How much to insure a horse for?

[jesterfaerie]

I am hoping to buy a horse soon and was wondering about insurance.
Say the horse costs £2000 would I have to ensure him for £2000?
I was just wondering as I am sure there is a limit to how much I can insure him for? (I am guessing I cannot insure a £2000 horse for £8000).
So would I insure for the buying price or above the buying price?

Thanks

 

[Lordy100]

I would have thought insurance companies would be reluctant to insure the horse for any more than you have paid for it. Once you have started competing and can prove success then you can try and increase the value covered.

 

[Shipley]

Initally i had to insure for purchase price and then an approved person can re value your horse with NFU you have to own for a year for this to happen or I did in my first year

 

[Eira]

As above ; I think but I'm not 100% sure for the first year(?) you can't insure them for more than you payed for them , but after the 1st year you can increase there value but again I think for larger amounts of money they need to have a recent vetting / x-rays etc.

But I'm not completly sure .

 

[Asimmons]

You certainly cannot insure for more than purchase price in first year.. and if you want to insure for more than £5k you will prob need x-rays and five stage vet cert( altho' that may not be the case if you have had horse with insurer for a year already. When I insured the kiwi world cup sj for £75k, I had to produce evidence of his ability and record at both initial quote and renewal time.

 

[lilpinkdonkey4]

I bought my horse as an unbacked youngster so she was insured at the price i bought her for. She is now backed and out competing so i rang to increase her value. I could only increase it by 1000 without a vetting (she has been insured with them comming on 3 years now). She is insured with petplan for (now) £4000.