Great Ameriican Increasing Premiums and Deductibles for Major Medical Policies

[Prime_Time_Rider]

I just found out from my insurance agent yesterday that Great American is increasing its premiums and deductibles on its major medical policies for horses. I currently have major medical coverage up to $10,000 on all 4 of my horses at a cost of $375 per year with a $250 deductible. The premium is increasing by $100 to $475 per horse with an increase in the deductible to 500! The co-pay is increasing as well.

This is a huge increase. I was wondering if fellow COTHers could recommend other equine major medical underwriters (the companies that provide the policies) as well as agents. I’ve been with Taylor Harris for years, but with this change I am definitely going to shop policies.

[DownYonder]

I can’t make a recommendation since I have been self-insuring for 3-4 years now (paid beaucoup money for pretty decent mortality and major medical on two horses for 7-8 years), but thought I would mention that I have heard that ALL insurance costs - across all industries - are increasing. Reasons given are rising costs of procedures, medications, equipment and supplies, fuel, administrative costs, etc., plus ACA is causing rising costs for the insurance companies themselves to insure their own people.

A few months ago, I briefly considered insuring one of my horses, but after learning that my own health insurance premium is going up by 60%, and the deductible is doubling (and this is via a very large corporate employer), I can’t afford premiums for equine insurance. If something bad happens, I will either suck it up and pay for it, or suck it up and put the horse down.

[IronwoodFarm]

Taylor Harris is multi-line broker. What are they telling you about options to Great American? I agree that the increase in premium and deductible is pretty steep, but my guess is that they are trying to reduce the small type claims. If you have a serious injury or colic, the premium and deductible will seem more reasonable compared to the vet bills.

[LuvMyTB]

I just took out a policy with XL insurance. Know nothing about them but the coverage and pricing seemed reasonable.

[Graymaresrule]

Blame it on Obamacare

[GoForAGallop]

I have been very happy with the service I have gotten from The Hartford for the price I am paying. I am in the unique situation of having my horse insured for only $1000 mortality but still wanting the usual $7k+ for major medical (to keep costs down), so not a lot of companies will touch me. I had a big claim this summer, check was in my hand in under a week.

I use Broadstone for my agent.

[Prime_Time_Rider]

[QUOTE=IronwoodFarm;7795771]
Taylor Harris is multi-line broker. What are they telling you about options to Great American? I agree that the increase in premium and deductible is pretty steep, but my guess is that they are trying to reduce the small type claims. If you have a serious injury or colic, the premium and deductible will seem more reasonable compared to the vet bills.[/QUOTE]

Taylor Harris told me that the only other carrier that they represent is Loyds of London

[gottagrey]

I have Hallmark and they’ve been really great, others like Broadstone and Markell. A friend of mine has I think Dietrich? Which also includes health program or something - Obviously I need to find out more if Im’ going to mention it… will ask and report back

[suzyq]

I just purchased mortality for the first time in a long time and the ins. agent said that the medical/surgical was going to go up a lot as the insurers were losing money on it.

[findeight]

[QUOTE=gottagrey;7796618]
I have Hallmark and they’ve been really great, others like Broadstone and Markell. A friend of mine has I think Dietrich? Which also includes health program or something - Obviously I need to find out more if Im’ going to mention it… will ask and report back[/QUOTE]

Dietrich is an agency selling insurance, not the actual underwriter.

[ryansgirl]

They are all changing how they do business. I’m dropping Hallmark after my policy expires as the deductibles, etc. are ridiculous now. You’re almost better off putting the money into an emergency fund instead of trying to deal with the insurance BS.

[Daisyesq]

What does Obamacare and ACA have to do with equine insurance? Nothing!

But I agree with OP that she describes a major increase in premium, especially when combined with the deductible. Sounds like they are contracting their exposure to equine risk business. Someone else may fill the need, if there’s a profit there.

[IronwoodFarm]

[QUOTE=Prime Time Rider;7796507]
Taylor Harris told me that the only other carrier that they represent is Loyds of London[/QUOTE]

Then look for another broker. BTW Lloyds of London is not an insurance company but rather a syndicate that takes on risk by contract. It don’t think your risk would have to go to Lloyds given that there are a number of quality domestic insurance companies underwriting equine mortality and major medical.

