Paul Sanchez
Horse insurance is a way to ensure that your equine companion gets the care they need in the event of an accident, injury, or illness. It can also provide peace of mind for owners, knowing that their horse is protected. The cost of horse insurance varies depending on the type of insurance, the value of the horse, its age, breed, and discipline. Major medical insurance for horses can be expensive, but it is important to note that there are also affordable options available. This type of insurance typically covers non-routine vet care and surgical procedures, while some companies may offer complementary or additional coverage for specific issues such as colic. Mortality insurance is another common type of horse insurance, which covers the cost of the horse in the event of its death or humane euthanasia.
| Characteristics | Values |
|---|---|
| Purpose | To cover the cost of medical or surgical expenses in the event of an accident, illness, injury or significant disease |
| Colic surgery coverage | $2,500–$15,000 |
| Annual premium | Starts at $250 |
| Copay | Variable |
| Deductible | Starts at $200, averages $500 |
| Medical coverage limit | $7,500, $10,000, $15,000 |
| Eligibility | Horses over 15 or 16 years old may be insurable but at higher rates and/or limited coverage |
| Other exclusions | Pre-existing conditions, elective or cosmetic surgery, performance-enhancing treatments, joint injections, integrative therapies, veterinarian’s call charge, transportation costs |
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What You'll Learn
Major medical insurance
The premium for major medical insurance is based on a percentage of the agreed value to be insured and depends on the horse's age, breed, and discipline. Minimum premiums can start as low as $150 to $250 per year, depending on the carrier. The cost of equine insurance also depends on the type of insurance and the value of the horse. For example, mortality coverage for a horse insured at $10,000 on average costs around $290 to $360 annually.
Horse insurance comes with various plan options, and it is important to choose the right company and agent for you and your horse. Some companies offer customizable policies to address specific needs and challenges. It is recommended to discuss insurance expectations before purchasing a horse, and short-term horse insurance policies are available for trial periods.
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Mortality insurance
Horse mortality insurance is a type of insurance coverage that provides financial protection in the event of a horse's death, theft, or humane destruction due to an accident, injury, illness, or disease. It is designed to help horse owners mitigate the financial risks associated with owning a horse, which can be a substantial investment.
The cost of mortality insurance can vary depending on several factors, including the value of the horse, its age, breed, and intended use. For example, a horse insured for $10,000 may have an annual mortality insurance premium ranging from $290 to $360. Premiums for major medical/surgical coverage, which is often added to mortality insurance, can start as low as $200 per year but can exceed $600 depending on the specific plan.
It is important for horse owners to carefully review the terms and conditions of mortality insurance policies, as different insurers may offer varying levels of coverage and exclusions. Some policies may have deductibles or copays, and it is essential to understand the circumstances under which a claim can be made. Additionally, horse owners should consider the company's customer service, expertise in equine insurance, and customisation options to ensure they find the right coverage for their needs.
Overall, horse mortality insurance provides essential financial protection for horse owners, giving them peace of mind and helping them manage the financial risks associated with owning a horse. By understanding the factors that influence the cost of insurance and carefully reviewing policy details, owners can make informed decisions to find the best coverage for their equine companions.
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Colic surgery coverage
Horse insurance plans vary, and it is important to understand what is covered by your policy. Some companies offer automatic colic surgery coverage with any mortality policy, but the amount of coverage may be less than if you purchase a separate medical policy. Major medical/surgical coverage can be added to most equine mortality insurance plans to cover surgery costs. This type of coverage typically pays for medical or surgical expenses if your horse suffers an accident, illness, injury, or significant disease.
Supplement companies, such as Smartpak, Arenus, and Platinum Performance, also offer colic reimbursement programs. These programs provide a set amount of money (typically $10,000-$15,000) to cover colic surgery costs if you purchase their gut supplement products and agree to annual wellness exams for your horse.
It is worth noting that colic surgery has a high success rate, with overall survival rates of up to 90%. Most horses return to their previous level of athletic activity within a year, and some studies show that up to 80% of horses return to their previous activity. However, there are potential complications that can arise, such as intestinal shutdown, infection, or repeated colic episodes, which can lead to increased costs.
When considering colic surgery coverage, it is important to review the policy carefully and understand the exclusions and limitations. Additionally, the cost of equine insurance depends on the type of insurance and the value of the horse. Major medical insurance coverage can start at $200 annually and go over $600, depending on the specific plan. Deductibles for major medical coverage may be as low as $200, but they average about $500, and copays can vary based on the plan.
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Surgical insurance
The cost of major medical/surgical insurance depends on the specific plan. It could start at $200 annually and be over $600, depending on the plan. The premium is based on a percentage of the agreed value to be insured and also depends on the horse's age, breed, and discipline. Rates range from 2.9% to 4.5%, with minimum premiums starting at $150-$250 depending on the carrier.
Some companies offer surgical-only coverage, which is a more affordable option for those who want to be financially prepared for emergency veterinary procedures without paying for a comprehensive medical plan. Blue Bridle Insurance, for example, offers surgical-only coverage.
Horse insurance is an important consideration for every horse owner. While it can be difficult to think about our horses becoming sick or injured, having insurance can help ensure that they receive the care they need without the burden of financial considerations.
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Full mortality insurance
The cost of full mortality insurance depends on the value of the horse and its age, breed, and discipline. The premium is typically based on a percentage of the agreed value to be insured. For example, for a horse insured at $10,000, mortality coverage can range from $290 to $360 per year. Premiums for full mortality and major medical/surgical insurance can start as low as $250 per year.
Some insurance companies offer additional coverage options, such as emergency colic surgery endorsements, which can range from $3,000 to $5,000, depending on the carrier and the horse's value. Major medical endorsements typically cover non-routine veterinary care, including accidents, injuries, illnesses, diseases, and surgical procedures. Limited permanent disability coverage may also be available, providing compensation if the horse becomes totally and permanently disabled due to a sudden, accidental, and external injury and can no longer be used for the purpose indicated in the policy.
It is important to note that the specific coverage and exclusions may vary depending on the insurance company and the policy chosen. Horse owners should carefully review the terms and conditions of the insurance policy to understand what is covered and what is not.
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Frequently asked questions
The cost of horse insurance depends on the type of insurance and the value of the horse. Mortality coverage for a horse insured at $10,000 on average is $290-$360 a year. Major medical insurance coverage could start at $200 annually and be over $600, depending on the specific plan.
Major medical insurance for a horse covers non-routine vet care such as accidents, injuries, illnesses, diseases and/or surgical procedures. It does not provide for routine health maintenance or preventative care such as vaccinations, deworming, dental or farrier care.
Major medical insurance is a full-coverage insurance that covers all emergency veterinary care up to a certain limit. Surgical insurance only covers the costs associated with surgery and might not cover every medical expense.
