PrintCurious about insurance for horse owners? Check back every Wednesday through Sept. 8 for this three-part series that will cover horse insurance, liability insurance and farm insurance. Sponsored by Taylor Harris Insurance Services.
Imagine a cold, wet night in February. You’ve been walking your horse for hours, watching as your veterinarian treats him for an increasingly painful colic episode. Things aren’t improving, and the vet asks you “Is surgery an option for you?”
Colic surgery, with its thousands of dollars of cost, is a daunting decision for most horse owners, but it’s one that is made much easier with an insurance policy. Whether your horse is a high-dollar show star or a treasured back-yard companion, there’s an insurance policy to help you keep him healthy.
Barton Hitchcock, of Taylor Harris Insurance Services, Inc., strongly advises being an educated consumer when shopping for horse insurance. There are a myriad of options out there to decide between, so doing some homework and making sure that you’re getting what you—and your horse—need is critical. Here are some things to think about:
Your Insurance Is Only As Good As Your Underwriter
One thing to keep in mind is that the insurance agencies you’re going to deal with aren’t the actual insurers of your horse—the underwriting company is. While your insurance agent is your pathway to the underwriter, keep in mind that the underwriter makes the ultimate decisions about coverage and claims.
“The main thing to emphasize is that your coverage is as good as your agent,” Hitchcock said. She advises against simply filling out an online form to get an insurance quote.
“Call and get an agent to talk you through your needs. It’s worth the time on the phone to go over the specifics. The agent is your link to the underwriters, so find one who’s willing to work for you,” said Hitchcock.
The base policy is a Full Mortality Policy, which covers your horse’s death, based on the horse’s value. You can cover your horse for just mortality…
Or, you can add on one of a vast array of Major Medical and Surgical options. These policies cover things like colic surgery, sicknesses, injuries and other major health problems.
Major medical and surgical coverages usually have a variety of coverage limits such as:
- A reimbursement cap—a certain dollar amount which, should your horse’s care exceed that level, the insurance will not cover
- Deductibles—a set amount you’re required to pay before insurance begins reimbursement
- Co-pays—a specific dollar amount which the owner is required to pay out-of-pocket for each claim
“Deductibles and co-pays may or may not reduce the premium. There are many options on deductibles and co-pays, which directly affect your coverage and its ultimate cost to you. Be sure to ask your agent about their limits of coverage, deductibles, and co-pays,” advised Hitchcock.
“An important thing when comparing major medical is to be sure to compare apples to apples, not apples to oranges. You need to know if a policy has restricted coverage, restricted payments on certain procedures, and whether there’s a co-pay on anything or not,” Hitchcock continued.
