Major medical, surgical, mortality, loss of use… which one is right for you?
When it comes to insuring your horse, choosing among the many policies can be more mind-boggling than talking to Blue Choice. Numerous companies exist that are ready to sell the willing horse owner a policy. Here are a few important facts you should know before deciding whether to insure your horse and which policy to choose.
The basic types of coverage purchased by most horse owners are mortality insurance (the equivalent of human life insurance), loss of use, and major medical and/or surgical policies (the equivalent of health insurance).
Mortality insurance repays the policyholder for the insured value of the horse should it die. The majority of policies cover most causes of death including natural causes (e.g., colic) and acts of God (e.g., lightning strike). Many companies also include theft in this policy. You can insure up to the full value of your horse, but be aware that the more valuable the horse, the higher the premiums will be.
Loss of Use
This coverage pays a percentage of the horse’s value should an injury leave him unable to perform the job he was insured for. It is important to read the fine print on these policies as some companies reserve the right to take possession of a horse after a claim is paid.
Major Medical and Surgical
This policy reimburses policyholders for bills from surgery, major illness and disease. These policies do not cover routine care or cosmetic surgeries. There is a deductible (approximately $250 to $300) per claim and a monetary limit per animal per year. Some companies offer a surgery-only policy that covers only the costs of surgery and post-operative care.
The choice to insure or not to insure your horse is an individual one. The important thing to consider is this: Do you need an insurance company to help bear the burden of medical or replacement costs if the unthinkable should happen?