I have always carried insurance on my horses. It is quite a shock to get an unexpected bill for thousands of dollars!
Fortunately (and unfortunately), I just had to use my insurance on one horse, and it has worked out so well that other owners in the barn are now getting policies.
I’ve used two companies: Fry’s and American Equine Insurance Group (AEIG). The claim I had was on the latter company. The customer service has been polite, professional, and I received payment quickly. My vet took the insurance info down from me and faxed all the paperwork to them, so I didn’t have to bother.
Rates are best when the horse insured is young, and just purchased. Mortality is normally what you paid for the horse. To get more, you have to prove that the horse is winning shows, makes you money as a stud, brood mare, etc. they aren’t going to take your word that your horse is worth 20K if it is put down. You will need a certified Equine Appraiser to put a market-based worth on the horse. Your horse is priceless to you (and me), but insurance is a business. They like market-based facts.
I get mortality, major medical ( which usually includes colic surgery). (They normally limit this to 10K.) plus I get liability, which is very good to have. Limit is normally 1M/incident-max 3M. If you fall off your horse in traffic and it causes an accident, guess who is going to get sued for injuries? So-get liability. Loss of use is a must for sires, brood-mares, race horses, etc.
If you are insuring a pleasure horse, costs are normally in the 500-600.00 range a year with a deductible (mine is 300.00). Show, breeding, event, race horses are much more.
When filling out the forms for the insurance company, they will ask you about the prior health of the horse, I.e., colic, strangles, etc. be truthful-they can and will check out vet records.
All in all I think equine insurance is a good thing. As we all know having horses, unexpected illnesses and injuries pop up all the time. Can you afford 10 grand if your horse needs colic surgery?
I know I breathed a sigh of relief knowing I was covered on my horses latest illness! So far my expenses are over 3 grand! Good luck, and I hope my reply has helped you!