To Insure or Not Insure

My horse’s insurance policy is up for renewal at the end of this month.  I debated not re-upping because it’s expensive even though I only have mortality/theft with some colic coverage; I don’t have major medical. 

I originally got PJ insured because he was expensive, and he was shipping across the country, which I hoped would be the most risk he would ever be exposed to.  The saying goes that you shouldn’t spend more on a horse than you are willing to loose.  I didn’t quite follow that, and the insurance policy was my protection against loosing his purchase price.  I decided not to get major medical because the insurance came with a lot of colic coverage and because it’s a pain to collect.  First, you have to inform the company of a problem immediately, but you don’t always know when a small problem is going to become big.  I didn’t want to call them every time he got a cut or twisted his ankle because whatever the affected body part, it will be considered as having a pre-existing condition.  A hoof abscess one day could be navicular 10 years later but if it was in the same foot, it wouldn’t be covered.  It also almost doubled the cost of the insurance and I figured I would be able to afford most medical issues as they arose (knock on wood for no medical issues).

I have decided to renew his insurance.  We plan on doing a lot of horse shows, which involve travel and strange stalls.  He’s also pretty enough that someone may want to steal him – at least I think so!  Luckily (???) he’s bad about getting on the trailer, so hopefully these hypothetical thieves give up on taking him.  But regardless, for now, the math works out.  It will take more than 20 years of premiums (at current prices) to equal his purchase price.  Hopefully, it’s something I won’t have to take advantage of.

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One Response to To Insure or Not Insure

  1. Barbara says:

    If your insurance company is hard to deal with, change companies, most of them are not difficult. And definitely get insurance and major medical. Colic surgery can set you back $10-15k. I had insurance on Scotty until he turned 15, that was the age that my company added a zero onto the end of his premiums so I didn’t renew it. He died of colic and I had vet bills to pay forever and no money to buy a new horse. I have since found out that some companies give good rates until age 17, it’s worth shopping.

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