We all invest a lot into our horses – time, effort, love, work and money. The idea that we sometimes face injury or loss is difficult – especially when we are deeply attached to our horses. Unfortunately, horses sometimes get ill and injured – even with really good horse care. As responsible horse owners, we have to plan for this.
Part of planning for our horses involves considering horse insurance, horse insurance companies and horse insurance specialists. I consider the following when comparing various quotes for my horses’ insurance:
1. What will the insurance cover for my horse?
Will the insurance cover mortality? Will it cover theft? Will it cover medical costs? Some insurances cover emergency transport. Will it cover loss of use and if so, how does it define this?
2. What will the insurance not cover?
Will the insurance cover my horse for colic if my horse has had colic before? Does the insurance exclude certain activities? Some insurances exclude certain activities e.g. rodeo or race horses.
3. What does the insurance company need in order to cover my horse?
Does it require a vet examination and certificate to insure my horse if it costs above a certain amount?
4. Does the insurance company specialize in horses?
Are the people that work there specialists? Are they able to answer my questions effectively?
5. Does the company offer real value for horse and rider?
How do the costs compare to other equestrian insurance companies and policies when comparing like with like? What
portion of medical and surgical expenses does the insurance pay for? What aftercare does the insurance pay for? Does the company pay for other equestrian therapy such as chiropractic therapy, massage therapy and acupuncture?
6. Can the insurance be extended to tack and equipment?
If the insurance can be extended to tack and equipment this may help lower the cost of insuring the tack and equipment.
7. How long do they take to pay their claims?
If the company takes too long to pay claims it makes it very difficult to pay expenses. It also makes a difficult situatation even more traumatic.
8. What value do they pay on the death of a horse?
Is the value the agreed value or market value? This may differ significantly. How will they determine the value?
9. How does the insurance company deal with problems and complaints?
Ask them about their procedures for dealing with problems. Find out about their reputation.
10. Is it worth insuring my horse?
Is it worth insuring my horse given:
- the value of my horse
- the age of my horse
- the cost of insurance
- my ability to pay for medical expenses and a new horse if need be.
It’s important to do a cost-benefit analysis in each case.
I have used the points above and have sometimes insured my horse and sometimes not. The facts I have gather using the points have helped me decide in each case.
“The blog is the personal opinion and views of the author. It contains general information and may contain inaccuracies. You should always seek the advice of a professional horse riding instructor on your own specific situation and circumstances.”