Horse insurance is designed to provide coverage for veterinary costs that are not included in other insurance policies. It functions similarly to health insurance for humans. Mortality policies generally offer coverage for various causes of death, such as diseases, illnesses, and accidents. In addition, these policies often include emergency stabling services. Primary medical and surgical coverage typically complements a comprehensive mortality policy by reimbursing expenses incurred from diagnostic tests, surgeries, and other forms of non-routine care.
Cost
The cost of horse medical insurance can vary. A basic full mortality policy costs a pre-determined percentage of your horse’s value. Optional coverages can increase the annual premium based on coverage limits, deductibles, and co-pay rates you select. Most major medical/surgical policies also include loss of use coverage, a key consideration for owners who utilize their horses in income-generating activities like breeding. A stallion infertility policy reimburses you if your stud fails to produce foals as planned and is usually included as an optional addition to your horse’s leading medical/surgical insurance. An independent agent will help you navigate these options and clarify your policy’s terms, conditions, and exclusions. Your agent is your link to the underwriters and ultimately decides what’s covered. This is why it’s essential to find one that’s willing to work for you! This will save you time and money in the long run. You want someone that has your best interest at heart and knows the horse industry.
Coverage
A horse insurance policy can be costly and give you peace of mind. When your horse gets clicked, has a severe accident, or is injured from playing a game or getting kicked by another animal, the cost of treating the injury may be more than you can afford. Most horse owners purchase mortality and primary medical coverage, corresponding to life and health insurance policies for humans. Mortality policies pay a certain amount of money to the owner if the horse dies, and significant medical/surgical policies reimburse the horse owner for reasonable veterinary, surgical, or diagnostic charges after a deductible is met. In addition to these standard policies, many horses are covered by loss of use policies that reimburse a percentage of their value if rendered permanently unusable for their intended purpose. These policies tend to have strict underwriting procedures and may require a veterinary examination, radiographs, and documentation of the horse.
Pre-Existing Conditions
Regardless of new technological advancements in veterinary medicine, the cost of some procedures can still be prohibitive. Horse medical insurance, primary medical/surgical coverage, or equine health insurance can help with those expenses. Generally speaking, this coverage reimburses a percentage of your expenses after meeting deductibles and co-pays when your horse colics, founders, get kicked, develops EPM, or has any other of the countless injuries and illnesses that can keep you up at night. However, policy details vary greatly, so talk to your agent about exclusions, treatment time limits, and deductibles. A good independent agent is your pathway to the underwriters who make the ultimate decisions about coverage and rates. They will cut through the jargon and find the right quotes for you. They can provide a policy with no deductible, saving you more money in the long run. This is possible if you choose an actual value policy rather than one that pays out a certain amount per day of hospitalization.
Exclusions
While it’s unpleasant, every horse owner should have an equine insurance policy covering the cost of death or injury. An equine insurance policy is cost-effective and provides something even more priceless: peace of mind. A full mortality policy protects your horse against death from external peril. At the same time, primary medical/surgical coverage supplements a base mortality policy that pays for reasonable and customary veterinary expenses related to accidents, illness, or disease (after deductibles are met). Standard exclusions may include maintenance procedures such as vaccinations, deworming, and dental care; alternative therapies such as reflexology, acupuncture, or magnetic therapy; elective surgeries; dental surgery; joint treatments and injections and other items, which vary by company. An independent agent can help you sort out your options and explain all of the nuances of an equine health policy. They can cut through the jargon and clarify fine print to find the best equine insurance policy for your unique situation, needs, and budget.
