Have You Considered Insurance for Your Horse?

A Insurance Article Contributed by Brandie King

Have You Considered Insurance for Your Horse?

If you have horses then you may want to consider purchasing equine insurance. The main types of equine insurance normally purchased are mortality and major medical. These are similar to life and health insurance for people. Following you will find basic explanations of the three types of equine insurance that you can buy, as well as a discussion of the costs.

Equine Mortality Insurance

Although you might not want to think about it, there is always the possibility that your horse could die. Have you considered what the cost to you to replace your horse would be in the event of their death? For the most part, equine mortality insurance policies will cover just about any cause of death. This includes deaths that occur naturally, deaths that occur as the result of accidents, fires, and lightning.

Sometimes even humane destruction, your horse being stolen, and freak accidents (think falling debris) will also be covered. Always read your policy and make sure that you know exactly what the exclusions on that policy are. You will also need to think about how much coverage you need on the mortality policy and should keep in mind that the more your horse is worth the more you will pay on premiums.

The premiums you will pay are based on your horse's age, sex, breed, discipline, and what it is currently worth.

Equine Loss of Use Insurance

This type of equine insurance will pay you a certain amount of what your horse is worth in the event that an injury leaves it permanently disabled. Be careful when considering this kind of policy though, because your insurance company may be able to take possession of your horse after they pay a claim on the loss of use policy.

Equine Medical and Surgical Insurance

This kind of insurance will help you to pay for certain expensive medical or surgical treatments that your horse may need. Having medical and surgical insurance on your horse could mean the difference between being able to keep your horse and having to put them down. Diagnostics, medications, surgery, and post operative care are usually covered.

Routine health care (such as vaccines and dental care), elective and cosmetic procedures, and treating birth defects are things that are not usually covered. Other exclusions that may be included with the policy are alternative treatments (such as chiropractic and acupuncture).

Can You Afford It?

You can buy mortality insurance by itself or medical and surgical insurance added. No matter which you choose, though, your premiums will all depend on the horse, where you are located, and what terms you choose for the policy. Mortality insurance premiums will cost you all the way up for 4 percent of what your horse is worth and there is usually a minimum amount of premium. When you add medical and surgical insurance you pay a flat fee in addition to the premiums for the mortality insurance.

That flat fee is based on how much coverage you buy and what deductible you choose. You can save money on mortality insurance by purchasing a policy that covers less than what your horse is worth and can always decrease the amount of insurance as your horse ages.