It is undeniable that the cost of owning a horse is on the rise, especially of late. With the prices of feeding, training, renting a place for the horse to stay, entering the horse into competitions and grooming the horse, the last thing a horse owner would want to think about is shouldering on extra insurance costs for the horse.
While horse insurance isn’t required by law, it is still a good idea to insure your horse because horses are very susceptible to all sorts of illnesses, a lot of which don’t even have a cure. Not only that, but horses are also prone to accidents and sudden deaths, which would emotionally and financially burden the owner. While emotional scars would take more time to heal, financial burdens can be lifted slightly by insurance claims. A horse owner may wonder ‘How much is horse insurance and what does it cover?’, well, look no further, because the answer is right here.
Horse Insurance Costs
Horse insurance costs are tough to pin down, mainly because every insurance company has different rates for different types of insurance, and because the insurance cost differs depending on the price of your horse and several other factors of your horse, still $50-$100 could be a sample variable for a general insurance.
Horse insurance can be split into two sections, one being the insurance premium and the other being the extra costs. The insurance premium is the set amount you have to pay for your horse, and the additional costs are what you have to pay when you make a claim. For instance, for you to make a claim, it is possible that your insurance company would want you to provide a veterinary post-mortem of your horse and a death certificate of proof, the fees of which would have to come from your pocket. Besides that, most companies would require you to check your horse and pay for a veterinary exam before letting you insure your horse.
The age of your horse and the activities that your horse takes part in are among the more common horse-related factors that may affect the cost of insurance. A horse is more prone to death and illnesses when they get older, so it is not surprising that insurance companies would be less willing to let owners insure their aged horses with high-paying insurances. Most insurances also have age limits, so horses may have to change or switch to other insurance plans as they age. Besides that, insurance companies would typically ask you what kind of activities your horse will be doing, and these events can be categorized into high risk or low-risk activities. For example, schooling and casual riding would be considered low-risk activities, whereas high-risk activities would include hunting and racing. Be careful, however, as you would be asked to list out all the possible actions that your horse may participate in, and if your horse dies while doing an activity that is not listed out, you may have to pay extra or not be covered.
Types of Horse Insurance
Horse insurance is typically split into several types, such as Medical, Mortality, and Loss of Use. Mortality insurance can be divided into full or limited mortality insurance, and it covers proven theft of the horse, specified events like natural disasters and fires, and covers any financial losses due to the sudden death of the horse. Medical insurance, on the other hand, covers areas such as hospitalization and medical therapy. Besides that, Loss of Use insurance would be used on performance or competition horses that suffer an injury during a specified activity (such as racing or dressage) that does not cause death but ends the career of the horse. These insurances would then pay a part of the horse’s declared value at the time.
Should You Get Horse Insurance?
All in all, horse insurance not only helps to ease the financial burden of a horse owner should any unfortunate incident befall their horse.But it also helps ease the minds of horse owners, knowing that they wouldn’t have to be alone while dealing with the loss of their horse or an injury to the horse. How much is horse insurance and what does it cover? Well, it is up to the owner to decide which one suits best for their horse and the activities that the horse does.