Major Medical Insurance

[txhjgirl]

Hi everyone!

I am currently looking into getting mortality with major medical insurance for my mare. My biggest priority is quality major medical. I would just hate it if something happened to my mare and I had to make a life or death decision based on cost. With this being said, I would ideally like the lowest mortality premium possible to allow for more spending on the major medical end.

In reality, my I purchased my horse for $40k, and now she is probably worth around $30k. She is a 12 year old Oldenburg that does the H/J. Because I am not overly concerned about the mortality portion of the insurance, I would like to lower her “agreed value” to lower my mortality premium.

Here are my questions:

1. Which insurance company do you think has the best major medical coverage and quality of service?
2. What should I expect to pay as an annual total for insurance?
3. What is the lowest premium I could get away with for my horse’s mortality? What is the lowest value I could use for her?

Thank you everyone!

[fourfillies]

Great questions and I’d be interested in others perspectives. Overall, if you are looking to keep costs down cutting down the mortality is a good thought as the odds any horse in your mare’s age group will die is quite low.

1. Which insurance company do you think has the best major medical coverage and quality of service?
   I can only say avoid Markel. As with most insurers I’m sure they have really tightened up what comes under Major Medical, limiting testing, drugs, etc . . . so shop carefully. After 15 years of dutifully paying my premiums I had a claim and after the exclusions and deductible I wondered why I even had insurance. In fact, the next year I lowered each of my horses value (your strategy) and the next year dropped insurance altogether after realizing the the break even point in self financing major illness was barely 2 1/3 years (remember also there are caps on coverage, at the time Market capped at $10,000, so for a $12,500 bill I paid the insurance costs, around $2000 for the year at the time, plus the deductible of $1000 plus the MRI $2500 and the meds, net “savings” to me with insurance around $5000. Premiums for the last 15 years, lots more than $5000)
2. What should I expect to pay as an annual total for insurance? Around 4% of her value for the mortality plus the cost of the major medical so this will depend directly on how you define her value.
3. What is the lowest premium I could get away with for my horse’s mortality? What is the lowest value I could use for her?
   Most companies will define that for you, with my last insurer it was $15,000 mortality to be “eligible” to purchase Major Med

[SendenHorse]

Agree. Do your homework. Some companies (great american for example) require the horse to be valued at least 15K. Not every company. So the cost would be probably about 700+/year for minimum (aprox) surgical/MM/colic for a 15K horse. You have to have mortality to get the other types.

I believe there are only a few actual underwriters of the policy, not just the company who sells these policies, so that is the real difference between the companies. I believe American Equine Insurance Group is one.

I have insurance and have received a great deal of services, so I’m a big fan. Also piece of mind. However, I only have one horse at a time.

There is a point to just put away the premiums in the bank and not deal with insurance, it depends on your finances and what you want to risk and how much your horse is worth.

The check from mortality helped me buy my second horse. Its worth it in the end.

[VTMorgan06]

With most companies, your major medical premium is going to be directly related to the mortality value of the horse. You can go ahead and “value” her at 10k, but you will find that your major medical will tap out at the value of the horse, maybe $500-1,000 more. For example, if your $10,000 horse needs a $15,000 surgery, the insurance company may give you $10,500, but the rest will be on your dime.

I would also be curious to see how the insurance companies handle your application. You will need to provide a purchase price and complete a justification of value. The insurance company may find it odd that you are only valuing your horse for considerably less than it’s purchase price.

[PaintPony]

[QUOTE=VTMorgan06;7199295]
With most companies, your major medical premium is going to be directly related to the mortality value of the horse. You can go ahead and “value” her at 10k, but you will find that your major medical will tap out at the value of the horse, maybe $500-1,000 more. For example, if your $10,000 horse needs a $15,000 surgery, the insurance company may give you $10,500, but the rest will be on your dime.

I would also be curious to see how the insurance companies handle your application. You will need to provide a purchase price and complete a justification of value. The insurance company may find it odd that you are only valuing your horse for considerably less than it’s purchase price.[/QUOTE]

Not necessarily. My horse has aged out of major medical now, but when I did have a policy my company let me purchase the minimum mortality amount and maximum major medical amount.

[dutchboy]

Great American has been amazing in all three of my claims. I lost my hunter to a pastern fracture, almost lost my second hunter in a freak stall accident (currently rehabbing), and my new young hunter recently had back-to-back colic surgeries (recovering well). Both surviving horses blew through their major medical coverage in two weeks. The adjusters at GA were knowledgeable, concerned, and very timely with information and claim payments. I know that for every good experience, there is always someone who has not had one. So, for what it’s worth, I would not insure with anyone else.

[SendenHorse]

Great american requires 15K value for medical insurance now. I left them over this.

