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A horse can be a sizeable financial and emotional investment; therefore, it is a good idea to protect your investment by purchasing some form of equine insurance. Equine, or horse, insurance is nothing new, and is designed to protect you financially should your animal get sick, injured, or even die. Though not inexpensive, equine insurance will have you better prepared if your horse requires costly medical procedures. Equine mortality insurance is the most common type of insurance purchased by horse owners. The policy can insure the horse for up to 100% of its value.
Premiums range from 3.2-3.8% of the animal’s value, which is determined by its original purchase price, training, and performance records. Some, though not all, equine mortality insurance policies even cover humane destruction of the animal. Horses can also be put on a health insurance policy. This covers accidents and illnesses that may befall the animal, as well as its dental care and physical check ups. Common equine illnesses like mud fever and rain rot are also covered, and even major events like broken bones or cancer. Major medical insurance is another type of insurance to consider, and is much more affordable than health insurance.
With major medical insurance, you obtain coverage for costly medical procedures like diagnostics, surgery, and post-operative medication. Routine exams, vaccinations, and de-worming, however, are not covered. What if your horse does not get sick, but instead accidentally kicks or bites someone? To avoid paying high litigation costs, you may consider obtaining personal horse owner liability insurance. This type of insurance protects you should your horse cause damage or injury, and it also pays legal fees that you incur because of negligence. A final type of horse insurance is commercial liability insurance. If you own a ranch or any kind of commercial property on which people work or perform shows, then you need to protect yourself from lawsuit costs should people get hurt.
How do you decide between all these different insurances? Find a good equine insurance agent. This person will know the value of your horse and what types of insurance are needed. Make sure you have your agent explain the costs and benefits of each insurance policy, and get your price quotes and coverage information in writing. Also, talk with fellow horse owners and obtain agent references. In conclusion, by buying health insurance for your horse, you will have the confidence that, should something happen, your horse will be taken care of and you will be protected from high medical fees. |
