Whether you own a horse for fun, profit, or competition, it’s a financial and emotional investment that deserves protection. An insurance policy from a horse insurance company near me is one of the best ways to do that.
However, deciding what coverage is right for you and your horse can be challenging. Fortunately, understanding the basics is simple and can save you time and money in the long run.
As a proud owner, you’ve invested time and energy in training, taking care of, and most likely competing with your horse. As a result, medical expenses for your horse can be significant and expensive.
That’s why it is important to have basic coverage under your horse insurance policy. That includes a full mortality insurance program and major medical/surgical insurance.
These policies reimburse medical and surgical bills caused by an accident, illness, or disease. They also include loss of use coverage, which pays you if your horse can’t perform its intended duties because of a health problem.
These policies can cover routine vet visits, vaccinations, and dental procedures. However, they typically exclude elective surgeries such as castration or surgery for genetic defects and alternative therapies such as shock wave therapy or whirlpool therapy.
Major Medical/Surgical Coverage
The cost of vet bills for horses is rising at an alarming rate. It’s no surprise that horse owners are turning to medical insurance to protect their investment in their equine.
These policies vary widely in scope, limits, and exclusions, so it’s important to understand what these policies offer and their limitations before choosing one.
Loss of Use Coverage
Loss of use coverage is an option available under horse insurance that pays you up to 60% of the insured value if your horse is no longer fit for its intended use due to accident, injury, sickness, or disease. This policy requires a vet exam and x-rays to make a claim.
This type of coverage is typically purchased when a horse is bred or purchased for a particular use (racing, jumping, pole bending, etc.) that can be described in detail in the insurance policy. However, the specifics of a loss of use claim can be complicated to prove, so coverage is usually limited in scope.
Another type of loss of use coverage is additional living expenses, which pay you for the cost of staying somewhere else while your home is being repaired. This coverage is rare and confusing because it generally does not cover home improvements. It also doesn’t pay for you to stay in a place that’s as nice as your home if you’re forced to live elsewhere during repairs.
Permanent Disability Coverage
Whether you’re an equestrian with a small herd or a professional rider, horse insurance is an important way to protect your investment. This coverage can help you recover from an accident, illness, or death and provide for ongoing expenses if your equine partner becomes disabled.
A permanent disability policy replaces 40-60% of your earnings until you can return to work or reach a time- and money-dependent threshold. It’s often purchased through your employer and can be cheaper than purchasing it.