What you Need to Know About Equine Insurance
We recently had the joy of a bright and sunny Kentucky Derby, the first one in eight years in fact! The mint juleps were tasty, the hats were large and in charge, and the horses really came through on the track.
It got us thinking about what equine, or horse, insurance would look like – especially considering these animals are capable of so much and bring in an exceptional amount of money and entertainment to society as well.
So, what does it look like to insure a horse, and is it really necessary? Short answer, it’s similar to insuring any other valuable in your life, and ABSOLUTELY.
Why to Insure Your Horse
Just like you would insure your car if it was stolen or damaged in an accident, you would do the same for your noble steed.
Imagine you have a small ranch with a few horses that you keep around purley for your own enjoyment. If one of those horses was attacked by a wild animal or kicked by one of their friends, and as a result they were injured, you’d have a veterinarian come visit them to bring them back to tip top health. Well, those vet bills can really add up, especially for an animal like a horse, so you’d definitely appreciate the help from an insurance policy.
Now, imagine for a moment your horse was stolen from your property, or the animal attack left your horse in pieces. Insurance would be there to compensate you for your loss so you could either replace the one lost, or use those funds to help create a more secure property to protect the ones you still have.
Other reasons you would want to insure your horse(s) is:
- Covering damage a horse may cause to other persons or to property.
- Your horse is of great value (i.e. a race or show horse)
- You board someone elses horse
- Ect.
How Much Does It Cost?
This number is going to vary due to a number of factors, but we’re happy to give you a general idea!
- What kind of refund are you looking for? If you want insurance to cover most, or every bit, of a vet bill, personal claim for injured person, and so on, you’ll be looking at a high monthly premium.
- How old is your horse? Think about life insurance in this instance. It’s going to cost more to insure an older person (or horse), because their, pardon our frank wording, end is soon an inevitable.
- Is the horse of high value? If you have a horse that is racing in the Kentucky Derby, it’s obvious to say that they’re quite the horse! So you’re going to want to make sure that horse is well covered and protected in case anything were to happen to them. It’s sort of how celebrities, like Hillary Duff, insure their smiles, or athletes insure themselves.
Monthly costs could range anywhere from $35 – $60 for a farm horse, to somewhere around $350 for a race/show horse.
Policy Types
There are three different types of policies: mortality, veterinary fees, and civil liability.
Mortality refunds the horse’s value if they die of illness or an accident, but it won’t cover a natural death. An expert, or chevalier, will appreciate the horse for it’s value, you’ll be given this exact amount when the horse dies without any depreciation or decrease due to age or performance at the time of death.
Veterinary fees refunds all or parts of the vet costs caused by a claim. So, this won’t be covering for general health check ups, vaccinations, or deworming; just like insurers don’t cover oil changes or fill our tanks with gas. It will cover when a horse has been injured in an accident, has an illness, or needs surgery.
Civil liability is highly recommended, as you never know what could happen if your horse is spooked by a person; for instance, a child pulls on its tail, the horse bucks an uneasy rider off, and so on.
So giddy on up cowpoke! It’s time to find yourself a sweet horse to bring into your family, or even to start your own riding business!
Major thank you to EquiSense for their detailed explanations of equine insurance.
Article written by contract writer and digital media coordinator: Candace Cox. You can reach her at socials@howardwebbins.com or candacecox96@gmail.com.