I thought I would ask this question to you all out in the horse blog'o'sphere;
"Can I and should I get Horse Insurance?"
Is it too late for us? Was I to buy it as soon as I purchased/rescued Laz? I know that would have been best, but I didn't so I'm trying to think for our future.
Can he be insured to help alleviate some of the typical vet bills and any future issues, such as scoping for ulcers, surgery, etc (knocking on wood!)
Can he be insured to help alleviate some of the typical vet bills and any future issues, such as scoping for ulcers, surgery, etc (knocking on wood!)
Do you have your horse insured and what company did you choose and why?
What is a typical plan to look for?
What are typical cost/deductibles/rates?
I've called a few companies and they seem to really vary.
What is a typical plan to look for?
What are typical cost/deductibles/rates?
I've called a few companies and they seem to really vary.
Thanks!!
Good question! I am interested to read the comments and what people have done and think.
ReplyDeleteThe most important thing which can help you select the right pet insurance provider is to read all the feedback from previous pet owners. You can find lots of this type of information on the net.
DeleteNot too late! I don't have Tucker insured and I really want to, especially since he's accident prone and insurance would help with those bills. I think the plans vary as to what is covered, but at least you'd know that if you got a huge bill, you wouldn't be faced with an inability to pay it. I actually just got a bunch of quotes, and so far Equisure has the best rates and the most flexible options.
ReplyDeleteI have horse insurance for my brumby. I pay something like $300/year and it covers her for up to $5000 of stuff. Of course you can pay more and get more coverage. One year I had up to $10,000 coverae but then that seemed like a waste. I have it mostly for some catastrophic terrible event. The thing is, like all insurance, I am finding it to be legal extortion. For example, when my horse had Lyme disease, the next year in my policy they said Lyme would no longer be covered. Now that is LAME. For one thing it means everytime something goes wrong, they don't cover you for that thing anymore. So, I think the insurance companies really are repellant, but I will still always carry insurance for Lilly, because you never know.
ReplyDeleteI have full mortality and major medical on both my girls. Full mortality is basically life insurance for them so if something happens I will at least have some money to go out and look for another. Or pay the vet bills they left behind. The major medical doesn't pay for typical stuff like vaccines and that sort of stuff. I have 10,000$ major medical on both mine. That's a lot and more than I probably would ever need but its what feels right to me. My deductible is $250. I think my total together is 1200$/year but I am also able to pay monthly and that is something I was interested in. I think I paid extra for the ability to pay monthly. A lot of companies don't offer it. I dont think its too late for you. I will tell you though, DO NOT tell them of Laz's past. Just like baystatebrumby said, once colic happens they knock that off and wont cover it the next year, so you don't want to have things knocked off that Laz might need in the future. I guess even if that happens you could just switch to another company??? Anyways, give it a try! It lends significant peace of mind to me...esp with the astronomically high medical coverage =)
ReplyDeleteI investigated it, but decided against getting insurance. Personally, it didn't seem appropriate for me; my horse stays where he is and doesn't travel to shows. I also found that the insurance carriers were not very accommodating as your horse aged. I think at 15 years of age certain coverage was reduced and you had to pay more if you wanted certain regular items covered. I like to pay as needed and if surgery or hospitalization is ever required for my horse, I will use my credit card card or line of credit.
ReplyDeleteI'm not the one paying the bills so I don't know the details, but my parents insured the young stud they have that travels to lots of shows. Then last spring he had a major colic episode on his way home from Idaho. I know it helped my parents in that stressful time to not have to worry about whether or not they could afford the surgery and just to tell the vets to go ahead, especially because they weren't there with him (the trainer hauled him down t the show).
ReplyDeleteAnother option that doesn't involve lining the pockets of the insurance company is the just put any money you would have paid the insurance company into a separate bank account or something. If you don't use it one year, great, just keep adding to it.
I've also heard of people using CareCredit cards in case of emergency because I think they have lower interest rates, but I don't know anything about them other than they can only be used for health or veterinary expenses.
Well, in order to get major medical, you have to get mortality insurance. It's a requirement. And, yes, they will exclude certain things (like his RH hoof, for example). I know a lady whose horse has so many leg problems (because he is super morbidly obese) that the last time she was going to renew, three of his legs would not have been covered in the policy, lol. However, you MUST tell any insurer of Laz's past medical history--not doing so would constitue fraud, which you do NOT want to deal with!
ReplyDeleteI personally think insurance companies are major crooks, but if I could afford it I would absolutely get coverage for Salem. I don't ever want to be faced with having to put him down simply because I can't afford to save him (if he ever needed colic surgery, for instance).
If I were seriously looking for into it, I would visit www.chronofhorse.com/forum and do a search for insurance. I know I've read a few threads about insurance over there and have seen a lot of very helpful posts, with recommendations and warnings about specific companies. The Chronicle people are a pretty savvy lot!
