Do you increase the value of your young horses for insurance as they mature/improve?

[Hippona]

As title really.

Bought a just backed 4 yo un-registered Highland 2 years ago, I paid £1100 for him and tack.

2 years on, he will hack out nicely alone/in company- can be ridden on/off leadrein. Travels/loads well- good with farrier/vet/dentist etc. No vices, good to handle. Great at showing- he is the coloured in hand champion for the RC for 2 years running and daughter has reserve champ. in lead rein on him again. He is never not placed. He has filled out, is solid/chunky but not fat- a very handsome lad. Great personality too- interested, loves people. Very affectionate. Bombproof- not phased by farm traffic/cars/lorries and low-flying helicopters hovering above us just above the trees- he has turned into a little star.

Insurance is up for renewal- I think I have him valued at £1500 right now. He will never be sold, and I think I often undervalue my horses.

Should I increase his value? If so...what value would you say?

BTW- he a 13.3hh dun.

Cheers muchly for your opinions.

 

[Bug2007]

I would have him insured for more. I you ever ended up with loss of use etc....
Think you need to get a letter off an independant registered instructor saying what they would value the horse at ?????.
Insurance companies won't take your word for it when you say it's now worth more. Not that easy to up the value of your horse. x

 

[Hippona]

Good idea- never thought of that.

Thanks

 

[Honey08]

I've increased the value on my youngsters without any letters. They only ask questions if the value goes over £6000 usually..

Bear in mind values aren't high this year really, and what you add on will go on your premiums... Look at ads and try and work out roughly what it would cost to replace him.. I'd perhaps say £2000 at the moment - as he hasn't done much more competition than LR and inhand.. His value will probably go up over the next year or two if you do more jumping etc, or higher level showing. xx

 

[millitiger]

i don't because i can't afford the higher premiums and as i have more than one horse i wouldn't look to replace if the worst happened anyway.

i have owned Millie since birth and she is now a 6yro with a good BE record- insured for £1500.

owned Vinnie since a weanling and he is now a gorgeous 4yro who i have had numerous £10k+ offers for- insured for £2250 (purchase price).