Every horse owner, whether the horses are used for instruction, racing, farm work, or pleasure, will benefit from having horse insurance coverage. However, there a number of different types of coverage, and the question can be which type of insurance is right for you and your horses. There are few common insurances to familiarize yourself with as you begin your search.
Mortality
The most basic type of horse insurance is mortality insurance. This is essentially a life insurance policy for the horse; you will be covered the full value of your horse should they die from illness, injury, or accident. You may also be covered if the horse is stolen and not recovered. The full value will be determined at the time of insuring. Of note, some company’s offer Limited Mortality insurance which will cover a percentage of the horses’s full value.
Major Medical
Major medical insurance is the most similar to what is often found in a human health insurance policy. The best horse insurance companies carry major medical plans that cover diagnostics and treatment of health issues such as illness, disease, or accidents (including medication, surgery, and veterinary visits.) These policies will have deductibles and caps on annual coverage and most often work on a reimbursement basis.
Loss of Use
Loss of use policies covers in the event of a horse becoming too ill or injured to fulfill the purpose the horse was purchased for, such as riding, racing, breeding, or instruction. In this event, the insurance company will pay out a pre-determined sum corresponding to the loss of income. Loss of Use can be a more complicated type of insurance to issue and usually requires more extensive prior examinations and information.
Making sure your horses are covered by the medical plan that best suits your needs will ensure that you, and your horse, can be cared for should something unexpected happen in your work together.