If your horse is injured or killed, an equine insurance policy will reimburse you for its loss. In addition, it can assist in paying for damages if your horse causes an accident or damages another person’s property.
Many policies have yearly policy renewals and will exclude pre-existing conditions, similar to human health insurance. This is particularly true of significant medical policies and colic surgery plans.
Peace of Mind
Pondering the worst-case scenario of owning a horse can be anxiety-inducing. By choosing the appropriate equine insurance policy, you can rest assured that your financial stability is safeguarded in the event of an unexpected occurrence.
Mortality policies are generally the first type of equine coverage that horse owners secure. Then, some owners add on primary medical coverage. This covers the cost of a veterinarian to euthanize your horse in case of his unexpected death.
However, these horse insurance policies can differ significantly, so comparing and contrasting coverage options is wise. Also, check out how many days you have to report a claim, whether an autopsy is required, and any age limits for this type of insurance.
If you’re looking for the ideal equine insurance plan that fits your lifestyle and budget, an independent insurance agent can assist you in creating the perfect one. They will cut through the jargon and clarify the fine print for you. They can also offer expert advice on coverage options and companies.
Insurance is the First Line of Defense
Million-dollar racehorses, Olympic-caliber sport horses, and elite breeding stallions are apparent candidates for insurance coverage. But you might also consider insuring a seasoned hunting horse, a promising young cutting horse, or an accomplished broodmare. Even if these horses aren’t primary income sources, they represent years of investment and effort that would be lost should they suffer an injury.
In addition to covering veterinary costs, some policies offer loss-of-use coverage that pays 60 percent of the horse’s value should it be seriously injured and unable to perform. Some also include mortality coverage, which reimburses the owner for a portion of the horse’s value if it dies or is humanely destroyed.
An independent insurance agent will simplify the process by comparing and contrasting various policies with their cost, coverages, and disclaimers.
It Saves You Money
In addition to saving on veterinarian bills, many horse owners find that equine insurance policies also help them save on effective treatments. For example, if your horse needs surgery that costs $10,000 or more, you could spend a lot of money to treat him. A catastrophic health policy can be handy here, as it typically covers much of the cost.
You can also take out a limited mortality policy to insure your horse for a predetermined value in case of illness or injury. This policy usually includes a loss-of-use clause, reimburses you if your horse becomes too ill to be ridden or worked with.
Finding the right equine insurance policy for your horse is essential, as various options are available.
It Gives You a Head Start
Purchasing an insurance policy is wise to ensure your horse’s well-being. Although it cannot shield your horse from all of life’s uncertainties, knowing that financial concerns won’t hinder you from providing your horse with the necessary care is comforting.
Purchasing the right policy is more challenging than gathering quotes and picking a policy with the lowest premium. Choosing a policy that meets your horse’s specific needs and includes the coverage you think it should have is essential.
For example, most mortality policies require that the worth of your horse be at or above the purchase price and will likely ask you to submit value substantiation forms annually. Other policies include major medical coverage, which can help pay farrier fees, veterinary bills, and surgery, much like human health insurance. Consider adding coverage for the rider if you have someone who uses your horse regularly, as this is not always included in the standard liability coverage.