Horse Insurance

Horse Insurance

Horse insurance is necessary to protect the owner and the horse from various causes, which cause financial and emotional distress. One may buy a horse for business or personal reasons. Whatever may be the reason the ownership of a horse is a significant investment of money, time and other resources. Insurance will help you to cope up with the medical emergencies and the unexpected incidents that may take place with the horse or because of the horse.

The cost of horse insurance is minimal compared to the cost of maintaining the horse, paying a lawsuit, or paying for colic surgery. In fact, the cost of entering the horse in a show is expensive than the cost of insurance for horse. The premiums for the insurances vary depending on the age and breed of the horse, its use and its value.

Horses insurance is of two types:

• Mortality insurance: Mortality insurance can be purchased on its own. It is paid after the horse’s death. Most of the companies sell the mortality policies for 100 percent value of the horse. This could be the price or the current value of the horse, determined by the training costs, statements of the trainers and the show records. The age, sex and use of the animal are also considered. The mortality ranges from 3.2 percent to 3.8 percent of the value of the horse. Theft protection is also covered in mortality insurance. The amount covered in this insurance could be 25,000 USD to 5000 USD.
• Major medical coverage: The major medical coverage is the addition on the mortality coverage. It too can be purchased on its own. This insurance covers surgery, medical treatment and diagnostics. The percentage of the medical coverage varies with each company and has the deductible ranging from 250 USD to 500 USD per occurrence. An average cost per year is 350 USD per Horse.

Horse insurance companies
There are many horse insurance companies providing horse insurance like Markel Insurance Company, Oriental Insurance Company, Equine Insurance Company and Fry`s Equine Insurance Company. Apart from these there are many other companies which provide horse insurances. These companies provide with both of the insurances mentioned above.

Before insuring your horse there are few things you need

• A satisfactory report and an application by the veterinarian are required for horses valued at greater than 50,000 USD or under 31 days of age.
• A health statement signed and completed by the owner confirming the health history and the good health of the horse. This is required for the horses costing less than 50,000 USD and at least 31 days old.
• If a horse had any medical problems, a vet exam may be required to provide the details of the prior incidents and confirmation of full recovery.
• If there is a request for additional coverage such as fertility coverage or loss of use, one may need the additional forms and the vet certificate.

To better safe guard the horse and the owner one must follow these guidelines:

• Before applying for the insurance one should read the contract thoroughly
• Ask the insurance representative to explain any phrases words or provisions which are not understood.
• One should know their responsibilities and the requirements if the horse falls ill, gets injured or die.
• Understanding all the guidelines for emergency situations.

Apart from the horse insurance, many of them opt for horse and rider insurance too. This can be a purchased as a combination of insurance protection or separate insurance products. These types of plans are customized according to the needs of individual horse and its owner. Horses have different level of risk, health needs value. Similarly horse riders too have different needs.

Horse insurance is very necessary to keep both the owner and the horse safe. Insurance for horse is a type of wise investment. One should be aware of all the insurance policies and the important guidelines mentioned above. 

Find out more about pet insurance by reading our pet insurance guide.