COST OF HORSE INSURANCE
Your equine insurance premium will be determined by a number of factors. Similar to human health insurance, premiums are affected by age and gender. The older a horse gets, the higher premium becomes because older horses are more susceptible to injury and disease and take longer to recover. Some breeds and disciplines are also more prone to injuries so this factor will be considered. You may receive a discount for insuring multiple horses on the same policy.
Equine Mortality Insurance is the most common type of policy. It covers the value of your horse if your horse dies but take a look at the fine print. Some policies will only cover things like death from specific illnesses or won’t cover injuries from participation in certain equine sports events. Some policies even have clauses requiring insured-paid surgery before a horse is euthanized in order for a payout to happen.
MAJOR MEDICAL, SURGICAL AND COLIC
Major Medical, Surgical, and Colic coverage is typically purchased as part of mortality insurance. Carriers have various coverage limits depending on what treatment and therapy the horse needs and if the horse has a pre-existing condition or recurring injuries. The policy may cover different types of diagnostic and treatment methods such as x-rays, ultrasounds or MRI though there may be a deductible or copay that the policy holder will be responsible for.
LOSS OF USE POLICY
A loss of use policy, sometimes referred to as permanent disability coverage is valuable in the unfortunate instance that your horse becomes permanently injured or develops a disease which precludes the horse from participating in its intended use. These polices will reimburse you a percentage of your horse’s value. Be wary of the fine print, because if your company pays you the value of the horse, unless the horse is a gelding, the company can take your horse and use it for breeding.