And I think the Obamacare reference was a joke. It seems like anything related to healthcare whether it is human or animal is blamed on Obamacare.

[Personal_Champ]

I have policies from XL through Broadstone and have been pleased. My 5 year old was euthanized this year after thousands of dollars and an extended stay at New Bolton for a neuro problem that was never actually diagnosed, and they were wonderful to deal with.

[soloudinhere]

[QUOTE=Personal Champ;7797154]
I have policies from XL through Broadstone and have been pleased. My 5 year old was euthanized this year after thousands of dollars and an extended stay at New Bolton for a neuro problem that was never actually diagnosed, and they were wonderful to deal with.[/QUOTE]

This is interesting. I may have to price this out as I am disappointed by my new quote when I went to increase my horse’s mortality coverage this year as he is worth substantially more now than when I insured him in March.

I worked for XL Group for awhile so on a personal level I think it’s funny that people find them easy to deal with

[Prime_Time_Rider]

I just contacted two different insurance agents and received quotes on policies through XL (as well as my current carrier, Great American and the The Hartford Company). Based on the quotes I received, it appears that XL is the best value for my money, with the possible exception of my 18 year old gelding in that XL will not insure him beyond his 18th year.

I would be interested in hearing from other COTHERs with XL insurance regarding their experience with filing claims and receiving prompt payment from XL.

[Watermark_Farm]

[QUOTE=GoForAGallop;7796033]
I have been very happy with the service I have gotten from The Hartford for the price I am paying. I am in the unique situation of having my horse insured for only $1000 mortality but still wanting the usual $7k+ for major medical (to keep costs down), so not a lot of companies will touch me. I had a big claim this summer, check was in my hand in under a week.

I use Broadstone for my agent.[/QUOTE]

Thanks so much! I am in a similar situation and contacted Broadstone yesterday to get a quote from Hartford. I thought it was quite affordable!

[WannabeDQ]

Markel is increasing their prices/deductable too. I won’t be renewing my policy, instead just plan on adding more money to emergency savings fund.

• My horse has exclusions on things they won’t cover now so it really isn’t worth it anymore. I may think differently if it was a different, healthy horse… but probably not.

[Hippolyta]

[QUOTE=carolprudm;7795988]
Blame it on Obamacare[/QUOTE]

:lol:

My premium with The Hartford for my <5K mare went up a chunk last May. I hope it doesn’t go up much more this year.

I have always used Equisure as an agent & at one point had another underwriter (can’t remember who). Two yrs ago they quit offering medical to us low rent types, so now am with the Hartford through same agent. I have a situation like Goforagallop- medical is worth more than mortality.

[poltroon]

You might find this article illuminating:

http://www.doctorramey.com/insure-horse/

You see, when horse health insurance was first proposed, it was supposed to be a form of protection against catastrophe. At the time, the only really expensive treatments that were routinely performed were surgeries: for colic and such. Given that most other treatments weren’t very expensive, and there weren’t a lot of expensive machines to use, policies could be conceived that essentially had a defined benefit. You paid a bit of money based on the worth of your horse (usually about 4% of his declared value), and you also got a few thousand dollars thrown in in case your horse needed life-saving colic surgery. That was a really good deal for everyone.

But now, with the advent of diagnostic machines like MRI, CT scan, and even ultrasound, as well as treatments like stem cells and platelet-rich plasma and injections of myriad substances into myriad body parts, expensive procedures are being routinely asked for and recommended for conditions that aren’t at all catastrophic. And, if a horse is insured, some people may be inclined to use them because, well, because they can, and others may be inclined to recommend them because they get paid for them. So, now, it’s possible to spend a lot of money on conditions that were previously treated with just some rest and rehabilitation, or even on conditions that can’t be treated very well at all (in hopes that they might “help”), without too much financial pain. For example, when a horse is insured, It’s possible to get a whole bunch of X-rays to evaluate a problem taken at a relatively nominal cost, and to then treat it with the latest (unproven) treatment, secure in the knowledge that it’s all been paid for. A “wait-and-see” attitude might be proposed for a horse without insurance, It’s all paid for, right?

Paid for: right. But here’s the rub. As a result of people considering insurance is an investment, equine insurance companies are losing money: Lots of it. And one thing that you can be sure of; when it comes to losing money, companies aren’t going to put up with it for long.