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A Beginner's Guide to Equine Horse Insurance

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Equine insurance is absolutely mandatory for those who want to protect themselves and their horse/horses from the expense and sad consequences that often result from injury, theft or an accident. After a home or a car, a horse may be the most expensive purchase that a person ever makes in their life. If you are a horse owner you are well advised to take equine insurance to protect your investment. Also many riding schools and trainers will refuse to board or deal with a horse that is not insured, so equine insurance is mandatory if you expect to train or show your horse.

As anything can happen, horse owners are advised to take out the most comprehensive equine insurance that is available to them to cover any eventuality. Most equine insurance policies are designed to reduce the anxiety of having to meet high legal and medical bills in case, God forbid, anything ever happens to your horse. Knowing that you have equine insurance to fall back on in case anything happens allows you more flexibility as well as increases your enjoyment of riding.

Before purchasing equine insurance you should take the time to list your main areas of potential concern and imagine why you would need to submit a claim. For most horse owners, insurance for death, theft and legal liability are priorities. The rising cost of veterinary fees due to advances in the medical technology and techniques is also another factor you might want to consider as many companies that provide equine horse insurance are now making specific allowances for newer kinds of veterinary treatments in their policies.

Usually you will be able to insure your horse for at least its market value. Market value is determined by the price paid for a horse of the same age, breed, bloodline, sex and ability. This value will be agreed between you and your insurer but is usually the price you paid for the horse. This is because your insurance is designed to put you back into the same financial position you were in before your loss.

If you have just bought a horse, the purchase price and market value of the horse is usually equal. If your horse is older and something happens, you are usually insured for the purchase price of your horse. If the market value of your horse increases you should always inform your insurance company who may increase the insurable sum you are paid if you happen to lose the horse to death, theft or injury.

If your horse is homebred its value will be agreed between you and your insurer. Your equine insurance premiums will be determined based upon the market value of horses of similar age, breed, bloodline, sex and ability. You are likely to be asked to provide proof of your horse's ancestry and achievement to support your claims.

Whether you are an amateur equestrian or a professional showman, equine insurance is a necessity. Accidents involving your animal can result in serious injury to yourself or others or injury to other people's vehicles and property. The end result of such a tragedy can be high medical bills, high legal bills and many checks written out to others to compensate them for their losses. Equine insurance is one way to ensure that even in a worst-case scenario that your horse and any other animals or humans that are involved are treated in the most humane and medically appropriate manner.



 

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