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Should I Insure My Sport Horse?

what options are the best to go for?


Why is it that, whenever we are not insured or just about to obtain insurance, disaster strikes and we end up paying a fortune in hospital bills and/or legal bills or even having to replace your horse! Being insured means we can hopefully be spared some of those overnight financial crises.

Insurance was originally intended to help us to recover from a financial loss and to pay our litigation costs. Today, your horse, too, may be insured against a variety of misfortunes including mortality (death by accident or illness), specified perils (fire, lightning or transportation damages), infertility and reproductive hazards, theft, and public liability.You can insure your horse if you want to protect yourself against the possibility of losing him to various causes, which could also leave you in financial distress. Too often, unexpected incidents or medical emergencies take place that, without insurance, you may be unable to accommodate, leaving your horse to suffer or die unnecessarily.

A horse can be a sizeable financial and emotional investment. Therefore, it could be a good idea to protect your investment by purchasing bloodstock insurance. Bloodstock insurance will also have you better prepared if your horse requires costly life saving procedures. Generally, the cost of insurance is minimal when compared to the overall costs of maintaining your horse, paying for colic surgery, or paying a lawsuit. In fact, the cost of entering your horse in a show is often higher than the cost of his insurance.

So, how can you make sure you are covered, does it make sense to be covered, and what options are the best to go for?

There are questions you need to ask yourself before you insure:

  • How much is my horse worth?
  • How much will my horse be worth if I am training and competing it successfully?
  • How much can I afford in vets bills if something serious happens?
  • Can I afford what it takes to ensure my horse’s wellbeing and survival?
  • Would I want the vet to operate in the case of serious colic or any such lifesaving surgery? And would I want this decision to be an emotional or financial one?
  • Would I want to have money to replace the horse should it die?
  • Do I ride/work with my horse in the company of others and do I want to be insured in case my horse causes injury or death to someone or their horse or causes damage to someone’s property?
  • Do I want to insure my horse for when he travels either locally or internationally?

If you answered yes to these, then you should consider insuring yourself and your horse.