Is buying equine insurance worth it?
I just purchased a horse and as it is my first time owning one, I am very cautious. I was considering buying insurance for mortality and major medical for my horse. She is not an “expensive” horse, so if something were to happen to her, it wouldn’t be too much of a financial loss. I am not rolling in money, though, so if it would save us from paying vet costs, it might be good.
Her stats are:
5 years old
Morgan mare
No prior conditions
Purchase price: $2000
Worth: $5000 (approx.)
I got a quote online that said it would be about $500 a year to insure her.
So do you think it is worth the $500 to protect her, or should I take my chances and hope she doesn’t need any major vet attention?
If it is worth it, where should I buy it?
I’m going to agree that it’s probably not a good idea to insure this horse. That said though, you’ll have to decide to what measures you are willing to go when and if the horse needs major medical care and if you want insurance to help you cover the costs.
If you do take out a policy, make sure you thoroughly understand it. From what I’ve heard, claiming on a mortality policy can be quite hard. The death will have had to be “because of” however the policy reads and it will be up to you to prove you met the criteria for the claim.
I would say to put that $500 in an account to use when and if your horse needs medical care.
You say you just bought this mare for $2,000 but that she’s worth approx. $5,000. What has changed in the short time you bought her to increase her value $3,000? Perhaps you bought from a friend or someone who gave you a good deal “because”. I don’t know. But, I doubt that your horse would have increased in value that much in a short amount of time. If you’re willing to take the risk and decide to not use heroic measures to save her should something catastrophic happen, I would say insuring a $2,000 horse just does not make good dollars and cents. 
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