Competition Horse Insurance valuation/Market Value??

maxine1985

maxine1985

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What price would you put on the following?

16.3hh Irish Sport Horse Gelding
Rising 6
70% score BD Prelim –qualified Regional’s and Areas in few outings
Jumped double clear round BE90-schooled over Novice/intermediate fences-heaps of scope!
Double clear BS Discovery- Pops 1m 20 easily in training
Perfect to clip, shoe, catch, load-will stand on lorry/trailer all day
Easily handled by children and novices
Hacks alone in company and with others, first or last, heavy traffic
Safe well mannered hunter, happy up front, in field or as gate shutter
Snaffle mouth all times
Straight moving, no lumps or blemishes
Basically easiest horse in the world!
 
To be honest we used to insure for a nominal amount to cover vet fees etc. I couldn't afford to insure my horse for its full value anyway.
 
It doesn't matter what anyone here says, above a certain threshold (usually around 5k) the horse will need to be independently valued and have a 5 stage getting before being offered insurance, all at your expense.

Anyone I know with a good competition horse (myself included) either doesn't insure or insures for just under the threshold, say £4,500 to get the vet fees cover.
 
Patterdale said:
It doesn't matter what anyone here says, above a certain threshold (usually around 5k) the horse will need to be independently valued and have a 5 stage getting before being offered insurance, all at your expense.
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This is not my experience - the 5 stage vetting yes (and with my insurer x-rays if above £10k) but not an independent valuation. If a LOU claim was made my insurers would pay a maximum of current market value so it's sensible not to pay premiums for a value greater than what they would pay out. I insure for a nominal amount to cover vets fees etc at the moment but did insure a high level horse for LOU with a value plenty above £5000 in the recent past and with my trusted and reliable insurer and there was absolutely no mention at all of an independent valuation.

Don't know the current market well enough to make a fully informed judgement about your initial question of value OP - sorry
 
Insurance wont insist on valuation as they are only to happy if you over value as they will get you on the market value clause when the worst happens. It is only a fool who over values their horse for insurance.
Dont insure any of them anymore but when I did I worked on the basis of what a nice young green horse would cost.
 
Think carefully about insuring for full value. To get the value back the horse would in most circumstances need to be PTS. To insure for 10k + is expensive premium wise and LOU yet more expensive.

All ours (value between 6-25k) are insured for £500 and the premiums are still between £25 and £30 per month.

I am sure there are many people on this forum who can also tell you their tales of trying to get the insurance company to pay out the value they insured for and paid the premium for, and failed to get the pay out.
 
Ive just gone through all of this.

I have a horse they I payed just under 10k for 11 months ago. Ive now had offers ive turned down in excess of 25k. One even more. I want to keep the horse and so felt I needed to up his value insurance wise incase the worst happened (as it did with another 12months ago). So hes had a 5 stage vetting and full xrays. All clear. Canceled old policy and moved to KBIS. The only justification for his value is sending them his record and his world pathway email along with vet history printout.

To be honest its been a total ballache. He also has LOU. Would be easier to sell the damn thing but not the right time for me.

I normally insure for a few K less than market value. Either to buy a nice young horse or in this case. Something a little more like for like
 
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