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Insurance for my horse injured in race

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The right type and level of coverage a horse owner should have is important to fit the needs required to protect the animal and the owner alike. The correct insurance coverage is dependent on the type of horse, its value, the age of the horse and just what the owner wants covered in terms of illnesses and injuries.

In the UK the basic insurance requirement for coverage must include death, theft and straying of the animal.

Types of Horse Insurance

Mortality Insurance Policy

This is similar to life insurance for humans where the life of the horse has value and the owner will be reimbursed upon its death.

  • The owner of the horse will be reimbursed for the full amount the horse is insured for in the case of accidental death.
  • The cost of the premium varies on the following factors;
    • The original purchase price of the animal.
    • The training it has received.
    • The performance record, how many shows or races it has won.
  • The horse is also covered and the owner reimbursed is the animal has to be destroyed due to illness or disease.
  • Partial reimbursement if the horse losses its senses.
    • Loss of hearing.
    • Loss of sight.

Medical Insurance Policy

Medical horse insurance is similar to medical insurance for humans where the medical expanses of helping to bring the animal back to a healthy status are covered. If for a medical reason the animal cannot longer perform its assigned job or task on a permanent basis, payment can be made by the insurance company from 60% to 100% of the value of the animal.

  • Veterinary fees are covered.
    • These generally have a co-pay
  • Surgical coverage is optional at an additional cost.
  • The age of the horse must be under 20 years to have medical coverage.
    • Most polices are canceled by the insurer when a horse reaches 20 years.
    • No horse can be covered after the age of 25.
    • Premiums go up once a horse reaches 15 years.
    • A foal can be covered once it reaches the age of 30 or 31 days depending on the insurance company.

Public Liability Insurance

This policy protects the owner of the horse if anyone is bitten or kicked by the animal. The medical bills and legal costs are covered of the victim. This type also protects any rider if they are hurt while riding the horse in the policy.

Theft and Straying Insurance

This coverage protects the owner if the horse is stolen out of the stable or barn. The owner is also protected if the horse just strays away due to no fault of the owner.

  • In the policy the option for coverage if the horse causes a motor vehicle accident.
    • Repairs to the vehicles are covered.
    • Medical bills of those involved in the accident are covered.

There are also special clauses for equine horses of all the above types of coverage. One thing that is standard is that the more coverage an ownerplaces on a horse with a higher value, the more the premium will cost.  It is also true that no monetary amount can replace the love owners have for their horses.