy and happy today made it worth the $2000+ dollars. And I'm not sorry that we spent more than that on our stallion (what I am sorry about is that we didn't call the vet that saved our Willow). It's what you're willing to do and how far you will go. I recently had a client spend $10 000 on a kitten we sold her to save its life (I won't go into details). It made it through. But, wow!

 

[~Lisa~]

I can say yes when you are standing there with a 5000+ colic surgery it might be worth it.

I pay about 300-350 a year for a single horse with mortality and surgical policy

 

[GrandmaC]

I have no hesitation on mortality insurance. I think the $210 I was quotes, heck is cheaper (by half) than my product liability insurance on my business

and I know my product isn't going to hurt anyone, but a horse always stands the chance of an injury or death and then if in training and going to shows

there's traveling risks and such, like Lisa said when you're standing there with a 5G colic surgery.

I was trying to evaluate if the extra medical was worth it. Wondering if it would be worth it. I guess it depends on how safe (or lucky) we feel.

$210. mortality/colic or $450 ish for mortality/colic/medical

 

[Allure Ranch]

If your ONLY insuring the (1) horse it's worth the investment to obtain the Mortality/Colic/ Extended Medical. However, make certain that you carefully read all the conditions/terms of the agreement.

 

[targetsmom]

I have a very different take on insurance. If you only have ONE high priced horse (or maybe two) then it may make sense. But the whole point of insurance is spreading the risk around and if you have 6 or more (or some number X) horses you are already spreading the risk. If you took all the insurance premium money and set it aside, you could "self-insure" and likely have the money if you need it. I have also known too many people that put in a claim for "loss of use" on an expensive dressage horse only to have the claim denied because the horse could still move. And if my horse dies an untimely death it will be horrible, but I am not sure how much the money would help.

Now what I have done is put all our eligible horses on the Pfizer Preventicare Program, recently discontinued. But I think Farnum has a similar program that requires their brand of daily wormer. The programs are either no or low cost and reimburse up to $5,000 for colic surgery for any reason. Max's colic surgery was covered, thank goodness, and we got a check for the maximum amount.

What I have learned is that it pays to decide ahead of time what measures/expense you are willing to go to for each of your horses and make sure your vet and anyone who cares for your horses while you are away knows this. For example, our big horse Target had TWO un-reimbursed colic surgeries when he was younger, and we don't regret the cost of either one. But he is 25 now and doesn't get another one.

 

[WhiteTailsMinis]

We have policies here and for us, its about the deductible should anything severe happen medically. Vet bills can be out of the roof and to pay a 250 buck deductible, no matter how many times they come back out for the very same thing, is worth it to us. Severe issues usually require check-ups or follow-ups, and as long as they are coming back for the same issue, you pay just the one deductible (considering farm call alone is 80 bucks and they charge that just to drive on the property each time).

Luckily - knock on wood - we haven't had to use it thank goodness and we only have it on the most expensive ones as for us that was indeed an investment we don't wish to loose nor put thousands more into. We have the mortality too on those policies and while we'd hate to loose the horse(s), financially it would be welcomed to get that money back.

I haven't found any farm coverages yet that cover herds (around here anyway) but would be interested to learn more about the previous posters program where reimbursements are possible?