Equine Insurance

Equine Insurance

The basic types of equine insurance bought by most horse owners are mortality and medical policies. These roughly correspond to life and health insurance for people. Generally speaking, mortality insurance reimburses the horse owner in the event that his/her horse dies. Depending on the policy, the owner receives payment for the full or partial value of the horse.

On the other hand, medical and surgical policies cover all expenses associated with treatment of an injury or illness. Horse owners can purchase mortality coverage alone but medical & surgery policies are generally available only in a combination with mortality.

Equine mortality insurance

Every horse has a value. Though not a pleasant thought, it is important that you consider how much it would cost you to replace your horse if the inevitable happens. Are you prepared to pay the price or would you rather have an equine insurance policy help you out?

Equine mortality insurance policies cover virtually any cause of your horse’s death including natural occurrences like colic as well as fatal injuries which may be as a result of accidents, lightning, fire and what have you. In some cases, humane destruction, attacks by wild dogs and theft are also taken care of.

The age limit in a mortality coverage policy varies from one provider to another but it’s normally available for horses as young as 24 hours to those as old as 16 years old. Tip: before signing up for a policy, make sure you understand all the terms and conditions. For instance, a company will be reluctant to pay claims in cases where the death was due to perceived negligence or human error.

When choosing an equine mortality insurance policy, you should decide on the amount of coverage that you actually need. Depending on the value of the horse, you can insure up-to 100% of its value. The premiums are generally higher for expensive horses. There are also other factors that determine the horse’s current value; these include, sex, age, discipline and breed.

There is also another variation of equine insurance called ‘loss of use’. In this policy, the insurance company pays a percentage of your horse’s value in case it’s involved in an accident that leaves it unable to perform the discipline outlined in the policy. Most loss-of-use policies have a clause that allows the insurance company to take possession of the horse once the claims have been settled. Others offer 2 choices: higher reimbursements if they keep the horse or a lower one if you keep it.

Medical and surgical insurance

There have been tremendous advancements in equine health care. The costs involved could be quite expensive in some cases. An equine insurance policy may come in handy should be forced to make a decision of whether you can afford medical treatment that could save your horse’s life. The policy basically covers all the costs involved in diagnosis, medication, surgery and post-operative care. Routine care like dental treatment and vaccination is not included. Only certified vets should perform surgery procedures on your house else you won’t get reimbursement from your insurance provider.

Related Links:

Equestrian Insurance Quotes

Equestrian Insurance Companies

Show Horse Insurance

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