We all know people can have health insurance, but did you know your horse can have insurance too? There are multiple companies all around the world that offer and specialize in horse insurance policies. It is very similar to human health insurance, but things are a tad bit different.
There are various policies that you can add your horse onto. One is known as Major Medical Policies. This policy covers partial cost on medical expenses including surgery, medication, and even vet exams. If your horse ends up needing surgery or anything that meets this policies criteria, you would report it to your insurance company and then pay a deductible for each incident. Premiums are paid in one lump sum and cost depends on value of horse and/or terms of your policy.
Mortality Coverage is the basis of most policies. The Mortality Coverage is an all-risk mortality and theft policy. This covers death or humane euthanization of your horse caused by an accident, disease, or illness during the policy period. Some Mortality policies will also cover if your horse is injured and can't be used anymore or if they are stolen. When you have your horse under a Mortality policy, in the event that the horse is sick, you are required by law to do everything possible to try and save the horse's life before they will pay out.
Your premium is based on the horse's value and then it is multiplied by the insurance rate (based on the age and how they are used). Depending on your horse's age, they may have some different requirements in order to insure them. For example, if your horse is under 45 days old or over 16 years old, most companies will require a vet check before insuring them. The value of your horse is usually based on their purchase price. After a year of owning the particular horse, you can then increase the value to more than the purchase price. This is especially important if your horse has undergone training or has started placing high in competitions.
Horse insurance is typically very affordable and you only have to pay your premium once a year! Horse's are our lives and we want to do everything we can to keep them safe and healthy. Insuring your horse gives you that protection and also peace of mind.
(picture credit: https://pixabay.com/images/search/horse/)