Insure Your Horse Or Not? A Guide to Equine Insurance
Horses represent a significant financial and emotional investment.
Equine Insurance offers financial protection in the case of death, theft, illness and injury to a horse.
The cost of equine insurance is not inexpensive.
However, if your horse is insured you will incur significantly less expenses related to these situations.
If you lose a horse to death or theft, you most likely would want to purchase another horse.
Mortality insurance would allow you to do this.
Colic surgery, not uncommon in horses can have the expense of $3,000 -$8,000.
Colic insurance or major medical/surgical would cover this cost minus your deductible.
A horse with a serious illness, or injury could require surgery or expensive lameness diagnostics and treatment.
In the case of lameness and non-surgical treatments, typically 40-60% is covered after deductible is met.
The primary coverages offered by equine insurance companies are mortality& theft, colic surgery, major medical/surgical and loss of use.
These coverages allow you to make the best choices available for your horses health care.
Mortality insurance can be purchased on its' own, major medical and loss of use can only be purchased as an endorsement to mortality.
Most companies will sell a mortality policy for 100% value of the horse.
This could be the purchase price or the current value of the horse, as determined by training costs, show records, and statements of trainers.
The rate is determined by age, use, sex.
A mortality rate will range from 3.
2% -3.
8% of the horses value.
An owner must decide what it would take to replace their horse, prove the value and determine if the cost of that policy is affordable.
Many mortality policies include theft protection as well.
It is important to ask how a company values a horse in the case of death.
Will your horse's value be determined at death or is your horse's value agreed upon at time of policy purchase.
There are limitless ways in which a horse might die, these are important to review what is covered in the fine print.
You also want to be sure that a policy you choose will cover your horse in the case of humane destruction.
There are some mortality policies which offer colic surgery coverage as a component of their mortality.
The amount covered could be anywhere from $2500 to $5000.
This is a smart option for someone who does not want the added expense of a major medical endorsement.
Major Medical/Surgical is the same cost with all policies within a company.
It can not be purchased on its' own.
These endorsements cover surgery, diagnostics and medical treatment.
The percentage of coverage varies with each company and they all have a deductible ranging from $250-$500 per occurrence.
An average cost per year is $350 per horse.
The limit per year per horse could be between $8,000 and $10,000 payout.
It is important to note what is paid for surgery and after care, lameness and diagnostics and other treatments.
Some companies are more willing to pay for current technology and treatment than others.
You will want to know up front if there are exclusions of specific kinds of treatment as well as anything they may exclude with your particular horse.
For instance, if your horse has had colic treatment in the past they may not exclude colic.
However, if your horse has had colic surgery they may exclude colic coverage.
Or another example in an injury is this; A horse had an torn suspensory and received a two year exclusion on that limb and must prove soundness.
Loss of use is generally not purchased as it is cost prohibitive.
However, if you have the funds it can cover you if something occurs which renders your horse unable to do their job.
The percentage paid is not the full value of the horse.
It is usually 40%.
Policies vary and in some they may require you to turn the horse over to the insurance company and give up your ownership of the animal.
Purchasing equine insurance requires investigation.
It is wise to visit with others and learn what their experiences have been with specific companies.
If you are insuring a horse for under $25-$30,000 the experience can be simpler as this typically does not require a veterinarian certificate.
You will be required to show proof of purchase price or proof of value if it is more than purchase price.
It is possible to purchase and bind a horse immediately online with some companies.
Equine insurance can provide peace of mind if you are faced with costly equine medical bills or must make a life or death decision for your horse based on finances.
Equine Insurance offers financial protection in the case of death, theft, illness and injury to a horse.
The cost of equine insurance is not inexpensive.
However, if your horse is insured you will incur significantly less expenses related to these situations.
If you lose a horse to death or theft, you most likely would want to purchase another horse.
Mortality insurance would allow you to do this.
Colic surgery, not uncommon in horses can have the expense of $3,000 -$8,000.
Colic insurance or major medical/surgical would cover this cost minus your deductible.
A horse with a serious illness, or injury could require surgery or expensive lameness diagnostics and treatment.
In the case of lameness and non-surgical treatments, typically 40-60% is covered after deductible is met.
The primary coverages offered by equine insurance companies are mortality& theft, colic surgery, major medical/surgical and loss of use.
These coverages allow you to make the best choices available for your horses health care.
Mortality insurance can be purchased on its' own, major medical and loss of use can only be purchased as an endorsement to mortality.
Most companies will sell a mortality policy for 100% value of the horse.
This could be the purchase price or the current value of the horse, as determined by training costs, show records, and statements of trainers.
The rate is determined by age, use, sex.
A mortality rate will range from 3.
2% -3.
8% of the horses value.
An owner must decide what it would take to replace their horse, prove the value and determine if the cost of that policy is affordable.
Many mortality policies include theft protection as well.
It is important to ask how a company values a horse in the case of death.
Will your horse's value be determined at death or is your horse's value agreed upon at time of policy purchase.
There are limitless ways in which a horse might die, these are important to review what is covered in the fine print.
You also want to be sure that a policy you choose will cover your horse in the case of humane destruction.
There are some mortality policies which offer colic surgery coverage as a component of their mortality.
The amount covered could be anywhere from $2500 to $5000.
This is a smart option for someone who does not want the added expense of a major medical endorsement.
Major Medical/Surgical is the same cost with all policies within a company.
It can not be purchased on its' own.
These endorsements cover surgery, diagnostics and medical treatment.
The percentage of coverage varies with each company and they all have a deductible ranging from $250-$500 per occurrence.
An average cost per year is $350 per horse.
The limit per year per horse could be between $8,000 and $10,000 payout.
It is important to note what is paid for surgery and after care, lameness and diagnostics and other treatments.
Some companies are more willing to pay for current technology and treatment than others.
You will want to know up front if there are exclusions of specific kinds of treatment as well as anything they may exclude with your particular horse.
For instance, if your horse has had colic treatment in the past they may not exclude colic.
However, if your horse has had colic surgery they may exclude colic coverage.
Or another example in an injury is this; A horse had an torn suspensory and received a two year exclusion on that limb and must prove soundness.
Loss of use is generally not purchased as it is cost prohibitive.
However, if you have the funds it can cover you if something occurs which renders your horse unable to do their job.
The percentage paid is not the full value of the horse.
It is usually 40%.
Policies vary and in some they may require you to turn the horse over to the insurance company and give up your ownership of the animal.
Purchasing equine insurance requires investigation.
It is wise to visit with others and learn what their experiences have been with specific companies.
If you are insuring a horse for under $25-$30,000 the experience can be simpler as this typically does not require a veterinarian certificate.
You will be required to show proof of purchase price or proof of value if it is more than purchase price.
It is possible to purchase and bind a horse immediately online with some companies.
Equine insurance can provide peace of mind if you are faced with costly equine medical bills or must make a life or death decision for your horse based on finances.
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