Horse Owner Preferences for Equine Insurance Policies

C. Jill Stowe, Michelle L. Kibler, Michael Barrowclough

Research output: Contribution to journalArticlepeer-review

Abstract

Equine life and health insurance policies provide coverage for veterinary expenses or the loss of use (or life) of a horse, making horse health care accessible to more owners. Utilizing a best-worst scaling choice experiment targeted to horse owners, the rate of insurance adoption is explored, along with factors influencing insurance decisions and willingness-to-pay for policy attributes. Results indicate owners with lower-valued horses prefer insurance policies which cover medical expenses and routine care, whereas owners with higher-valued horses are willing to pay higher premiums to insure the market value of a horse but are not willing to pay extra for programs covering routine care.

Original languageEnglish
Article number103943
JournalJournal of Equine Veterinary Science
Volume113
DOIs
StatePublished - Jun 2022

Bibliographical note

Funding Information:
This work is supported by the National Institute of Food and Agriculture, US Department of Agriculture, Hatch Project under 1014277 . (C.J.S.)

Funding Information:
This work is supported by the National Institute of Food and Agriculture, US Department of Agriculture, Hatch Project under 1014277. (C.J.S.) Ethical statement: Work described in the manuscript, Horse Owner Preferences for Equine Insurance, complied with all relevant ethical requirements. This work did not involve work with animals but instead required interaction with equine owners. As such, appropriate University of Kentucky Institutional Review Board (IRB) approval was granted prior to the dissemination of the survey instrument and data collection.

Publisher Copyright:
© 2022

Keywords

  • Choice experiment
  • Equine insurance
  • Willingness-to-pay

ASJC Scopus subject areas

  • Equine

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