How much does equine insurance typically cost a month and a year? I might be getting an OTTB. Her owner is planning on just giving her to me. Her stud’s fee cost is about 1500. And is equine insurance worth it?
Everyone should have liability insurance for their horse activity IMHO.
As far as medical insurance for your horse, you can only get that for relatively valuable horses. You can’t insure cheap horses just like you can’t get collision on a real beater car. They won’t pay for $10,000 colic surgery on a $1,000 horse.
Most free OTTB have no value after they are off the track and before they have proven themselves as top jumpers.
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Contact Jennifer Oliver, Equine Insurance Specialist to give you some great advice and quotes. She is the most affordable with excellent coverage. https://www.facebook.com/JenniferOliverEquineInsuranceSpecialist/?ref=bookmarks
or call/text: 540-222-0460. Licensed in EVERY state.
Many people just get the minimum insurance to qualify for colic and major medical coverage
Agreed- I have used Jennifer for years.
On what @Scribbler said- I also believe that is correct. Jennifer (the above mentioned agent) once told me you can’t get more major medical coverage on a horse then it is insured for. If your horse is insured for 8k they won’t give you major medical for 10k for example.
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This is interesting, the medical insurances I know cover up the costs depending on the package you choose (varies from company to company) and/or up to a specific amount and you have to pay for the rest, but this has nothing to do with the ‘value’ of the horse. Medical insurance is a huge market here. Reading the details is recommended.
Liability insurance is a duty, often part of the contract with the boarding facility.
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are you in Europe? The industry standards may be different there than in US and Canada. Some insurance companies have a colic rider where you could potentially get more in MM coverage than the value of the horse, ex: 7500 Mortality, 7500 in M/M + $2500 colic rider - where you could get up to $10,000 in costs, less any deductibles or uncovered services.
One thing always to keep in mind, is that while insurance is great and I’m a big proponent of having insurance, you do have to have access to funds to cover say a colic surgery since the insurance reimburses you, so you would have to pay the vet/hospital directly. They may just request a % deposit of what the estimate cost would be and wait for your insurance payment.
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Scribbler isn’t quite correct; there are equine insurers in the USA that will insure inexpensive horses. For a horse that was recently given to you, the insured value might be limited to $2,500-$5,000 until you acquire a show record or similar to substantiate a higher insured value. There are insurers who have medical options for horses in this value range.
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Have several friends looking for mortality and major medical coverage for horses under 5k in the States, could you share who the underwriter is? Not the sales agent, the company that will carry the policy and dipurse funds ?
Agree with findeight, I would like to know the names of these companies too! I work full time as an Equine Appraiser/Equine Expert Witness and work with insurance companies frequently. Normally, they will not allow major medical coverage unless the horse is insured for $5,000 or more.
Agents representing the Argo/AEIG program or The Hartford would be your best bet for the low-valued horses wanting med coverage.
American Equine Insurance Group (AEIG) definitely does not offer major medical for low valued horses. It states right on their website that their lowest major medical plan is $7,500 and that the horse’s insured value must be equal to or greater than the medical/surgical limit selected. They also offer $10,000 and $15,000 for major medical, but again, the horse would need to be insured for a minimum of $10,000 or $15,000 respectively. This is the same standard policy for most reputable equine insurance companies.
That being said, it looks like The Hartford does offer $5,000 major medical for horses valued lower than $5,000. Although, some of the reviews for their claims process is not good. I always say, an insurance company is only as good as how they handle claims. 
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I know you are younger, so just be careful with getting in over your head here… especially if you are still working off board. If that ever ceases will you be able to afford your horse’s costs while also being in school? Free horses really aren’t free! Is this the horse with the microfracture in the knee? Pre-existing conditions might be an issue with insurance.
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AEIG/Argo has a catastrophic medical or surgical-only coverage available to horses of any value. Catastrophic covers most things that major med does, except for ulcers, lameness, bone scans and MRI’s. The lesser-valued horses would tend not to have as much need for those excluded things anyway. It does cover colic, EPM, laminitis, respiratory, eye, and systemic ailments, to list a few scenarios.
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@gottagrey yes, it’s not about age or ‘value’ of the horse. I pay for the package I choose. What kind of medical help or surgery is covered depends on the service package. Generally I’m not sure if an insurance or a fat piggy bank is the better option.
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I totally understand your point! I have a few thousand saved up and I plan on getting a somewhat normal job next year to earn money for both the horse and college. And that horse I was supposed to get originally, threw his leg through a wall at the track the day he was supposed to come home (I wasn’t there and I am not 100% sure what happened to him). So, now we have a healthy dud that we’re looking at.
Agreed! I have Great American and am having a very hard time with a claim, my first in three years, so I’m looking for another insurer. It’s interesting to start the research process again, thank you for all of the information!
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I second the advice to contact Jennifer Oliver. I decided to shop my insurance policy this year and she was a wealth of information. For example, I learned that my prior coverage (through Praetorian) had changed their policy around sub limits quite significantly - not something that their broker bothered to mention when they tried to get me to renew - and found that the Lloyd’s product offered almost twice the coverage at the same cost, without the restrictive sub limit issue. It pays to shop around (and to have a knowledgeable agent to assist you.)
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I paid $1 for my boy (bought him off a friend) but he was valued higher due to his breed and training. He just got out of a very complicated (i.e. expensive!) colic surgery and I am only out of pocket for just over $1000. Markel Insurance has been great, the agents check in to see how he’s doing with his recovery - plus they processed my claim quickly!
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