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Industrial Srength Barrel Racer
Posts: 7268
   
| I think I am going to drop the insurance on my horse due to his age (18). It is costing me $722/yr for $7500 worth of coverage. A part of me doesn't want to let that security go, the other part of me doesn't want to pay that annually. What do you all think? |
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Sock Snob
Posts: 3021
| Think about what you have spent on insurance if you had put that money away you would be far ahead. In the last 20 years i have had lots of horses and only one occasion that the insurance would have paid. |
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Extreme Veteran
Posts: 330
| So keep paying that yearly amount...right into a savings account! |
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Industrial Srength Barrel Racer
Posts: 7268
| I'm thinking the SAME thing as both of you two! Just needed a sanity check!  |
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  Friendly horse swapper
Posts: 4122
Location: Buffalo, TX | I have always insured my horses until they were older and retired....my logic is that I would keep insurance mainly for the colic surgery if needed, but I couldn't justify doing colic surgery on a 19 yr. old retired mare, so I dropped my coverage on JC at that age, and she's 23 now.....I think you are doing the reasonable thing... |
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Industrial Srength Barrel Racer
Posts: 7268
| Thank you guys - I don't know why but a part of me feels guilty! I will be dropping it though, it is just too costly per year. |
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 Pork Fat is my Favorite
Posts: 3791
Location: The Oklahoma plains. | Maybe just do mortality?? Sounds like you have an add on of medical or surgical?
I think base price is now $250 min or 3% of value. Or is your horse an aged horse? I have a few friends who have lost horses recently and had it not been for insurance, they could not buy another horse.
We dont insure every horse, just our competing horses that we feel we can not replace nor treat if something bad happened. |
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 Shelter Dog Lover
Posts: 10277
| We used to carry mortality on all of ours. After a few years husband dropped it, the rates over 7 years amost equaled the cost of a new horse. He figured we would come out the same if we kept paying the annaul rates or lost a horse and had to replace him. |
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Rad Dork
Posts: 5218
Location: Oklahoma | dumb question, but my 11 year old is the first horse I've ever insured. I only have mortality on him and it was mid $200 something for him.... is that going to go up each year or is it a locked in price? I'm assuming it's not from reading the post, but does it matter that I started insuring him at age 11 and not when he's a much higher risk? |
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 Lady Di
Posts: 21556
Location: Oklahoma | Longneck - 2014-09-09 12:25 PM
dumb question, but my 11 year old is the first horse I've ever insured. I only have mortality on him and it was mid $200 something for him.... is that going to go up each year or is it a locked in price? I'm assuming it's not from reading the post, but does it matter that I started insuring him at age 11 and not when he's a much higher risk?Â
I think you would have to ask your agent that....I have mortality only on my 15 yr old and it's $700 a year. I just bought him not too long ago and paid more for him than I've ever paid for a horse, so I was afraid he'd be in a wreck or something on the way here, so I insured him. I couldn't afford to have anything but mortality on him. But since there's a $500 difference in my premium and your premium, I would assume it goes up with age. |
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Industrial Srength Barrel Racer
Posts: 7268
| Longneck - 2014-09-09 12:25 PM dumb question, but my 11 year old is the first horse I've ever insured. I only have mortality on him and it was mid $200 something for him.... is that going to go up each year or is it a locked in price? I'm assuming it's not from reading the post, but does it matter that I started insuring him at age 11 and not when he's a much higher risk?
Mine DOUBLED at age 15 - I sucked it up for 2 years but I feel like I am wasting my money at $722/yr for $7500 worth of coverage. |
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Pork Fat is my Favorite
Posts: 3791
Location: The Oklahoma plains. | Griz - 2014-09-09 1:26 PM Longneck - 2014-09-09 12:25 PM dumb question, but my 11 year old is the first horse I've ever insured. I only have mortality on him and it was mid $200 something for him.... is that going to go up each year or is it a locked in price? I'm assuming it's not from reading the post, but does it matter that I started insuring him at age 11 and not when he's a much higher risk? Mine DOUBLED at age 15 - I sucked it up for 2 years but I feel like I am wasting my money at $722/yr for $7500 worth of coverage.
I figured you had an aged hors- it goes up significantly at age 15. Mine has been the same price for 15 years based on value of the horse.
So at that age, it might be best to consider dropping the coverage vs the cost of the policy. |
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Rad Dork
Posts: 5218
Location: Oklahoma | dianeguinn - 2014-09-09 1:13 PM Longneck - 2014-09-09 12:25 PM dumb question, but my 11 year old is the first horse I've ever insured. I only have mortality on him and it was mid $200 something for him.... is that going to go up each year or is it a locked in price? I'm assuming it's not from reading the post, but does it matter that I started insuring him at age 11 and not when he's a much higher risk? I think you would have to ask your agent that....I have mortality only on my 15 yr old and it's $700 a year. I just bought him not too long ago and paid more for him than I've ever paid for a horse, so I was afraid he'd be in a wreck or something on the way here, so I insured him. I couldn't afford to have anything but mortality on him. But since there's a $500 difference in my premium and your premium, I would assume it goes up with age.
Thanks! I was hoping it would be like life insurance and lock you in, but it doesn't sound like it! |
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