Whether your horse is a star of the showring or a trail-riding buddy, having the right equine policy can lead to peace of mind.
We can all easily tick off a list of very expensive horses who clearly ought to be insured: elite breeding stallions and million-dollar race horses come to mind, the premiums are a small price to pay to offset the financial losses if these horses were injured or worse.
For some of the 9.2 million horse owners in America it may also make sense for their seasoned hunter, or promising young cutting horse to be insured also, given the years of investment and effort and the feeling of grief or loss if anything was to happen to them.
However, horse insurance can be a costly and complex proposition, which is why you need to thoroughly understand what you are getting into before signing on that dotted line.
Recently the topic of rising healthcare costs and concerns about who will pay has dominated social, economic and political discussions and the veterinary field has not been immune. The rising cost of equine healthcare has emerged as a significant problem with the average cost of veterinary fees now $2,325.00. Even though some costs have come down due to surgical and medical procedures becoming more common, an MRI scan of one limb can cost up to $1,250.00 while Colic surgery can be in excess of $4,500.00.
To help you determine if equine insurance is the right choice for you and your horse there’s a few questions you need to ask yourself:
Do I need it?
As veterinary technology has advanced, including the rapidly expanding field of regenerative medicine; bone scans, MRI’s, shockwave and stem-cell therapy have all become available to the average horse owner.
They are no longer just reserved for the world’s best calibre mounts, but now available for your children’s hunter, your novice eventer and your second level dressage horse and so the needs of pet insurance for everyday horse owners has also changed.
All this however comes at a price and when determining your insurance needs there is that burning question ‘if my horse suffered a health setback or was injured without insurance, would I have the financial ability to address it?’
Type and Costs of Coverage
The experts state the most important cover you need as a horse owner is public liability insurance, which covers you in case a third party is injured by your animal, or it damages property typical policies insure for up to $2.7million.
While equine mortality insurance comparable to human life insurance covers death caused by accident, injury or illness, rates for most horses range from 2.5 to 4 percent of the horse’s value. That means, for example, that the cost of the annual premium to insure a horse valued at $7,000 will likely be between $220 to $280.
Major medical coverage for your horse runs between $175 and $300 per year, for each injury or illness you claim for treatment costing between $5,000 and $10,000. You also pay a deductible, typically between $150 to $500.
Costs are based on the age of the horse, medical history, main activities and its value and policies can be further extended to include cover for the rider and accidental damage to equipment.
Having horse insurance allows us to be prepared for all eventualities and gives us that financial support and safety net in times of need.
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