A horse insurance policy can help to protect you financially if your horse needs medical care. The cost of a policy, however, is not the same in every situation. Here are four factors that can affect your horse insurance cost.
The Type of Policy You Choose
There are several different types of policies that you can choose from when it comes to horse insurance. These include major medical, surgical, loss-of-use, and mortality. Policies can typically be tailored to your specific needs, and the cost will be dependent upon what you select.
The Age of Your Horse
The older your horse, the more likely it is to be faced with medical problems. This means that taking out a policy is likely to cost you more. Ideally, a horse insurance policy should be taken out when your horse is young. The younger the horse, the cheaper your policy is likely to be.
The Horse’s Breed
Certain breeds of horses are more susceptible to certain health issues. This means that the breed of your horse can impact the cost of your insurance premiums. When getting quotes, be sure to provide this information to the insurance companies for a more accurate number.
The Value of Your Horse
The value of your horse will play a role in the cost of your insurance premium. Some policies are based on an agreed-upon value while others are based on fair market value. Determining the value can be difficult. The more information you have about your horse, such as sale records, training, breed, health records, and breeding records, the better. An appraisal from a highly knowledgeable individual can help determine the value of your equine.
When an emergency arises, medical bills for your horse can get quite high. A horse insurance policy can help to save you money while you provide your beloved equine with the care they need.