Should I Insure My Horse?

The decision to insure your horse is a difficult one. There are a lot of things that go into making this decision and choosing the right plan for you and your horse. While there are some benefits to not having insurance, there are also lots of reasons to do it as well. There are questions you should ask yourself, lists you should make to ultimately come to the decision that`s right for you.

So, how do you decide whether to insure your horse?

What Will Happen If Not?

The first question you need to ask yourself is if you choose to not insure your horse, what will happen if something goes wrong? You can`t just say, "Oh, my horse is healthy, nothing will happen," because unfortunately things do happen and you need to be ready for them.

If your horse falls and becomes injured how will you afford their care? Will you be able to? These are all questions you should be asking yourself. If you don`t know how you would afford it, it`s perhaps time to start thinking about insurance.

Do The Math

Similar to the above point, do the math and do the research. Find a comprehensive plan that would work for you and figure out how much you would pay for that. Then add up the costs and work it out on a monthly or yearly basis, and then compare to what the costs might be should your horse become injured or should something go wrong where you`d need the insurance.

If the difference of money is insignificant to you, perhaps you don`t need it, but more often that not, the price you pay for insuring your horse is just a fraction of what you might end up paying should something happen and you`re not insured.

Capital Investment

Owning a horse has a lot to do with money, and while you may love your horse dearly, and all the more reason to insure, it`s also a numbers game. Ultimately, you paid a certain price for your horse and there is capital investment there. You`re paying and investing in the benefits of owning that horse, so ending up paying more because of an accident than what you paid for them to begin with doesn`t make sense financially.

Don`t Risk It

Ultimately, when it comes to insuring your horse, there may be benefits to not buying it, such as saving a bit of extra money, but you need to ask yourself if you`re willing to risk it.

Not insuring your horse could end you up in some hot water spending more money than you`d like to. There are insurance plans out there for everyone, so before you make the decision to insure or not, do the research and do the math. You might just find insurance is the right choice for you after all.

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