When purchasing a horse it is easy to get overwhelmed by all the costs associated with housing and caring for your horse. While you might feel like horse insurance is just another added cost, purchasing an equine insurance plan can actually be a worthwhile investment. When looking at different types of equine insurance plans, there are six main types to consider.
1. Personal Liability
If your horse happens to damage someone else’s property or cause injury to a third party individual, personal liability insurance will protect you. This insurance is not intended for commercial use, and you should check to make sure you are not already covered under your homeowner’s policy.
2. Major Medical
Just like human medical bills, vet bills can get extremely high in the case your horse gets sick or injured. Depending on the age and any pre-existing conditions your horse might have, you may need to shop around for a medical plan that will cover your horse.
Surgical insurance will cover fees associated with horse surgery including the surgeon’s fee and the cost of anesthesia. However, you should not expect full coverage for other costs such as hospital stays. Since major medical insurance already covers surgery, you only need surgical insurance if you can’t afford full medical insurance for your horse.
4. Loss of Use
Loss of use insurance can be purchased in addition to major medical insurance. It helps compensate you for lost income if your horse is unable to perform certain activities due to being sick or injured.
5. Limited and Full Mortality
You have the option to purchase either limited or full mortality insurance for your horse. Limited morality can be purchased without a medical or surgical policy and will reimburse you for the cost of your horse. Full morality insurance is required whenever medical or surgical insurance is purchased and also cover the costs of your horse dying or being stolen.