This section discusses various types of horse insurance, common mistakes and how to avoid them, and horse insurance tips.
Types of Horse Insurance
Most equestrian insurance programs allow you to choose what you want to insure about, such as:
Third-party insurance (also known as ‘Public Debt’, sometimes known as ‘Horse Credit Insurance’). This is insurance for injuries to other people or damage to their property. For example, if your horse gets into a road accident and you cause an accident, you may have to deal with car accidents and personal injuries. This insurance pays for any such debt. In some countries, horse owners are legally obliged to have this insurance. Note that this is only a financial liability insurance, not a criminal liability (e.g. if your horse causes serious injury or death as a result of your negligence, you may be in danger of imprisonment).
Personal Injury. Insurance in case you injure yourself is your horse.
Vet costs. Vendor insurance is one of the most common types of horse insurance. Usually, it does not cover the normal costs (e.g. remembering that a serious case of colic that requires surgery can cost $ 10,000 or more, this type of insurance should be considered.
Death (also known as ‘death’). Insurance will be paid out if your horse dies. It is usually more interesting to people with important horses, than to less expensive ones.
Permanent Loss of Use. A horse can survive serious injuries or illness, but as a result it cannot continue its work. For such insurance one needs to specify the use of the horse (e.g. riding, skipping shows, international competitions).
Theft. Specific risks with horses that are valuable and those that are in the human eye (e.g. show, competition, running and stud horses).
Tack and Trailer. These items can be protected from damage (e.g. trailer damage in a road accident) or theft. You may want to ask local authorities if equestrian insurance is a legal requirement.
Various insurers offer a wide variety of these. For example, in the event of a theft, some advertisers will pay for advertising costs and prizes (up to a maximum) for the purpose of retrieving the horse.
You can choose the types of insurance you want your policy to cover, and how much insurance for each item (e.g. how much you secure your horse, how much you protect your trailer). Many companies have online horse insurance quotes, which allow you to specify your requirements and get a quote quickly, then change insurance rates and get a new rate. You can use this facility to find out how much each insurance item costs, which is useful when deciding what things you should insure and what you should not do.
It is usually cheaper to combine different types of insurance into a single policy, rather than with different policies. For example, it is cheaper to have one horse and trailer insurance, than to protect your horse under policy and your trailer under another.
Tip: If you only want ‘Third Party Insurance’, sometimes you can do this less expensively under your home insurance under a separate horse insurance.
Current value or replacement value
One should check whether the insurance is of the current value or the replacement value. For example, a high-quality wheelchair can cost $ 2000 or more, but if worn and worn out it can have a resale price as low as $ 200, although this is just a cosmetic damage and the saddle will be good for many years to come. An insurance policy that pays ‘current value’ will only give you $ 200 and an insurance policy that gives you ‘exchange rate’ will cover the cost of a new equal amount.
Policies that pay for the exchange rate are better as a result, but also more expensive. If you select the less expensive ‘current value’ option, when asked for the value of the insured item you must specify the current value rather than the replacement value. Alternatively, you may be paying a premium calculated at $ 2000 in the seat, even if the potential payment is based on a $ 200 seat.
It is very important to carefully consider the circumstances under which the policy will pay and the conditions under which it will not pay. Other examples:
Personal Injury Insurance. Policies vary according to coverage in the event of an injury. Is it a fixed amount (e.g. so much money for a broken leg, especially a missing tooth), or the cost of treatment? Does it include salary loss? Is it just an injury while riding a horse (e.g. horse-riding insurance), or does it cover all horse riders (e.g. equestrian insurance), or does it inflict injury on you with a horse under all circumstances?
Permanent Loss of Use. What is the use described for? For example, if you have a jumping horse that can no longer be used for jumping but can still be used for other purposes (breeding, regular riding), can you get a full pay, a small fee or not? Do you have a fixed price, or a price based on a reduced horse price?
Location. Is your horse guaranteed everywhere (e.g. stability, outdoor riding, transportation, shows, competitions) or specific venues (e.g. property owner)? A friend of our farmer took a $ 20,000 horse to the clinic for immediate colic surgery but the horse died on the move; if he died at home he would have received a full payment but since his insurance did not include transportation he did not get anything.
Vet costs. What types of animal costs are included and not included? Any special circumstances? You need to get permission ahead of time (in which case, in the event of an emergency outside of working hours, you may not have insurance for pre-approved treatment).