CVIA Blog/ General

Equine Insurance 101

Horses are a BIG investment. Most horse owners agree that purchasing the horse is the cheapest part. After the initial bill of sale, there’s the monthly board, the feed and hay, the lessons and training, the vet and farriers, and so forth. All that time, effort, and money should be protected!

Owning horses can be risky and unpredictable. Putting in valuable training, wearing a helmet or body protector, and practicing safety in the barn all serve to protect folks from the physical risks.

But how can you mitigate the financial risks of horse ownership?

One way is by purchasing insurance and transferring that risk to the insurance company.

Assigning value to your horse is difficult. The sentimental attachment for us as horse lovers is something money can’t replace. However, if you were to replace your horse in today’s market – would that be easy to do?

Now think about the level of care you’d like to provide your horse. Consider the cost of veterinary and emergency services.

Feeling stressed already?

Insuring your horse can give you peace of mind as an owner. You pay an annual premium in exchange for the guarantee that in the event of a covered claim, your piggy bank doesn’t need to be emptied. 

Equine insurance comes in many forms: mortality, surgical, major medical, and even liability. What is most important to you – protecting your investment in the event of a total loss, partial loss, or both? If you run a boarding, training, or lesson program, a liability policy can protect you and your business from potential legal disasters. 

It’s important to note that equine insurance is different than human health insurance. Any pre-existing conditions are excluded, and the policies are re-evaluated by the underwriter every year. It’s also important to take your horse’s age and job into account. Insurance underwriters assign a rate based on these factors to determine your annual premium.

Different equine insurance providers offer a wide variety of coverage options and can differ significantly in policy exclusions and requirements. Some things to consider when evaluating insurance coverage for horses: 

  • Exclusions
  • Treatments and Diagnostics
  • Injury and Illness
  • Co-pays and deductibles

Comparing equine policies can be complex. Be sure to explore a variety of options to find the best fit.

If insurance for your horse or equine business might be a fit for you, open up a discussion with an agent, get a quote, and shop around. Your agent will be your best informed source, so always go to them with questions and concerns first. Insurance is only useful if you have it, so don’t wait until you need it!