Equine Insurance

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Equine Insurance

This is a discussion on Equine Insurance within the Horse Health forums, part of the Keeping and Caring for Horses category

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    04-24-2014, 08:37 PM
Equine Insurance

Hello I am new to this forum and im going to be getting my first horse in july and I was just curious how important it is to get insurance on your horse?
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    04-24-2014, 08:45 PM
It depends on how much your horse is worth. All of our horses were in the $500-$3500 range and for us, it just makes more sense to set aside $$s in an account for emergencies rather than paying premiums on medical/mortality insurance.
    04-24-2014, 08:50 PM
I think it would depend on the value of the horse.
Low value I wouldn't get insurance.
I have 7500.00 of health and mortality. The health insurance has a 300.00 deductible for every claim.
I like the piece of mind since bills can get high quickly.
Also if you had several horses it wouldn't make as much sense since the overall premium would be so high.
    04-24-2014, 08:51 PM
For myself, I don't have life insurance on my horse(s) because they are not too valuable money wise but I do have fire and lightening through our farm insurance on them and also liability, I consider Liability insurance to be very important as you never know what can happen.
In Ontario we have Ont Equestrian Federation and through a membership there, you get liability ins and I think this is a good thing so I keep up my membership even if I am not showing.
    04-24-2014, 09:13 PM
BTW, if you do get insurance keep in mind..

- Most medical plans will pay for a certain procedure only one time, e.g. Colic surgery.
- They will not insure horses over a certain age.
- For mortality, they will typically only pay the amount you paid for the horse regardless of how much insurance you buy unless you can show that you have substantially added to the value of the horse (e.g. A very good performance record).
    04-24-2014, 09:23 PM
I think you are referring to health insurance on your horse? If so, the others above have answered, and unless your horse is worth over $10,000, it's not really worth it. But all horse owners should have liability insurance, you can get that quite reasonably through your homeowner insurance as a ryder. If you don't own a home, you would have to check with equine insurance carriers, I suppose.
    04-24-2014, 09:29 PM
I'm on the fence with this one. I got mortality + major medical for my horse when I bought him, but let it lapse this year and don't think I'll renew it. For one, he's proven not to be the accident prone type (the horse I leased before him managed to accrue a $500 vet bill playing too hard in turnout, so I was a little wary of this) and I'm in a better financial position now to handle an expensive vet bill than I was two years ago.

If your horse is very valuable, then mortality would be a good idea. If you don't have a good emergency fund set aside for the vet, then major medical could be a good idea as well. You'll have to get mortality to get major medical coverage, but since mortality is based on the horse's value (usually around 3% of their declared value) it costs less for less valuable horses. You can also insure your horse for less than its value if you so desire if the mortality part isn't that important to you.

Also make sure you have liability coverage. Many renters and homeowners policies will cover horses for liability, so if you already have one of these call them up and make sure that it applies to your situation. (Mine also covers my saddles and other equipment that are kept at the boarding barn, which is nice peace of mind!) If they don't, then consider getting a policy specifically for horse owners or an umbrella liability policy that will.
    04-24-2014, 09:47 PM
Ty for all your comments that really helped out alot.

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