Possessing a stallion is a huge responsibility as well as a costly affair when one considers the costs incurred in the maintenance of the horse. Horse insurance is a popular form of insurance cover that one can avail for their stallions. This article would shed light on what is offered by horse insurance and different types of horse insurance that horse owners can avail.
Horse insurance covers different types of costs that can be incurred due to accidents caused by the horse, damages caused to the horse, vet costs, death or permanent loss of use. Owners need to understand the different types of coverages that are available under different types of horse insurance policies. Here is a list of the types of policies that can be availed by the horse owners:
Third Party or Horse Liability Insurance – This insurance covers the damages that are caused by the horse to others (considered as the third party. It can happen so that the horse gets out of the stable and injures a passerby. In such an even the insurance company would pay for the losses to the properties of the third party or the medical expenses incurred by the third party due to the accident.
Personal Injury – This horse insurance covers the expenses incurred in the event of the horse owner getting injured by their own horse.
Vet Costs – Under this horse insurance, regular or mandatory treatment costs are not covered. Only in case of an injury or illness of the horse would the insurance company be liable to pay up for the associated costs. This is the most popular horse insurance that is availed by the horse owners.
Mortality or death – Owners of expensive or valuable horses go for this type of horse insurance as it covers the death of a horse. The insurance company pays up if the horse dies a natural but untimely death.
Permanent loss of use – Under this insurance, the insurance company pays up when the horse suffers from an injury or accident that renders it useless for service. For instance, if a horse used for racing loses its capability to run on track. In order to sign up for this insurance, the owner has to mention the horse’s use.
Theft – This covers the loss of the horse due to a theft.
It is very important for the owner to get into the details of the policy they are signing up for as there are many details involved when the insurance claims are settled. The horse owner must know about the details of the coverage that is being offered by the insurance company. It is often seen that for the same type of insurance different types of coverages are offered. Thus, it is advisable to compare the horse insurance quotes before signing on the dotted lines.