Equine Insurance
Owning a horse comes with its own set of risks. This is why it is important that you purchase equine insurance. Many people have a number of questions when they start looking for equine insurance. It is advisable to find an insurance specialist that is experienced in these types of policies. To help make the purchase of equine insurance easier we have provided some general information to help answer questions you may have.
What is the cost of the equine insurance?
Many insurance experts would agree that this is the most common question that is asked. There isn't a correct general answer to give anyone that asks. There are a number of elements that go into the cost of equine insurance. These include the breed of the horse, the age of the horse, horse's value, what it is used for, the residence and so on. The type of insurance you are looking for will also impact the premium cost.
Should you purchase horse insurance?
For this answer you have to think about the cost of maintain your horse versus the cost of insuring it. The comparison is incredible, you will find that when you factor in the cost of colic surgery, any other veterinary bills or a possible lawsuit that the cost to insure your horse is nominal.
If your horse is a recent purchase it would be a good idea to also purchase Major Medical and Surgical coverage in addition to the standard Mortality insurance. This is simply because the horse is new to you and you aren't aware of any medical issues the horse may have. This is advisable for at least the first year of ownership.
Insuring your horse against possibly being lost, due to the fact that losing them can put you into a financial bind such as trying to pay for an illness, pay for a theft, death or an accident. Horses can be injured or get colic both of which can require surgery to save their life. Just because it is required doesn't mean that you can afford it, which can cause the horse to suffer and possibly die.
It is important that you know the basic Mortality equine insurance does offer some coverage for colic. Depending on the company providing the insurance it can be up to 60% of the value of the horse, but even that is capped at A$ 3000. If you also purchase the Major Medical and Surgical insurance there is additional coverage available to cover colic surgery as well as other covered surgeries. This additional insurance also will cover practically for most medical problems except for the regular checks.
You can also buy personal horse owners liability insurance. This type of equine insurance will cover up to five horses and the coverage ranges from $300K to $1,000,000 with very affordable premiums. Should you end up being sued for any reason in conjunction to your horse(s) personal horse owners insurance will cover you. This type of insurance will also cover you if you have to make payments because your horse has caused damage to someone else's property or injure someone.
There are certain cases where liability insurance is a must and this includes if you are operating an boarding business, have a pony or trail ride business, offer training for horses or run an riding club. Liability insurance will keep you covered should a horse or someone riding a horse cause any damage to another person.
If you were to compare the different equine insurance policies to human insurance to see which type is the "must" it would be Mortality insurance which is the equivalent to life insurance. Some people ask if they can buy the Medical and Surgical policy only, the answer is no. The Medical/Surgical policy is a rider to the Mortality insurance.
Determining Value
Due to the fact that the cost of your insurance is based partially on the value of the horse it is important that you know the horse's value before getting a quote. How would you determine the value of the horse? There are a number of different ways that you can prove the value of the horse including providing a bill of sale, half of the prize winnings or the cost of training; you can have your horse appraised. The best way to prove these costs is to offer up your cancelled check. You can also take a look at a horse trader magazine to find a horse that is similar to the horse you have.
