When faced with a major medical expense, insurance is used to help soften the financial blow; so why couldn’t this work for your horse? Just like with human insurance, equine insurance has different types and levels of coverage. The two most frequently chosen insurance types are major medical and surgical. Major medical covers veterinary treatment, medications, and surgery due to an accident, injury, or illness on horses valued at a minimum of $7500. Surgical insurance only covers emergency or necessary surgeries performed under general anesthesia in a veterinary clinic, for any value horse. To acquire either type of coverage, additional yearly mortality insurance is also required. Mortality insurance covers the horse’s value due to death from an accident, illness, or disease, and will typically cover loss due to theft. In the chance of an unexpected death, a mortality claim would require a necropsy report to determine the exact cause of death. (There are additional coverage options for individuals with equine businesses, such as loss of use or breeding coverages.) The cost of equine insurance is based on the age, value, and use of the horse. Here is an example of what a quote would look like for an average trail horse Plan 1: Only mortality: for a horse valued at $2000 @ 3.6% = $200 Minimum/yr. Plan 2: Surgical (ONLY surgical expenses included): $10,000 = $150/yr. Total Annual Premium for Surgical Coverage: $350.00 + AN ADDITIONAL $10,000 LIMIT CAN BE ADDED TO THE SURGICAL COVERAGE PLAN TO COVER COLIC MEDICAL AND/OR SURGICAL EXPENSES FOR AN ADDITIONAL $150/YR.
When considering purchasing equine insurance make sure to do plenty of research. It can become overwhelming when first looking into insurance due to the number of providing companies and the levels of coverage available. A company that specializes in equine insurance, or at least livestock, is highly recommended. By doing this, their overall understanding of the possible claims will heighten the ease of filling a claim. This will in turn result in less run around and a quicker response from a company with more equine claim experience compared to a typical Home-owners Insurance Company. Finally, insurance coverage does have limitations. Limitations will be specific to the insuring company and are details to look into when considering equine insurance. Most insurance companies have an age limit on coverage, as well as restrictions regarding horses with preexisting conditions, specific to their policies. Make sure to compare coverage limitations, exclusions, and deductibles when considering different policies.