How to Buy Insurance for a Horse

Horses might not be objects, but they are still significant investments. When you buy a horse, you assume responsibility for things like veterinary care and accidents, and these costs can mount up over the lifespan of an animal. To ensure you can provide your horse with the best possible care, it is best to buy health insurance.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Veterinary history
• Coggins Report

1. Make duplicate copies of your horse's veterinary history and clear Coggins report. The insurance company will need this paperwork in order to generate an accurate quote, and they will want to keep copies for their records.
2. Determine whether you want to purchase liability insurance for your horse. Liability insurance will protect you in case your horse harms another person or destroys someone else's property, as long as the terms of the contract are met.
3. Inquire about the levels of health insurance you can buy for your horse, and how much the premiums will run under certain deductibles. The deductible is the amount of money you will have to pay out of pocket for medical costs, while the insurance company will cover the rest, up to a certain limit. Different companies have different policies, so make sure you get the details.
4. Add mortality insurance to your policy if your horse is worth a significant amount of money. Full mortality will cover your horse in the event of any type of death, from medical to accidental, and can be purchased either for full or partial value. Named peril mortality insurance, on the other hand, only covers your horse for accidental death in specific circumstances.
5. Realize that older horses or animals in poor health are usually not eligible for full mortality insurance. Age limits vary, but you normally cannot insure a horse over fifteen years of age or one with pre-existing conditions.
6. Research quotes from at least three equine insurance companies. It is usually better to go with an agency that specializes in equestrian products, though there are plenty of options on the market.
7. Consider your finances carefully before you buy insurance for your horse. A high deductible, for example, might cripple you financially should your horse suffer a serious injury or cause serious damage to someone else.

Tips & Warnings

• A low-deductible health insurance plan will benefit your horse immensely. You never know when illness or injury will strike, and some horses are more prone to maladies than others.
• Consider an inclusive insurance plan if you have multiple horses.
• Never lie to an insurance company. This constitutes fraud, and can result in serious fines and even prison time.