
The price of horse insurance depends on factors like the age, breed and health of your horse, plus where they’re kept and what activities you use them for.
The type of cover you want and adding in optional extras will make your horse insurance more expensive. It’s worth comparing a variety of cover options to see what works best for you.
Horse insurance costs vary based on several factors, including the horse’s value, age, breed, usage, and the type of coverage selected. On average, annual premiums can range from $400 to $12,000, depending on these variables.
Types of Horse Insurance
- Mortality Insurance: This policy reimburses the owner for the horse’s value in the event of death due to illness, injury, or disease. Premiums typically range from 2.5% to 4% of the horse’s value.
- Major Medical and Surgical Insurance: Covers veterinary expenses related to accidents, injuries, or illnesses. Annual premiums generally fall between $150 and $250, in addition to the mortality premium.
- Loss of Use Insurance: Provides compensation if the horse becomes permanently unable to perform its intended function due to injury or illness. This coverage is more expensive and often requires a higher premium.
- Personal Liability Insurance: Protects against legal claims if the horse causes property damage or bodily injury to a third party. Premiums vary based on coverage limits and risk factors.
Factors Influencing Insurance Costs
- Horse’s Value: Higher-valued horses incur higher premiums, especially for mortality coverage.
- Age: Insurance costs increase as horses age due to a higher risk of health issues. Some insurers may limit coverage for older horses.
- Breed and Use: Breeds prone to specific health problems or horses used in high-risk activities (e.g., racing, jumping) may attract higher premiums.
- Location: Insurance rates can vary by region due to differences in veterinary costs and risk exposure.
- Coverage Limits and Deductibles: Selecting higher coverage limits or lower deductibles will increase premiums.
Horse Insurance Cost Examples
- Recreational Riding Horse: A horse valued at $1,500 used for leisure riding might have an annual premium between $400 and $500, covering mortality, theft, and major medical expenses.
- High-Performance Horse: A competition horse valued between $10,000 and $40,000 could see premiums ranging from $1,100 to $1,250, including mortality, theft, major medical, and loss of use coverage.
Additional Considerations
- Policy Exclusions: Pre-existing conditions, routine care, and certain activities may be excluded from coverage. It’s essential to review policy details carefully.
- Multi-Horse Discounts: Some insurers offer discounts for insuring multiple horses under a single policy.
- Insurance Providers: Premiums and coverage options can vary significantly between insurers. Comparing quotes from multiple providers is advisable to find the best fit for your needs.
Horse insurance is a valuable tool to mitigate financial risks associated with horse ownership. Understanding the types of coverage available and the factors influencing costs can help owners make informed decisions.