It's no secret that horses are a large investment- both financially and emotionally. We all want to make sure our horses are covered in case of emergency, but navigating the ins and outs of insurance is no small task.
Better Options Insurance Services, LLC is here to help! Check out these answers to frequently asked questions and get started protecting your horse!
How do I know if my horse should be insured?
Obtaining insurance for your horse is a personal and financial decision. Yes, our horses are family members, and they can also be one of our larger financial investments. Depending on your needs and budget, there are several insurance options available. Here's what to consider when deciding to insure your horse:
The most commonly purchased types of insurance are Mortality and Major Medical/Surgical Insurance. The first, Mortality Insurance, covers the majority of the substantiated value od your horse in the event of the unfortunate. Second, Major Medical/Surgical Insurance, can allow making a critical care decision much easier when it is supplemented by your policy. Combined, you achieve a peace of mind that critical car and loss of investments are properly covered.
Helping a horse realize it's potential requires a significant time and financial commitment. Aside from the emotional reasons, the financial aspect is certainly a prominent factor in obtaining a quality Equine Insurance Policy. With horses in all disciplines, we would recommend the addition of a “Loss of Use” policy, protecting your investment in the event your horse is no longer able to perform. Breeders also have policies designed specifically for their needs.
Sometimes owners, or their horses’ current position do not want/cannot obtain a more encompassing medical policy, in which case there are other options available. Reasonably priced Catastrophic or Accidental Care coverages are often better options in this case, both emotionally and in recouping expensive Veterinary costs in the event of a catastrophic injury. This can be obtained for most horses at very reasonable rates.
For those who lease a horse, full coverage is often expected by contract in most cases, determined of course by the wording in your contract.
Finally, it is our recommendation all horse owners have at least Personal Horse Owner Liability coverage. These are very inexpensive protection solutions providing Liability coverage for damage or injury to others by the horse(s) you own or in your care. Boarding Care facilities will or should have this in your GL policy as well. Many carriers offer this at discount rates when combined with their Mortality coverages, Just Ask!
How do I know which coverage is best for my horse?
This is will often be determined by your first conversation with a knowledgeable agent. The question and answer phase is important in determining what is available. A qualified agent will be able to layout your best options and you should be very comfortable with the recommendations they present to meeting your needs.
Key topics for carrier underwriters are; purchase price, discipline, breed type, pre-existing conditions (unfortunately Equine insurance often excludes previous medical or physical conditions), age of horse and their level of experience or performance. These will determine what is available, limits of coverages and $$ when determining your policy.
What are key qualities to look for in equine insurance plans/insurance companies?
Today we are very lucky, for many of the top carriers offer great solutions, but no two carriers are alike. The differences are often carrier’s appetite’s for certain disciplines and or breeds, so it important that your agent have a thorough selection of available carriers to quote from. These differences can lower your premiums, increase overall available coverages or limits. Choose wisely…
Look for agents with Direct appointments with the carriers, and feel free to ask the agent if they do. This often allows much better options and client services across the board and delivers the piece of mind you deserve.
Best questions to ask a new horse insurance provider
- As stated earlier, “Do you have direct appointments with your writing carriers?" is very important.
- Just as great questions are appropriate, answering with the utmost honesty is very critical. The agent is your ally, and truly seeks to find your best option. It's important to share as much information about your horse(s) as possible. The more an agent knows about you and your horse, the better they are able to find the perfect fit.
- Be prepared when you talk to your agent, gather all the information you can on your horse(s) so you can present an accurate and full resume. Be prepared to answer all purchase or lease agreements, medical history in detail, training details and trainer info, performance level/points, and dates. Do you use an Equine Medical, Training and Performance Record program for your horses? Keeping the above information current and easily obtainable is extremely important, not only for the obvious in maintaining accurate medical maintenance programs, in the event of the unfortunate or claim, your carriers claim representative will ask for all this information and your claim success may be determined by the accuracy of this data. Contact Better Options Insurance Services, LLC if you need one!
*Better Options Insurance Services, LLC - Equine specialty division is proud to offer premier protection services on all your Equine coverage requirements. Our wide selection A+ Rated carriers, certified and skilled agent support, will custom select a policy for your protection and financial needs. We love talking equine and look forward to finding your Better personal or business insurance options