The purchase price is only the beginning when you buy a horse. Ongoing feed, training, farrier and veterinary expenses will all add up as well. With that in mind, you may want to consider purchasing insurance to help protect your wallet from the inevitable expenses that pop up as a part of horse ownership.
There are several types of horse insurance you may be interested in. It helps to understand the basics before talking to an insurance agent, but you should talk with someone experienced in horse insurance before making your final decision.
Full mortality insurance is similar to life insurance for a person. A full mortality insurance plan will cover the value of your horse if you lose him due to death or theft. To qualify for a full mortality policy, your horse must currently be in good health.
If your horse does not qualify for a full mortality policy, you may be interested in a limited mortality policy. This is a good idea if your location makes it possible you may lose your horse due to fire, flooding, lightning or some other weather-related catastrophe, or accidents related to hauling. Although a limited mortality policy is not as inclusive as a full mortality policy, it can be a good option if your horse would not otherwise qualify for a full policy.
Medical insurance covers treatment for injuries or illnesses. It does not cover routine maintenance. With the advances in veterinary care, the cost of treatment for many conditions has risen dramatically. While it is great to have a choice about treating what would have been considered career-ending injuries in the past, the bills that go along with that can be disheartening. By having medical coverage you can make treatment decisions based on recommendations by your veterinarian, not solely on your pocketbook.
Once you decide to look into horse insurance >, stick with a company that has experience in all types of equine coverage. Horses are often in a gray area, between pets and livestock, and that can cloud decisions. An experienced equine insurance agent can help guide you through the process.