If you take good care of your horse and keep him or her in good health, it is actually possible to enjoy fairly reasonable upkeep costs. If your horse gets sick or is injured, you may be surprised with outrageous, astronomical bills that you have no way of meeting. For this reason, the best equine insurance is a very good idea.
In this article, we provide an overview of the different types of equine insurance that are available and provide sound advice on locating the best policy to suit your needs. Read on to learn more.
What You'll Learn Today
- 1 What Kind Of Horse Insurance Is There?
- 2 Most Important Considerations In Equine Insurance Comparison
- 3 How Do You Find The Best Equine Insurance?
- 4 How Much Will I Have To Spend On Equine Insurance?
- 5 Frequently Asked Questions
What Kind Of Horse Insurance Is There?
There are six basic types of equine insurance. They are:
1. Major Medical Insurance
It is designed to cover the cost of veterinary diagnostics, as well as expenses related to accident, illness (including things such as Purpura Hemorrhagica, Kissing Spines, Endotoxemia, EPM, Hives, DSLD, fleas) or injury (e.g. medications, surgery and other treatments).
2. Equine Surgical Insurance
It is a little less expensive than major medical and focuses benefits only on costs related to surgery.
This type of horse insurance will only cover costs such as anesthesia during surgery and the surgeon’s fee. It will not cover hospital costs, medications and the like.
3. Full Mortality Insurance
This is a companion to surgical insurance or major medical insurance. A full mortality policy is intended to cover the value of your horse if he should die due to accident, illness or injury.
It will also cover the value of your horse if he is stolen and you are not able to recover him.
4. Limited Mortality Equine Insurance
This insurance also covers the value of your horse, but not in every eventuality. If your horse dies because of illness or as the result of an accident, this insurance is effective.
Limited mortality insurance is not a companion policy. You can purchase it on its own.
5. Equine Insurance For Loss Of Use
It is intended to compensate you if your horse gets sick or is injured and is no longer able to perform his intended function.
For example, if you bought your horse for breeding, and he or she becomes ill or injured and is no longer able to be used for breeding, the policy will pay out.
This type of policy is quite valuable for working horses and performing horses.
6. Equine Personal Liability Insurance
This protects you in the event someone is injured by your horse. It also helps cover the cost of any property that may be damaged by your horse.
You can purchase this sort of insurance on its own, but it’s worth knowing that it may already be included in your homeowner’s insurance policy.
Most Important Considerations In Equine Insurance Comparison
When comparing policies and providers, be sure to choose an established, reliable company. Understand all exclusions to coverage, and be sure to choose a policy that genuinely provides ample coverage to meet your needs.
Avoid fly-by-night insurance companies. Any company you deal with should have been in business for a good, long period of time.
A decade in business is long enough to provide a solid track record. Only work with companies that are well known and that have good online reviews and/or verifiable recommendations.
Understand what is excluded in your policy. For example, if you have a mature horse, double check to be sure that he will continue to be covered when he passes the age of fifteen.
Sometimes, insurance companies will stop covering horses when they age out of the policy.
Additionally, horses with degenerative conditions and those with pre-existing conditions may not be eligible for certain types of coverage.
Be sure to read all of the fine print when you initially purchase a policy, and review it annually to make certain that your horse is still covered as time passes.
One of the most important considerations when choosing insurance for your horse is value.
Although it may be tempting to simply go with the cheapest insurance policy you can find, you may be very sorry to have made that decision when it comes time to file a claim.
Horse insurance policies with low premiums may leave you paying a lot of out-of-pocket costs if your horse is ill or injured.
Be sure that you understand exactly what is covered, and double check to make sure the company you’re dealing with has a good track record when it comes to paying out.
How Do You Find The Best Equine Insurance?
While it’s important to go with a company that has specific knowledge regarding covering livestock and horses, your best bet may be to go through your existing homeowners/automobile insurance company to purchase a policy or to get good recommendations.
Your veterinarian is also a good source of information regarding equine insurance. Talk with him or her to find out which companies pay out the most easily and the most quickly.
Your farrier may also have good information regarding reliable horse insurance companies, and your horsy friends may have some excellent ideas.
It is also smart to check with online comparison sites, such as EquineInsuranceCenter.com, which provides questionnaires and applications that help you identify and select a policy that is just right for you.
Insurance requirements, premiums and offers are constantly changing. Additionally, your own circumstances (e.g. the condition of your home and barn, other insurance you may hold or may need, etc.) may affect what is available to you and what you may be charged.
For this reason, it is always best to check with your own insurance company and/or a professional, up to date comparison service to find the best horse insurance policy to meet your needs.
Reo Pritchard Discusses Equine Insurance
How Much Will I Have To Spend On Equine Insurance?
The cost of equine insurance varies greatly depending on lots of different factors. Naturally, the different types of horse insurance come at different costs.
The basic cost is affected by factors such as your location, the security of your facility, your horse’s value, age and condition.
Your cost will also be based on factors such as:
- Set percentage paid per claim
- Annual policy premium
By understanding the types of insurance that are available, taking your time and shopping wisely, you will surely be able to find a policy that suits your needs, your horse’s needs and your pocketbook.
Frequently Asked Questions
There is certainly no law requiring horse insurance, but just as with driving a car, riding a horse can be dangerous. Even if you don’t purchase health insurance for your horse, you should purchase liability insurance.
Generally speaking, a good equine liability insurance policy will cover property damage and/or bodily injury damage that is caused by your horse either at home or when you are competing, showing, trail riding, transporting, etc.
If you only keep and ride your horse at home for personal and recreational use, your homeowners’ policy may cover accidents that occur on your property. It will not cover accidents that occur while trailering or otherwise transporting your horse.
For full mortality horse insurance, the age span is typically 24 hours old through eighteen or twenty years old. For equine health insurance, the age span is typically one month old through eighteen or twenty years old.
This is like a life insurance policy. It will pay the full value of your horse if/when he or she dies naturally or in an accident or is euthanized (on the order of your veterinarian). This can help you to take care of final arrangements for your horse, and it can help you to obtain a new equine friend if/when you wish.