Veterinary fees are expensive, there is no denying that: it is private medical healthcare after all. Even without general anaesthesia and major surgery, bills can soon get into the thousands; which is why insuring your horse for vets fees is highly recommended. However, there are different policies available and it’s worth looking into the different options before making a decision. Although there are price comparison sites available, they don’t usually give the full picture. Your decision should be made after carefully looking at what is included in each policy.
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What does an insurance policy cover?
The most basic insurance policy just covers death, theft and straying. The insurance company will then pay the market value of the horse if any of these situations occur. There is then a range of different options that can be selected in addition to this, including cover for vets fees, loss of use, third-party liability and tack. Each policy covers a different value for vets fees and can be specific on which treatments or surgeries are covered. It can be quite confusing at first glance so make sure you think carefully about what you can afford and which benefits are most important to you. Then take a look at the different policies available from a number of different insurance providers.
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What are the benefits of insuring your horse?
The benefits of insurance mean that you know that your horse is covered if anything happens. This means that you are less likely to worry about vet bills and therefore will get your horse checked over by a vet earlier; hopefully meaning that they will recover from an illness or injury more quickly. You can also be sure that the best treatment is available to them so you don’t have to decide which treatment protocol to follow based on cost.
Are there any downsides of insurance?
Insurance can be quite expensive. And there are some cases where the insurance company may not be prepared to pay for a condition. The insurance company looks at your horse and makes a decision based on how likely they will need to pay for any problems. Therefore, if your horse has a pre-existing condition it may be excluded from the policy. In some cases, there may be very small areas of a horse that will be covered by the insurance due to the number of illnesses and injuries they have had in the past. This may mean that there is little benefit to you from insuring the horse.
What is an excess?
Every insurance policy comes with an excess; which is the amount that you pay towards the bill any time a claim is made. This can be a fixed amount or a percentage of the overall claim. This needs to be kept in mind when signing up for a policy, ensuring that you have enough money set aside to pay for that as needed. As horses become older, the excess may increase so it is worth checking the policy documents every time your policy renews.
Third-party liability
Even if you don’t want to insure your horse for vets fees, you should definitely consider covering your horse for third-party liability. This type of cover protects you if an accident occurs that causes damage or injury to another person or their property. No matter how experienced you are as a rider or how quiet your horse is, accidents can still occur. And if someone makes a claim against you, the legal costs alone can be very high. If you are riding or loaning someone else’s horse, ensure you check what they are covered for as you may need to take out insurance as well.
In summary, insurance is highly recommended as it allows you to get the right treatment for your horse without worrying about the costs involved. However, some horses may have a higher level of risk. Therefore it may be too expensive or not possible to insure them for particular conditions. If you decide not to insure your horse for vets fees, at least make sure you and the horse are covered for third-party liability in case an accident occurs.
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