Choosing the right horse insurance can be tricky with so many different providers and policies. You want to make sure that you are getting value for your money.
There are a few key factors to consider when choosing your horse’s insurance. These include mortality, significant medical and surgical, and loss of use.
Value
Several essential costs come with owning any animal. Horse ownership is no different. Bills, whether food, medical care, or the grooming expenses often required to maintain your horses’ coats and appearance, are always involved.
Many owners find horse insurance essential to protect their initial investment and risk of financial loss. A full mortality policy typically reimburses your insured amount in the event of a loss or theft. Other coverages, such as Major Medical and Loss of Use, usually endorse a full mortality policy.
Young horses are a significant investment and often have high training costs, increasing their value over time. Most insurers will consider a value increase if you provide the appropriate substantiation, such as training receipts, stud fee advertisements, and show records.
Coverage
Horse insurance is more than just a financial safety net. It also provides peace of mind, knowing that you can afford to take your equine friend to the best veterinarians for any unexpected problems.
Insurance companies determine a horse’s value by looking at its lineage, original purchase price, and competition history. They will also consider whether the owner can improve a horse’s value with training and competition wins.
Policy limits will vary depending on the type of coverage. For example, surgical policies typically only cover life-saving surgeries up to $10,000 annually and do not include room and board expenses.
Compare the coverage offered by multiple companies. Please pay attention to whether a company responds to inquiries quickly and how they explain their policy options.
Exclusions
A policy’s exclusions can limit its coverage. You must carefully compare policies to ensure you get the cover that best suits your horse.
For example, some insurers exclude colic treatments from a mortality policy, and some exclude lameness cover. Other policies may have a maximum age at which they stop covering illness.
You should also check whether your veterinary clinic is listed as the approved equine practitioner and whether the policy includes a 24/7 emergency contact. You will also need to find out how an insurance company will report health issues – this varies between policies.
For example, some policies require that you notify the insurer within a specific period of an issue, or you could jeopardize your claim. Alternatively, some policies have hard annual expiration dates and will only extend cover for a few days before you consider renewing it.
Requirements
There are expenses involved in owning an animal, from food and grooming supplies to more significant investments such as a barn or stable, fencing, a trailer, and even acreage. In addition, a horse requires ongoing veterinary care and regular hoof trims.
Equine insurance must be met to access coverage like other financial products and services. These recommendations and requirements may include posting barn rules and emergency numbers, having waivers/holding harmless agreements signed by all those who ride at the farm, or requiring that all horses wear helmets and boots.
Mortality policies typically cover the current monetary value of the horse, with the price rising as the horse ages. It’s also essential to understand the company’s policies on euthanasia. Will they cover a claim for humane destruction in the event of unmanageable pain and suffering, or do they push for saving the horse by requiring surgery?
Cost
Although technological advancements in veterinary care have significantly reduced mortality rates, the costs associated with some health issues can still be prohibitive. Horse insurance helps offset these expenses and provides peace of mind.
Insurance companies determine a horse’s value using lineage, original purchase price, and training. In addition to a full mortality policy, owners may consider adding an actual-value endorsement that reimburses the owner for the value of their horses in the event of death or theft.
An independent insurance agent can help you navigate the options, cut through the jargon, and find coverage that best fits your horse and budget. It’s an essential step toward ensuring your equine partner’s well-being and the safety of others. A quality insurance policy will ensure you have the protection you need when the unthinkable occurs.
