do you insure your horses for the price you paid for it?

digitalangel

digitalangel

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As above really..

Am wondering if it is worth insuring my (hopeful) new horse - hes a potential dressager DWB and as a 4 year old just starting ridden work, just wondering if i should insure him for the full amount paid, or given hes so young, insure him for less and maybe up the mount once hes actually done something?
 
digitalangel said:
As above really..

Am wondering if it is worth insuring my (hopeful) new horse - hes a potential dressager DWB and as a 4 year old just starting ridden work, just wondering if i should insure him for the full amount paid, or given hes so young, insure him for less and maybe up the mount once hes actually done something?
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I would insure for what the horse is worth, not what I paid!

However, if you think in the near future, it's value may increase a lot, then I would insure it for what you think it will be worth. I got stung, when I brought my unbroken 3 yr old, insured for less than £1k, but then a year on, whated to insure him for over £3k, and was told I needed to do another 5 stage vetting to 'prove his worth'.

bexcy-bee x
 
so how much is a just backed 4yo of good ( but not worldbeating ) breeding worth these days?

hes a lovely mover, and quite flashy. dutch WB.
 
Nope, insured for 100% loss of use but only at half his purchase price, but insured for vet bills of £3,000, it is still mega expensive so when his premium comes up I may do £3,00 vet bill only as if anything was to happen I don't think that I would rush out to buy another horse. :(
 
Mine is insured for her purchase price, 6 years on she's still insured for the same. If its over a certain amout they'll want the horse vetted (£3k springs to mind). I also have vets fees + loss of use = steep premiums... I am a total idiot and now fear dropping the level of cover for fear of "jinxing us"... but that's me I suppose. It's all down to what you are prepared to pay. I'm with SEIB, costs me around £65 per month...
 
As a guesstimatE £6 to £8K. It's a risk either way - you either decide that you would want to be able to replace like for like in the hopefully unlikely event your horse dies or is unrideable (that lou makes premiums very expensive) and stump up the premiums or you take the view as one poster said to cover yourself for vet bills and 3rd party liability and stomach the loss if you lose your horse - premiums are a lot less.

It is definately very hard to increase value once stated and insured!
 
I paid £6250 for my youngster (three year old with excellent breeding) 18 months ago, I am sure he is not worth this now as prices have gone down and he hasn't done much. I decided to get him insured a couple of weeks ago as I want to start doing more and he is starting to collect his own wardrobe (everything was borrowed before). On the basis he isn't worth what I paid for him I decided to insure him for just under £5000. However the insurance company won't agree to this as I paid more and I now have to get a vetting done to insure at the price I originally paid rather than what he is worth. Should they ever have to pay out I am sure that they will value him at less and therefore pay less!

So on this basis I am sure the insurance company will say he should be insured for what you paid for him.
 
Mine is insured for what he cost and I haven't altered it. He is insured for death and vets fees. I have just dropped Loss of Use as now he is 12 it is highly unlikely that an insurance co would pay out for that if the worst happened, as it is getting towards the end of his showing career, and I wouldn't stress too much if he couldn't do dressage either. So long as we can hack into the sunset together.

I never insured him for his full value, if he had been for sale, I just insured him so if the worst happened I would have some money to get another horse, but not necessarily something that could have replaced him at the same standard. I think that vet's fees are vital and as a BHS member I personal liability cover as well.
 
I insured my horse with NFU for the price i paid for him (£4750 ) but they didn't ask for a vetting , although i do have the vetting from the sellers at Cavan , Ireland , but i guess they are insuring my loss of money rather than looking at the replacement value.?
 
None of mine are insured for what I paid and tbh none are insured for what I would consider their value to be!
J and tia both cost me £2500 but that was 7 and 15 years ago repectively. Both now insured for £1500, tia because as a 20 year old arthritic warmblood she's not really worth anything but I have the cover for vets fees etc, j because although as a good rc allrounder I would value him at about 3000 still even at 14, he is Arab so would be awkward to sell even if I ever wanted. Plus I wouldn't replace either of them if the worst happenned.
Roo is the opposite. He cost me £2500 as well but as an unbacked 3 yea old. He is now insured for 4000 as that is the most I would ever spend on a horse to replace him should the worst happen. However his actual value.... Well I have been told between £4000-£8000, one person even said if he was sold via a pro they would expect an askingprice of 5 figures! But I would never go looking for a horse of his calibre so the astronomic premioms iwould pay mean at the moment I would not insure for more than 4000!
Don't know if that helps?! Re value, unacked 4 year old of good breeding and movement - anywhere between 3000 and 10000 depending HOW good I guess!
 
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