Equine Insurance: The Ultimate Guide & What You Need to Know

For equestrians, horses are not just animals; they are partners in sport, business, or pleasure. This partnership can, unfortunately, come with significant financial risk. This is where equine insurance comes into play, offering financial protection and peace of mind for horse owners.

This guide from Winn Insurance Group will dive deep into what you need to know about equine insurance.

What type of insurance is equine insurance?

Equine insurance is a specific type of insurance designed to cover the potential costs associated with owning and caring for horses. It encompasses a wide range of policies, including but not limited to mortality insurance, loss of use insurance, and major medical insurance.

What is the average cost of horse insurance?

The cost of horse insurance can vary greatly depending on several factors. These factors can include the horse’s age, breed, use (for example, breeding, racing, showing, etc.), value, and your geographical location. On average, a Full Mortality and Theft policy, which reimburses you for the agreed-upon value of the horse in the event of death or theft, typically costs between 2.5% to 4% of the horse's value annually. This means if your horse is valued at $10,000, the insurance could cost between $250 to $400 per year.

How much is loss of use insurance on a horse?

Loss of use insurance is designed to provide compensation if a horse becomes permanently unable to perform the function for which it was insured, typically due to illness or injury. The cost of this insurance can vary significantly, often costing around 50% more than a standard mortality policy. So, if your mortality insurance costs $400 per year, you can expect loss of use insurance to cost approximately $600 per year. It’s crucial to note that loss of use insurance is not available for all horses and typically requires a comprehensive veterinary examination.

What is major medical insurance for horses?

Major medical insurance for horses is akin to health insurance for humans. It covers the cost of veterinary care in case of illness, accident, or injury. This coverage typically includes diagnostics, surgery, medication, and hospitalization. The cost for major medical insurance can vary, but premiums often start around $200 per year in addition to the cost of mortality insurance.

Just like human health insurance, horse major medical insurance usually comes with a deductible, which is the amount you're required to pay out-of-pocket for veterinary services before the insurance coverage kicks in. This deductible can range from $250 to $500 per incident, though it can be higher depending on the policy.

To ensure your horse is eligible for major medical coverage, it's typically required to also carry a Full Mortality policy.

Comprehensive Protection for Your Horse

Owning a horse is a significant financial investment, one that goes beyond the initial purchase price. With routine veterinary care, maintenance costs, and potential for unexpected health issues, the expenses can quickly add up. Equine insurance is designed to protect you from these unpredictable financial risks, allowing you to focus on enjoying the time with your equine companion without worrying about the what-ifs.

With a team of experienced insurance professionals and horse enthusiasts, WINN Insurance Group is here to help you navigate through your equine insurance needs. We understand the nuances of this specialized insurance and can guide you to find a policy that provides the coverage you need at a price that fits your budget.

Like any insurance, equine insurance policies come with fine print. It's crucial to understand what is and isn't covered, any applicable exclusions, and how claims are paid out. At WINN Insurance Group, we'll help you understand these details and ensure you're comfortable with the protection your policy provides.

At Winn Insurance Group, we pride ourselves on providing comprehensive, understandable, and affordable equine insurance solutions. Contact Us today for more information or to get a quote for your horse. We are looking forward to helping you protect your equine investment.