Horses are a big investment for any owner, and like other valuables, are able to be insured. New and long-time owners alike are considering various types and levels of equine insurance to protect themselves against deaths, illness or injuries. The following guidelines can help you determine how to obtain the proper policy for your needs.
Determine Your Reason For Insurance
The first step is to clearly define your goal and the risk you are trying to mitigate. For example, sometimes the purpose is to be able to afford another horse if your current one dies. In other cases, people obtain health insurance for horses to minimize costs in the event the it gets sick or has a chronic condition. There are also liability policies, which protect you against claims of injury or damage inflicted by your horse.
Contact an Insurance Professional
Equine insurance is a very specific niche, and you need to find a company that has a history of providing it. You should have a list of questions and be clear in exactly what you need within your policy. This is the time to address concerns or whether certain situations are covered, and you need to have a full understanding of the value you are receiving. It’s also important to know any specific times that are not covered, like if the horse is travelling or being utilized for commercial versus private purposes.
Stay in Contact With the Insurance Agent
Once you have decided on a provider, make sure to contact them upfront, prior to medical procedures, to determine your coverage. They can offer advice on expected costs, as well as the process you need to follow for claims. For example, some claims have a time limit on when they must be submitted.
Horse insurance is a great way to minimize the costs associated with ownership. Make sure to determine your specific needs and then contact a competent equine insurance agency. As long as you stay in touch with the agent about medical procedures and potential issues, you will have a positive experience and avoid large medical bills.