If your horse is a member of your family, you’ll want to protect him like one. This is especially true if you’re dependent on him for racing or farming income. But what if you’ve never insured a horse before? What criteria should go into your decision? Here are just a few things to consider as you look at different insurance policies.
- Know What You Need
No two horses are alike, so there’s no such thing as a “one size fits all” insurance policy. Do you have a racehorse that will require advanced diagnostic treatment in the form of X-rays and brain scans? Are you just looking for basic coverage for your daughter’s pony? There’s no right or wrong answer here; there are just different kinds of policies for different kinds of horses.
- Talk About Price
Don’t let any awkwardness stop you from having a frank discussion about money with your potential horse insurer. You’ll want to know everything about their policies, rates, deductibles and late fees. You might also want to get a horse insurance quote from multiple providers before settling on any one company in particular. Don’t be afraid to tell the insurance agent that you’re comparing and contrasting brands, too.
- Ask About Qualifiers
Technically, every horse in the world is insurable, but you’ll find that your options narrow significantly when your horse has certain needs or reaches a certain age. For example, horses over 17 or 18 are much more expensive to insure than their younger counterparts. If your horse has a preexisting medical condition, that will also make it difficult to find someone willing to pay for his medical expenses. You might have to look for special policies if your horse’s needs are one of a kind.
These are just a few things to keep in mind as you’re shopping around for equine insurance. It might be one of the most important decisions that you make as a horse owner, so don’t rush it! Take your time, consider your options and choose carefully. Your horse’s life could depend on it one day.