Do you put your youngsters value up every year on the insurance?

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rubyrumba

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I have my insurance renewal through for my 2 1/2 yr old. I have had him for two years but he is still insured for the price I bought him for as a foal. It just occured to me that he is obviously worth more now, do i need to ring NFU and change his value or will they do it as he grows? Also how do i know how much his value has increased by?
Thanks in advance!
 
Mmmm tricky one! I bought my horse as an unbroken 3 year old for a song. I rang to up his value this year as he is probably worth 3 - 4 times more than I paid for him now and they would only do so with a full 5 star vetting or proven competition record.

Not sure if all insurers are the same but I am with NFU,

:)
 
Ditto what Balibee said, I'm with NFU, and when we wanted to up the value for one of mine, they said the same, or that we had to get an approved judge to confirm a value.
 
I'm with Millin insurance and when I bought my mare as a 3 yr old she was insured for what I paid, I have since increased that amount as she is now ridden and competing, they were fine to up it although I think if it goes above a certain amount they I would need to justify it.
 
I don't see the point myself, not until they have been broken in to ride/drive/breed...basically an added use or bred to compete at a high level, if you see what I mean, it's not like it will make a difference to your vet bills or loss of use etc.

I've still got my horse insured for the same value I bought him for as a 2yr old and to be honest even as a 5 yr old and this time of year and how things are at the moment, he's not worth much more anyway, don't see the point in paying the extra premium.
 
i don't up their premiums as i can't afford it.

they were both bought as foals and insured for under £2k- one has just had a successful BE season and the other is an extremely nice 4yro.

their premiums for their true value would be a crippling amount every month.
 
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