Horse Insurance – what are the cost and the benefit of such coverage?

Horse insurance is available is a variety of formats and coverage

When it comes to horse insurance, you would be surprised the number of horse owners who choose not to pay for this level of coverage, if protection if the worst should ever happen. Sometimes this is because they think it is too expensive or that it doesn’t offer them what they think they need.

There are five main types of horse insurance coverage available for horse owners that can suit the different types of horses and their lifestyles, namely life insurance, liability, care, custody and control insurance, medical insurance and professional errors and omissions. These all cover different areas of the horse industry and offer projection for both the owner and the horse, such as breeding horses or racing horses. Before getting horse insurance, the owner should consider what kind of horse it is and the daily activities which will lend itself to a certain policy and insurance protections. 

There is also a range of mature horse insurance policy options which applies to horses over the age of 15 years. Horses over this age will generally require different needs from their insurance, although the range will be far limited compared to other coverage, this is based on the idea that the horse is no longer working or having strenuous activity.

There are different mature horse insurance plans available but they will vary on medical needs so research is recommended to ensure that your horse is covered for any existing conditions. It should also be noted that getting mature horse insurance is more difficult as it is not readily available like regular horse insurance.

As for the cost of horse insurance, many cheaper insurance alternatives are available at a rate of around 3 per cent of the horse’s annual value, which can be quite inexpensive given the coverage. When talking about this coverage for cheaper horse insurance, it should be noted that the coverage is limited with some policies only covering certain issues. What’s more, the list of coverage will usually reduce over time if any of the listed situations occur, as they will get taken off the list when ‘used’.

Horse insurance is a necessary part of owning and caring for a horse as it will supply the financial security that if the worst should happen medically or legally, you are covered to pay any fees and ensure the best care for your horse.