Horses can be insured against death and theft, medical expenses, infertility and loss of use. Personal, trainer, rider and property liability insurance may also be purchased. Therefore, owners need to choose the right insurance agent and weigh horse insurance cost against the value of the animal prior to purchasing insurance. Responsible horse owners should also understand the horse insurance process.
Choosing an Agent
Horse insurance agents should be reputable, knowledgeable, licensed to do business in the state and experienced in the horse insurance industry. Horses in some disciplines, such as rodeo, may be difficult to insure. In this instance, working with a company that is not licensed to do business in the state is acceptable as long as the company is reputable. A local vet may offer recommendations.
Choosing a Policy
Premiums are typically based on sex, value, age, health records and use of the horse. However, owners should not choose a policy based primarily on cost because policy conditions and coverage vary widely. They should also carefully research the policy’s fine print. For example, some policies only allow euthanasia in certain circumstances or require notice of an injury within a specific period. In addition, they should evaluate the value of the horse, including its training costs; show, competition and breeding records; purchase price; and market value, because the owner must be able to prove this value to the insurance company.
Horse owners should have basic knowledge of the horse insurance industry, including industry terminology. They should also keep detailed records of income and expenses related to each of their horses. They should disclose any previous injuries or health issues to the insurance company prior to signing for their insurance. Finally, they should learn how to make a claim because there may be time and procedure limitations.
If losing a horse will result in a significant financial cost or you have invested money and time into training, breeding or caring for a horse, consider purchasing horse insurance. However, carefully choose your agent and policy and commit to being a responsible horse owner and policyholder.