Is 15 Too Old to Insure Your Horse? Exploring Options for Older Equine Coverage
When it comes to insuring your horse, age can play a significant role in determining the availability and cost of coverage. Ensuring your horse's financial protection becomes particularly crucial as they age. If your horse is approaching or has surpassed the age of 15, you might be wondering if it is still possible to insure them and what options are available.
Age Limits for Horse Insurance
Most insurance companies offer full mortality and medical/surgical coverage for horses between the ages of 18 to 20, depending on the insurer. For instance, Markel insures horses with full mortality and medical benefits through the age of 18, although premiums start to increase after the horse turns 15. Nevertheless, rates and conditions can vary among different insurance companies.
Increased Premiums and Coverage Limitations
As your horse ages, particularly after reaching 15 years old, expect changes in your insurance policy:
- Premium Increases: Due to the increased likelihood of health issues and risks associated with older horses, insurance premiums tend to rise significantly after the horse turns 15.
- Coverage Limitations: While major medical coverage might still be available, certain exclusions such as colic coverage might be applied to older horses. Elective procedures and alternative medicines are typically excluded.
Veterinary Certificates and Health Assessments
For horses under 15 years old, a veterinary certificate is usually not required at renewal unless there have been claims or the horse's insured value exceeds $100,000. However, for older horses or those with health issues, a veterinary certificate is often mandatory.
Types of Coverage for Older Horses
Despite challenges with full coverage, there are alternative options for insuring older horses:
- Specified Perils Policy: Covers death due to specific perils like fire or lightning. It’s more affordable and targeted, especially for horses over 18.
- Surgical Only Insurance: For those who cannot afford full major medical insurance, this policy reimburses unexpected surgical expenses.
Adjusting Insured Value
If your horse increases in value due to training or competition, you'll need to justify this increase. This often involves a Justification of Value form and a veterinary certificate if the insured value exceeds $100,000.
Considerations for Insuring Older Horses
When deciding whether to insure your older horse, consider the following:
- Cost vs. Benefit: Evaluate if increased premiums are justified by the potential benefits.
- Health Status: Ongoing health issues can lead to exclusions or debited rates by the insurance company.
- Alternative Coverages: Consider if specified perils policy or surgical-only coverage might be better suited for your horse.
Conclusion
Insuring a horse at or beyond 15 is not impossible but does carry certain challenges. By understanding age-related limitations, increased premiums, and veterinary certification requirements, you can make informed decisions about your horse’s insurance. Consult with an agent who has access to multiple underwriters to protect your horse while managing costs.
