Insurance

Wow I just realized I almost forgot to update you guys on the insurance issue! I guess it ended up being such a non-issue in the end that I completely overlooked it.

If you remember, since I didn't buy Charlie for any set amount of money he was only insured for $3500 last year which was the base price Markel was willing to risk (here's the original post). Then I got a letter last month stating they were no longer offering medical/surgical coverage for horses valued under $5000 (basically I'd only get his mortality value of $3500, which I don't really care about; it's the surgical coverage I wanted in the first place). So I was really worried about how I could prove his value at $5000 without having done any shows or spent money/time with a trainer (since I'm doing all of his training).

Turns out I was worried for nothing. After speaking with Markel, I found out that in the absence of the above two validation options (shows and trainer) I could write a document stating Charlie's progress since last year and why I feel his value is worth increasing. So I wrote about how I am doing his training, spending 4-5 days a week on him, and about how he was almost unrideable when I first got him. I detailed his accomplishments on the ground and under saddle up to this point, which aren't monumental to some but still it's an improvement. Plus I looked up comparable horses for sale in the area and included their value (generally $4000-7000).....and they accepted!

So Charlie is (thankfully) still insured, now with $5000 mortality, $2500 colic-specific coverage, and an additional $5000 medical/surgical coverage for anything else, and I didn't even have to change companies :)

Insurance is totally worth it in my opinion. While I know I may never need it, in the past two months two separate horses at my barn have independently racked up vet bills in the $3000-6000 range from random accidents and that is way too much for my bank account to handle if something like that would happen to Charlie. I'll gladly pay my $495/year knowing that I'll only have to pay a $400 deductible. Markel can take care of the rest!

Insurance dilemma

Although I've only had to use it once (knock on wood) I've always felt good knowing that I had insurance covering Charlie in case he was seriously injured and required diagnostics or treatment. I've known friends who have had it, and those who haven't, and honestly I think it is worth the cost up front for the peace of mind of being able to do anything necessary if Charlie was injured or sick.

My policy through Markel was pretty good: at a cost of $488 for the year it included $5000 of medical/surgical coverage with a $375 deductible, as well as an additional $0 deductible $2500 of additional colic surgery coverage and $300,000 in personal liability coverage. The biggest bonus was that they were willing to insure Charlie for a set amount ($3500) despite the fact that I had no "technical" purchase price.

Last week, though, I got my policy renewal in the mail and was informed they will no longer offer medical/surgical coverage for horses valued at less than $5000, only mortality. Sorry, Charlie, but mortality reimbursement is the least of my concerns; I need insurance to help cover unexpected injuries, diagnoses, etc because I just don't have thousands of dollars laying around in case of an emergency.

Unfortunately no matter how much I think Charlie is worth, I didn't purchase him and Markel was one of the only companies left that was still willing to insure the lower-valued horses. I can't seem to find anyone else that will insure a horse that "technically" isn't worth anything. All of the other companies I've looked at also have a $5000 lower limit.

Anyone have any recommendations? Have you ever run into this or have any advice? I have until May to make a decision, but I really don't think it's worth continuing with the insurance unless I can figure out some way to vouch for his value to be increased to $5000 (which generally requires a show history - negative - and/or trainer evaluation) so I can get the medical/surgical coverage. I can at least get colic surgery coverage for relatively cheap by adding SmartGut to Charlie's monthly SmartPaks but I'm worried about all the other potential surgical and medical costs.

Feeling poor and frustrated.... :(