Full mortality policies cover your horse against a longer list of perils than limited coverage. Often, they also include loss of use and humane destruction coverage.
Medical/surgical coverage reimburses you for your horse’s life-saving veterinary surgical costs under general anesthesia. However, it doesn’t usually cover elective surgeries or treatment for genetic defects. Alternative therapies are also generally excluded.
Cost
With veterinary technology rapidly advancing, horses that need attention often require costly diagnostic tests and procedures. With horse medical insurance, you can help cover these costs. Most policies include a $500 deductible per claim or 20% co-insurance on all treatments with a limit of $10,000. The limits vary by company. Some policies exclude maintenance procedures, veterinary calls, travel charges, regenerative therapies (such as stem cells, IRAP, and PRP), elective procedures, and pre-existing conditions.
Another type of policy available is loss of use coverage, which pays around 60 percent of your horse’s value if it cannot perform its duties. The insurance company determines this value based on lineage, training, and other factors unique to the animal. Its age may also impact it. This policy can be a good option for breeders or jockeys who need to cover the cost of lost earnings. A full mortality policy, which covers a longer list of internal and external perils, is more expensive but offers peace of mind.
Coverage
Horse medical insurance is available in several forms. These include full mortality, major medical, and loss of use policies. The policy value is typically based on the purchase price or valuation. The valuation may be increased for performance level and confirmation. Some policies also cover breeding and racing expenses.
The limited mortality option covers your horse against death from specific external perils, such as fire, lightning, explosion, collision, transportation accident, windstorm, earthquake, flood, transit risks, accidental shooting, drowning, electricity, and attack by wild animals or canines. The cost of this policy is generally lower than the full mortality rate.
The major medical equine health insurance offers reimbursement for surgery, major illness, and disease during the policy period. This coverage is offered in several limits and carries a deductible that varies by company. Exclusions may vary from one company to another, but they generally include maintenance procedures (such as vaccinations), non-routine veterinary care, and the cost of emergency stabling.
Pre-existing conditions
Many different forms of insurance are available for horses, ranging from full mortality to major medical and surgical. These policies reimburse the owner for a certain percentage of the horse’s value in case of illness, accident, or theft. The cost of these policies varies by company and coverage. A common exclusion is any condition the horse had suffered from before the policy took effect. This can include a history of colic.
Unlike regular health plans, these add-ons will not cover expected expenses like annual inoculations, dental floating, and parasite control. They will also not reimburse for colic surgery unless it’s life-saving.
Other exclusions include alternative therapies such as acupuncture and magnetic therapy and treating developmental or congenital birth defects. Some companies review such exclusions on a case-by-case basis. A deductible is also usually required for medical/surgical coverage. These can range from $600 to $450 per claim. Some companies offer a limited major medical/surgical policy without a deductible and an enhanced major medical/surgical policy with a $15,000 limit and a $7,500 deductible.
Exclusions
Horse medical insurance is available for all horses, but some exclusions and conditions vary by policy. The amount of risk you want to take will determine which policy is right for you.
You can also buy a loss-of-use endorsement to the mortality policy that will reimburse you for a percentage of your horse’s value if it becomes permanently disabled. It is usually based on a percentage of the horse’s insured value and has a higher premium than major medical coverage. You should also check this type of policy’s time and financial limits.
