How much to insure?

[NotAnotherChestnut]

Afternoon all,

Generic question if yous all don't mind... how do you know how much to insure your horses for? What is the "etiquette" (so to speak) if you have bought a horse for price X, it then does something which means it's value goes up to price Y but you don't really know what price Y is/should be?

Thanking you!

 

[ironhorse]

Well we put another £1000 on our girl last yr - she's won quite a lot of western stuff, but is civilised enough for a beginner. Would probably be more but she has COPD (well documented for the insurance company's info by the huge claim we made) so that would bring her market value down from what it would be otherwise.
Think about what it would cost for a direct replacement if the worst happened.
Be prepared for a big hike in premium tho - gave us a shock

 

[Carys]

I know loads who don't increase beyond the purchase price. Unless you would spend more next time can't see any real reason to.

My mare is still insured for what I paid as a just broken 3/rising 4 year old - she's 11 now & definitely worth much more but if I went looking for another one I don't think I'd spend much more than last time.

 

[indi4]

My horse is only insured for vet fees and death, so don't bother insuring her for much, as i still get the same cover and it keeps my premiums down. The only time i would insurance a horse for it's full value was if i had loss of use on it.

 

[Passtheshampoo]

I agree with indi4. My lot are insured for lower than their actual worth but I haven't got loss of use on any of them so really just want to have peace of mind that a big vets bill would be covered and get a bit of something back if I lost one of them. I had my ID filly graded RID last autumn but haven't increased her value as I don't want to pay higher premiums. It's worth becoming a Gold Member with the BHS to get Public Liability cover as it's usual cheaper that way especially if you own more than one horse. Think most insurance companies need a vets cert if you try to insure for over £5k.