Advice...Horse Insurance & Value

[Mahoganybay]

Looking for some advice please, when we bought my daughters horse we insured him for what we paid for him £6.5k, he was bought as a competition horse and was out competing BSJA, Eventing & Dressage to a good level.

Fast forward 6 years, daughter off at University and horse becomes my riding horse, hacking, low-level lessons both ridden and jumping and a bit of Trec.

Just got my renewal through from NFU and i am wondering whether to reduce the cost he is insured at now to say £4k, will it make a difference to my premiums does any one know. I don't have loss of use as it was far to expensive, vet fees are covered for £5k.

Any advice of experiences of doing this most welcome ;-)

 

[TheMule]

What do you mostly want the insurance for? If it's vets fees and you're not too worried about a pay out should he have to be PTS through injury or illness, drop it to a nominal value- 1k. That will reduce your payments considerably.
If you need to get money back in the event of his death then look at adverts for similar sorts. I'd say 2.5k was more realistic for a low level horse who is presumably 10 or older as you wont get paid back more than his true market value, regardless of how much you insure him for

 

[Mahoganybay]

What do you mostly want the insurance for? If it's vets fees and you're not too worried about a pay out should he have to be PTS through injury or illness, drop it to a nominal value- 1k. That will reduce your payments considerably.
If you need to get money back in the event of his death then look at adverts for similar sorts. I'd say 2.5k was more realistic for a low level horse who is presumably 10 or older as you wont get paid back more than his true market value, regardless of how much you insure him for

It is for vet fees to be honest, have never claimed for any horse that i have had PTS through injury or illness, far too many 'hoops' to jump through.

In the event of his death i would only be looking to buy a horse for about £2.5k for the sort of stuff i am doing, which tbh i can find without the need for an insurance pay out.

Will drop his value down quite a bit i think, as long as his vets fees are covered then i will e happy.

Thanks so much for your help.