Overview of Horse Insurance
Horse insurance can provide peace of mind in the event of an accident, career-ending injury, or life-threatening illness. The intended purpose of these policies is to ease the financial burden of these situations, so you can deal with them accordingly. Every horse owner should consider horse insurance. There are several types of horse insurance plans that cover a wide variety of selections.
Types of Horse Insurance
- Mortality/Use and Theft Insurance: This type covers the cost of the horse in the event of death, euthanasia, or loss of use.
- Medical Coverage: Covers veterinary treatment and major medical expenses.
- Liability Insurance: Protects against property damage or injuries caused by the horse.
Cost of Horse Insurance
The average cost of horse insurance per month can range from $20 to $200 or more, depending on various factors such as age, breed, location, and coverage type.
Insuring Your Horse
You can insure your horse for up to 100 percent of its value. The premiums vary based on the horse’s value, age, breed, and coverage type. It is essential to consider insurance even for recreational horses to provide financial protection from accidents.
Coverage Details
Major Medical and Mortality Policies
There are two main types of coverage that horse owners purchase – major medical and mortality policies. To understand what is covered, compare policies from different companies.
Deductibles and Copays
Some policies have deductibles and copays. For major medical, deductibles often average around $500. It’s important to understand each policy’s coverage. Talk to the insurance agent to clarify details.
Excluded Items
Items excluded from farm coverage include items already covered by other insurance, aircraft parts, land transportation equipment, and other animals.
Premium Costs and Considerations
Premium Costs
The annual premiums for horse insurance vary significantly depending on your horse, location, and coverage. Mortality coverage premiums typically range from 2.5% to 4% of the horse’s value.
Other Considerations
It is not illegal for your horse not to be insured, but it is strongly recommended due to the financial commitment of owning a horse. Ensure your policy covers unforeseen circumstances and consider additional coverage based on your horse’s activities.
Policy Types and Decisions
Selecting Policy Types
Different types of policies are available based on your horse’s age, activities, and health conditions. Major medical, mortality, loss of use, surgical, liability, and personal accident insurance are common types of horse policies.