Should I Insure My Horse?

The question ‘should I insure my horse?’ is one many horse owners grapple with.

Equine Mortality Insurance

Obtaining mortality insurance on your horse is a personal decision we make based on a number of considerations. There are those that will take their chances, play the odds and decide it’s not worth it. After all, insurance is a gamble. Some choose to self insure and absorb the loss while some will insure everything they own. For others, it is a business decision. But for many, the question is simply, can I afford NOT to carry insurance on my horse?

If the purchase of another horse would be difficult to rationalize or a hardship, it makes good sense to insure your horse. Mortality coverage is available on foals at 24 hours of age and horses up to age 20. (Keep in mind that mortality rates increase each year on horses 15 and over.) Actually, the cost of mortality insurance is not overly expensive and there are several options available to add to the policy that are sought after by horse owners.

Equine Medical Insurance

Major Medical (which includes surgery) provides broad coverage and may be an option for horses at 31 days of age to age 20. The choice of annual limits ranges up to $15,000. However, company underwriters have tightened eligibility requirements for these plans. There is an alternative coverage offered by one of the carriers that offers a limit of $7,500 coverage and it is called Medical Assistance. Medical Assistance coverage is very similar to major medical as it covers all of the same diagnostics, surgeries and medications, the time frames and sub-limits are the only differences. This is available regardless of insured value.

Colic

We all dread colic, the leading cause of death, and the cost of surgery and related medical expenses can reach five figures. The colic endorsement covers both surgical and medical colic. An endorsement for Surgical can also be added to the mortality policy which would cover surgeries under general anesthesia. Both endorsements provide a limit of $10,000. And keep in mind that the mortality policy includes some coverage for emergency colic surgery at no additional premium.

Without insurance, the decision to treat an illness or euthanize the horse is an emotionally painful one. Bottom line, horse insurance can restore you financially and so for many, it is a sound investment. It is important to explore all the options available to you with your Blue Bridle agent.