Helpful Tips When Getting Horse Insurance
Have you ever thought of having your horse suffer from colic and not having the fund to afford the surgery? If in case your horse died unexpectedly, can you afford to replace him? If for instance your horse got loose in a horse show and injured a spectator, do you know which one to sue you to pay for their medical expense?
Having said that, every horse owner should know what to do when certain emergencies arise. Having an equine policy can be a life and death situation for you and your horse. You can either lose him or keep him, or go bankrupt and stay solvent.
This article will help you dig into everything you need to know about horse insurance. Whether you are planning on getting insurance for your horse or renewing for a new equine insurance policy, there are several things you need to consider.
1. Choose a company and find an agent
Your first step should be finding the right equine insurance agent that will help you understand all the different policies. This is true especially because some companies might not clearly write their policy. You need to make sure you have the perfect agent who will go through those policies and explain the detail of each coverage. Look for an agent that is knowledgeable in a particular breed or discipline.
In addition, research for the horse insurance company with good reputation and financially stable. Some horse insurance agents work in line with two or more companies. Some underwriters deal directly with horse owners. Search for the lists of financial stability ratings of every insurer on your annual publication. More importantly, ensure that the company you will look for is licensed and an admitted carrier in your state. You need to remember that in every state, there is an insurance fund which aims to protect their residents in case there is a need for assistance in claim settlements.
2. Ask and understand the insurance policy
Ask for certain things that really matter to you. Let your agent explain each policy. If your agent is insisting that your chosen insurance covers something but you can’t find the right policy language that will support it, then ask your agent to confirm his explanation in writing. While it is important to compare prices, you should also know that a much cheaper premium might also reflect a cheaper insurance coverage. Ensure that the policy you are comparing has a comparable coverage. Also, make sure that the insurance company you are looking for is reputable and financially sound. In addition, the policy you will choose will most likely expose you to financial risk. The more endorsements or add-ons you choose, the more protected you and your horse will be but the higher will be your premium.
3. You should know the notification protocol
After you have chosen and decided to purchase a policy, review everything that requires you to do. You will require notifying the company or your agent if an accident, illness or injury occurs. Make sure to post your insurance company and your agent’s phone number as well as your policy number by your horse’s stall, in your trailer trunk, in the tack room and other areas possible.
It is important to understand the common ins and outs of horse insurance so that you can better protect you and your horse, click here to view types of equine cover which may suit you.