|
|
Elite Veteran
Posts: 629
  
| Hey everyone - I'm hoping someone can help with this as I've never dealt with insuring a horse, and I'm deciding if I should. And, since I don't post often, I hope this is OK. I know "ads" are not allowed, and please understand I am not trying to sell her, she will never be for sale.
I'm basically free leasing one of my horses (an 11 year old mare) to a youth rider this year. She is living on my property most of the time, at least for now, but they will haul her to shows. Some will just be for the day, but he will be taking her to Youth World, possibly Colonial's and maybe one or two other bigger longer/farther away shows. I know anything can happen, but my biggest fear is that she goes down to Youth World and contracts some kind of sickness OR she colics from stress (she's never been away from home for long, so I don't know how that will go) We're working on getting her used to their horses to hopefully get her comfortable before they leave, but only time will tell.
Anywho - if something were to happen to her while in their care, I would not want them to feel like they are obligated to pay me for her. They are great long time friends, and I'm loaning her to them because they've had some rough luck the last year or so with horses, and were in need of a good horse for their kid.
So, in trying to determine if/how much to insure her for I think I'm gonna have a hard time really getting approved for what it would cost to replace her. I got her as a 2 year old and I started her and broke her myself. I got her in a sell one/get one free situation, so don't have a bill of sale with a price. She's bred averagely as far as barrel horses go, all cow bred, so no big famous barrel sires. She's won several years of an open show associations barrel racing/pole bending division as champion or reserve champ, some AQHA money, qualified for world her 1st year running NBHA, won 3rd in 4D and then 1st in 4D at a super show and won a wildcard. This year she is proving to be a great Youth horse. She ran mostly 3D with me in the Open and is running 2/3D in the youth this year.
Is this enough to substantiate her value at about $7500? If not, what do you think I could get her insured for, and what evidence might I need to help get her insured for this?
Thank you in advance for any info you can provide :) |
|
| |
|
Location: Not Where I Want to Be | I don't think any carrier worth their salt would even think twice about insuring for $10k or less as long as you are willing to write the check.
They get funky when you start talking about actual big dollars.
Send it in as $10k and if they sqawk knock it down to $7500 |
|
| |
|
 Guys Just Wanna Have Fun
Posts: 5530
Location: OH | From what you have stated that mare is worth 10,000 every day of the week and then some----I doubt you will get any flack from the insurance. They'll take your money and hopefully you never have a claim. |
|
| |
|
Elite Veteran
Posts: 629
| Whew! Thank ya'll so much! I was really worried I was gonna have to jump through hoops to prove this to get close to what she's worth. (Although to me she is priceless :) )
Thanks SO much! |
|
| |
|
 Take a Picture
Posts: 12841
| I usually ask my insurance agent. He is fair.
Edited by streakysox 2017-03-23 10:33 AM
|
|
| |
|
 Born not Made
Posts: 2937
Location: North Dakota | I had no problems whatsoever bumping my gelding's coverage up to $10,000 as his training and placing increased.
I agree with the others that most insurance companies won't have a problem with $10,000, which I think your horse is easily worth for a solid youth horse.
|
|
| |
|
  That's White "Man" to You
Posts: 5515
| My agent told me if its less than $25K they dont really care. Over $25k you will need documentation to prove value. |
|
| |
|
Elite Veteran
Posts: 629
| Thanks!
Since I've never insured before, I don't yet have an agent to ask, and may call a few companies, and see if some are easier than others :) |
|
| |
|
Tried and True
Posts: 21185
Location: Where I am happiest | I agree I would go with $10,000 and beings though she will be traveling and competing I would also get major medical. We use Wilkins Livestock. Their rates were the best when shopping for insurance companies and we have had 1 medical claim and they were awsome in the whole ordeal and paid quickly. |
|
| |
|
Veteran
Posts: 154
| Better get it in writing- paid 20 k for a futurity mare. Insured for 25k, she placed at several futurities with some winnings. Coliced and was euthanized. Could only collect on the 20k- they had no problem taking the premium but they didn't pay the full amount insured.
They did pay for the colic visit and euthanasia.
This is why my horse now is uninsured- he was free. |
|
| |
|
Elite Veteran
Posts: 629
| Tmain - 2017-03-26 12:38 PM
Better get it in writing- paid 20 k for a futurity mare. Insured for 25k, she placed at several futurities with some winnings. Coliced and was euthanized. Could only collect on the 20k- they had no problem taking the premium but they didn't pay the full amount insured.
They did pay for the colic visit and euthanasia.
This is why my horse now is uninsured- he was free.
Get what in writing? What portion of the value insurance will pay out? If that's the case, honestly, this mare is priceless to me. Someone would have to give me $50k for her for me to sell her. So, whether they give me $10k or $7500 it doesn't matter to me. |
|
| |
|
 I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | In reality...Many equine insurance companies could care less what you insure them for as they will happily take your premiums. When something happens and you have a claim is when you jump through hoops to prove what they are worth and at that point...they could care less what you were paying in premiums.
|
|
| |
|
 Neat Freak
Posts: 11216
Location: Wonderful Wyoming | Nevertooold - 2017-03-26 11:15 AM In reality...Many equine insurance companies could care less what you insure them for as they will happily take your premiums. When something happens and you have a claim is when you jump through hoops to prove what they are worth and at that point...they could care less what you were paying in premiums.
This is the issue I think most people have. Some have "Agreed value", I send in all proof ahead of time and if they win anything during the policy period-send that in. |
|
| |
|
Veteran
Posts: 154
| OutlawsLastDance - 2017-03-26 12:11 PM
Tmain - 2017-03-26 12:38 PM
Better get it in writing- paid 20 k for a futurity mare. Insured for 25k, she placed at several futurities with some winnings. Coliced and was euthanized. Could only collect on the 20k- they had no problem taking the premium but they didn't pay the full amount insured.
They did pay for the colic visit and euthanasia.
This is why my horse now is uninsured- he was free.
Get what in writing? What portion of the value insurance will pay out? If that's the case, honestly, this mare is priceless to me. Someone would have to give me $50k for her for me to sell her. So, whether they give me $10k or $7500 it doesn't matter to me.
You should make sure what ever value you use can be substantiated.
They want you to prove the value of the horse. I am not sure how that occurs.
My policy was for 25k - I paid 20k for the horse. In the course of a year after purchase she placed at several futurities and won some decent money with a youth rider. Hence the slight increase in value over the purchase price.
When she coliced and was euthanized I could only collect the original amount paid.
Since this horse doesn't have a financial paper trail, make sure that your insurance ompany will pay for what is purchased. |
|
| |
|
Elite Veteran
Posts: 629
| Got it! I never would have thought to add that. The only friend I know that has ever dealt with insuring and had 1 claim insured as soon as she bought the horse for what she paid, then every year upon renewal would send in evidence of the increase and up the value. She didn't have any trouble getting the horses value when she unfortunately coliced and died on the table at the vet school. I just hope I never have to have a claim! Thanks for all the input! |
|
| |
Folks on-line