A big investment that needs to be protected is, buying a
horse, whether backyard pony or champion. Just as you purchase insurance for
your boat, car, motor home, etc., it's a wise investment to look after you
horse as well.
Similar to people, there are about as many insurance
policies for horses that can be very confusing. A number of companies offer
policies that can be customized to meet hobby or business needs.
Here are some
of the horse insurance basics:
Equine Mortality Insurance
Horse mortality insurance covers your animal in the worst
case scenario similar to car insurance, or life insurance for people. You may be
given payment for your purchase price, like a whole-life policy for people, or
a partial or pro-rated settlement, like a decreasing term policy for people.
In order to save on premium costs, you may declare a value below
your purchase price. Ensure to evaluate premiums over time versus expenses and
replacement cost for a new horse.
For example, a woman purchased a highly ranked dressage
horse. When the animal died, full purchase price was not paid to her, as the
horse was not shown at the same level of dressage competition as when it was
purchased.
This, according to the carrier, undervalued the horse and minimized
the payout. Ensure to take time to research policies to ascertain your needs besides
the cost and available policy options.
Ensure that the policies are in place on the purchase day.
Many policies have a minimum age, so be sure to keep that in mind for the
policy and timing for your horse purchase.
Check the policy for coverage for
humane destruction, medical causes such as colic, and natural disasters like
lightning strikes, flood, and tornadoes.
A yearling was purchased and was turned out in his new
pasture. Next morning the colt was nowhere to be found. A through walk of the
field found a cave-in where the animal fell to his death into the cave below on
the night he was purchased.
Two other types of horse insurance policies to examine are
Medical and Surgical, and Loss of Use. These are add-on riders to a Mortality
policy. In order to take advantage of Medical and Surgical coverage, you may
reduce your horse's value on Mortality to pay for premiums for medical and/or
surgical insurance.
Medical and Surgical Policies
As the name indicates, Medical and Surgical insurance covers
diagnostic treatment and surgical treatments associated with accidents. This is
similar to your medical coverage for your car insurance.
If you have an
accident, these policies with cover the diagnostic and treatment procedures
after a specified deductible is met.
These policies do not cover general vaccinations, annual
check-ups, or any cosmetic procedures. This not something I would have for my
backyard pony, but for a competition jumper, an insurance option to consider.
Again, not for the backyard packer, Loss of Use pays a
percentage of the animal's worth if the horse becomes unfit to perform a use
specified in the policy.
This is only because of accident, injury, or disease. Realize
if paid out, that like totaling a car, some policies have an option to claim
the animal. Once a loss of use claim is paid, the policy is complete.
Some of the leading claims filed for horse care are death
accident/illness, vet fees for accident/illness, tack, and saddler fees.
Few
providers offer comprehensive coverage to horses extending the coverage to more
than forty different states. Thus, pet insurance for horses can offer
advantages to owners that transport their horse out of state for shows, trades,
et cetera.
Many of the claims resemble standard forms, however few
companies present claims that target the particular incident and/or accident, along
with illness. For instance, if you horse is ill then the company may send a
form for that particular requirement.
The company will suggest that you right
away contact the company by means of the toll-free hotline provided to you and
immediately seek treatment for your animal.
After you are done at the vet, the company will encourage
you to communicate with the company. The claim forms are often downloadable
online, thus making it convenient and easy to get the claims to the insurer straight
away.
Certainly, you must undergo the same procedures as standard health
insurance, by sending receipts to the company. In order to get immediate
disbursement if necessary, the hotline is setup.
If your animal is at high-risk, horse insurance may come
with higher premiums. If your horse is used at Rodeos, Racing et cetera, there
may be need of extra coverage, and you should anticipate paying higher
premiums.
Even if your pet is high-risk, few insurance companies may offer
generous rates, best solution for getting great rates and comprehensive
coverage shopping around.
The web offers numerous good resources on horse insurance information.
One of the best sites to start is http://www.Equisearch.com
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