Secure your valuable equine partner's future. Explore expert insights on navigating equine insurance to protect your investment from unexpected risks.
The cost of performance horses has quadrupled in recent years and everyone from weekend warriors to professional competitors have felt the change. Caring for and protecting these horses presents new financial difficulties and decisions. Even young horses that used to be more affordably priced are now higher due to new futurity competitions and the bigger payouts surrounding these events.
It’s no longer a small financial issue if something happens to your horse. It can be a major setback with far reaching financial implications.
But with the rise in greater risk has come the rise of greater opportunity–the opportunity to protect your investment through equine insurance
Equine insurance is an often misunderstood service and yet a very accessible and beneficial one available through highly rated companies whose employees are often horse owners and horse lovers themselves.
I sat down with Tori Murdock, North Carolina based breakaway roper and equine insurance agent to learn more about equine insurance. She shed light on some of the myths and secrets of equine insurance policies and how to approach buying insurance.
Before becoming an insurance agent, Tori had insured her personal horse but didn’t really know much about her policy or what it covered. As time went by and she learned more about insurance and began seeing the need in the industry, she decided she wanted to step into that role for herself and work to educate people about the protection available to their beloved partners.
Tori explained the process of applying for insurance is a simple one that generally just involves filling out an application. But for those new to the process, there are some guiding questions to consider. These include: What are the main risks for my horse (colic, lameness, etc)? What would I need financial help with? Is that both mortality and major medical or a combination of both? What coverage does my horse qualify for? And what’s my budget?
She then recommends people consider how their budget is being used. For example, it might be worth paying a higher premium to have lower copays at the vet or a lower deductible.
She also recommends customers really explore the options available. Most people don’t realize that you can cover lameness situations–which is a huge benefit in the rodeo world where you’re hauling horses and asking 110% of them every outing, and often doing so in less than ideal conditions. The latest virus outbreak has also been a reminder of what horses are being exposed to during hauling. Since you never know what they may encounter, having coverage on them in the first place can really make a difference when tragedy strikes.
In addition, people can ask the agent they are speaking with what underwriting companies they work with and what those companies ratings are, with higher ratings always being a good indicator of quality.
As Tori likes to say, unless you can afford to put a horse in the ground today and go right out and buy another one, you need insurance. The good news…you can get it!