I use Hallmark and pay about $500 per year. I have major med & mortality as well as $25k of liability should my horse injure another or tear down the barn. Lol! A friend used the same company and never had a problem with claims being paid. Deductible is $300. Her last claim was $4000 and they paid no problem. Horse got kicked by another and broke a splint bone. I recommend it if you can afford it.
ReplyDeleteWe use a CareCredit card for any vet emergencies. I haven't had to use it for my horse (knock on wood!!) but we have used it for our dog twice this year (1,500+ to save her life) and most vets accept it. We actually applied for it at the vet during our emergency and we were instantly approved and able to use it. The interest is low and we have 4 years to pay it off. I would much rather use that and pay it off than line the pockets of the insurance companies as well!!
ReplyDeleteCait & Jake!
Me again. My policy also covers colic episodes up to (I think) $7500. We have a small barn with one horse prone to colic, another with feet issues and the third is a young one who easily gets into trouble. I have seen claim payouts for xrays, surgeries & large vet bills. Imo, the reward out weighs the risk of a potential $$$$ loss.
ReplyDeleteOh - I'm late to this conversation. Thanks so much for bringing up the topic.
ReplyDeleteI have been toying with buying insurance for my guy too. I'd hate to have to make a life / death decision based on finances - at the same time, I loathe insurance companies. My Dad says they're basically money in, money out. If you make a claim, your future rates / coverage will be adjusted to cover their costs. And I believe pre-existing conditions are not covered, just as in human insurance.
Good suggestions from other posters - either have a credit card / line of credit just for emergencies or self insure by saving your premium payments in a separate account, or both.
Wow, LOTS of great input. I'm still not 100% sure of what to do. I think that I may opt to go for the care credit card if need be and stash the annual $$ I would have paid to insurance aside. Still undecided but if I do go insurance route, yes, everything needs to be disclosed and actually most good insurance companies will need a vet exam and records, etc to cross reference so hiding his past laminitis wouldn't be possible ;) HOWEVER, when speaking with some reps, they mentioned anything that happened 2 yrs ago, they wouldn't need to 'know' about. I also spoke with some reps that seemed to be as bright and helpful as a worm. Some others were very sweet and knowledgeable. Laz being almost 11 yrs old, once he hits 15 the rates/coverage would change anyway, so I'm not sure it would be worth the insurance. Here's to keeping him healthy!!!
ReplyDeleteI just saw this post.. anyways my horse being 21 is not insured. The opinion at my barn is that the only horses who need to be insured are the ones that cost a ton of money up front, where if something happens to the horse the owner would be out a lot of money. Otherwise, you are better off just putting that money you would be spending into a savings account for future vet bills. I think I mostly agree with this, unless you were in a situation where you know if your horse needed colic surgery you would want to do it and you didn't think you could pay it off in a few years (like from care credit or a credit card). Personally I would rather use care credit and credit cards and worry about it later than pay insurance every year that I might not ever use. So far the only one time that I wished I had insurance was to save money on treating for ulcers. Aside from that, I don't know how much else of my vet bills would even be covered.
ReplyDeleteSomething else to think about with insurance is that you are in a way giving the company the power to make some of your medical choices for you. For example, in order to collect on mortality they have to agree that your horse should be euthanized. Sometimes they will require you to do all possible surgeries and treatments to attempt to save the horse before putting him down. So you might decide you don't want to put your horse through colic surgery because he has a poor prognosis and you don't want him to go through it, but the insurance company will tell you that you have to if you want a chance to eventually collect on the mortality policy. I don't know if all companies are like this, but that's something else to ask about.
The only other thing I want to say is that I thought Care Credit worked by being interest free for a year and then had crazy high interest rates after that? Either way, you could split the bill between a credit card and the care credit or something.
But if insurance would give you peace of mind then go for it! I'm sure you can find a company that fits what you are looking for.
I do believe that pet insurance is worth the cost. It's similar to the issue of health insurance for humans. You never know for sure if you're going to use it a lot but if you do then you're going to really get your money's worth.
DeleteYeah, care credit has some crazy interest, so be careful. If you have a trusted credit card it might be better. I have insurance and always will. Palidor's insurance paid over 23,000 dollars on him! Without it Palidor would have not been with me as long. You might have issues with Laz? Like you mentioned. Most good companies do block pre-existing conditions. And like you said, it will go up as he gets older. You can always call me if you want to know more. Have fun always!!!
ReplyDeleteI'm glad that I found this. We've been thinking of getting horse insurance for a while now. Where's the best place to get it?
ReplyDeleteThanks for the great post! I appreciate your interest as I am considering horse insurance but am not sure if I should do it or not!
ReplyDelete