And yes, you do need to PROVE value over the purchase price. You can’t just say the horse is worth 10K “just because”. Generally show records/placings and professional training count towards it, not just being in lessons or “time spent” working on improving the horse.

Just like with anything, do your homework.

[GoForAGallop]

[QUOTE=VTMorgan06;7199295]
With most companies, your major medical premium is going to be directly related to the mortality value of the horse. You can go ahead and “value” her at 10k, but you will find that your major medical will tap out at the value of the horse, maybe $500-1,000 more. For example, if your $10,000 horse needs a $15,000 surgery, the insurance company may give you $10,500, but the rest will be on your dime. .[/QUOTE]

I’d actually say that this is NOT the case for most companies.

I know it’s certainly not the case for The Hartford; my $1,000-value horse has $15k worth of medical coverage. (And I’ve used it.)

[Duckz]

I don’t have a ton of knowledge on this, but I insure with Hallmark as do several of my friends. I have my 7 yr old ottb insured for 6k mortality, 10k medical, and my premium is $659/year with a $300 deductible per claim. Hope that helps!

[AKB]

It may make more sense to have a special bank account in which you deposit $2000 per year rather than paying for insurance. We insured one of our horses for years with Hallmark. He had a small tumor in his nose after several years of insurance. The claim was denied because they said I had not declared that the tumor was there when I completed the annual renewal paperwork. I had not declared the tumor when I renewed the policy because I did not know it was there. I do believe the tumor was there for several years, but I didn’t know that and my vet didn’t know it. After the tumor was gone, I realized that the horse’s nose had been a different shape for a couple of years. After that negative experience with insurance, I dropped the insurance and started putting the premiums in the bank.

[HappyHorselover]

[QUOTE=GoForAGallop;7200354]
I’d actually say that this is NOT the case for most companies.

I know it’s certainly not the case for The Hartford; my $1,000-value horse has $15k worth of medical coverage. (And I’ve used it.)[/QUOTE]

I also have The Hartford. Horse valued at $4000 and $15K MM

[HunterMolly]

I use EMO insurance. Very easy to deal with. I have 15k major medical, emergency colic supplemental coverage, and full mortality on an upper/mid 5 figure horse for 2,300 a year. There is a 500 deductible for that policy. I think that’s pretty competitive for the horses age and this is the second horse I have insured through them.

[eclipse]

Another Canadian here so not familiar with the finer points of American insurance (I use Capri insurance out of BC), but I can tell you I was glad to have mine when my gelding suffered a severe leg injury. Quite simply, I always wondered why I kept paying and then one day I needed it! Had $10,000 major medical and have him insured for $15,000 which costs me about $800/yr and with this one injury I’ve used the full $10,000.

This leg will never be covered again but it was his lifesaver to have coverage. It was nice not to have to worry about the $$$ and to be able to send him straight for surgery and a month long stay at the clinic to be taken care of and the inurance has been fantastic at paying for everything (including all the supplies the vet sent me home with).

I have a $500 deductable and am also covered for 120 days for all treatments related to the inital injury without going over the $10,000. So…all the followup vet visits and proudflesh trims have been covered!

It’s also nice to know that should something happen again, as long as it’s NOT the same leg he will still covered. I will never again question why I pay for insurance

[JLC]

[QUOTE=Duckz;7200459]
I don’t have a ton of knowledge on this, but I insure with Hallmark as do several of my friends. I have my 7 yr old ottb insured for 6k mortality, 10k medical, and my premium is $659/year with a $300 deductible per claim. Hope that helps![/QUOTE]

Just curious, did you pay the $659 up front? I have Great American and my horse is insured for $7,500 mortality, 10k surgical, but I could not renew my major medical because he is not insured for 15k mortality. The agent said I could switch to another underwriter that would cover for major medical, but the payment would have to be upfront. I went back and forth with what to do, but ended up sticking with Great American because I have had very positive experiences with them in the past… I am curious for next year, how the other underwriters are to deal with that will cover for major medical…?

[VirginiaBred]

Please contact Jennifer Oliver (Jennifer Oliver, Equine Insurance Specialist). She is SO AFFORDABLE. She has been able to save quite a bit of money for everyone that has contacted her. Super person too!
jennifer@centralvains.com
https://www.facebook.com/JenniferOliverEquineInsuranceSpecialist

[TrotTrotPumpkn]

I have decided to partially insure myself and partially through the company. I use Broadstone and the policy is actually through the Hartford. The major medical portion coverage is $7,500 (I believe colic is on top of that) and I did $10,500 of mortality. 3 year old mare. They have a version that covers IRAP and alternatives as well. The major medical is pretty darn cheap if you think about it as a monthly premium and compare it to dog or people insurance.