Owning horses is expensive. In addition to the day to day costs of feed and board, there are visits from the farrier, and often lessons, training and showing fees. With all the bills that can pile up when owning a horse, it may be hard to understand why someone would voluntarily take on additional expenses.
While horse insurance may seem like a luxury, it is actually a smart way to manage expenses. For a small monthly fee you have the peace of mind of knowing that if your horse is injured or ill, you can have the veterinarian out without worrying about the bill. If the problem is something that lingers on, or, sadly, is not able to be fixed, insurance helps with that as well.
There are several different types of horse insurance available. Talking with an experienced agent is the best way to determine what combination is right for your situation. Mortality, medical and loss of use are all commonly purchased. Each has a different use.
Mortality Insurance
Mortality insurance is similar to life insurance in humans. It protects the owner from financial loss in the event the horse passes away. It covers death in the event of either a natural or accidental death. It will also compensate the owner in cases of theft.
Medical Insurance
Medical insurance is the equivalent of health insurance in humans. It covers the cost of diagnosis and treatment for various health conditions. Medical insurance does not cover routine visits, such as vaccinations or health certificates. You can also add a surgical endorsement to the coverage, to cover the cost of surgery if that should become necessary.
Loss of Use Insurance
Loss of use is added to mortality coverage. It is used to compensate the owner if the horse becomes unable to perform the job described in the coverage. The job covered may be performance related or related to breeding. It covers a percentage of the value of the horse, agreed upon when the policy is written.
