Vikki89
Well-Known Member
If you bought a horse for a very low price due to owner wanting to release their responsibility and not looking for any money would you want to insure the horse for the amount you paid or more?
Insurance again
- Thread starter Vikki89
- Start date
Ditchjumper2
Well-Known Member
Normally insurers ask for the purchase price and the sum insured required. They are unlikely to increase si above purchase price initially. In the event of a claim you would get si or market value whichever is less. After a few months you could ask them to increase si on basis that you have schooled/competed horse and therefore it is now worth more.
Gluttonforpunishment
Well-Known Member
If you want to insure for more than the purchase price you will need a signed letter from a qualified professional i.e. BHSI / Vet etc
I had this situation with mine, paid nominal amount to owner that wanted to get rid but once schooled value was greatly increased.
Can see why they want an independant opinion of value as it stops unscrupulous bods insuring low value animal for huge sum and then suddenly horse is LOU / destroyed and they cash in.
I had this situation with mine, paid nominal amount to owner that wanted to get rid but once schooled value was greatly increased.
Can see why they want an independant opinion of value as it stops unscrupulous bods insuring low value animal for huge sum and then suddenly horse is LOU / destroyed and they cash in.
MontyandZoom
Well-Known Member
I bought Zoom for £1 but wanted to insure her for more. I spoke to Petplan and they classed her as 'gifted' to me and I insured her for £1500. I didn't need any letter etc however, I guess £1500 isn't that much money.
Vikki89
Well-Known Member
I also bought Mystic for £1 as his tack for £149 as owner just wanted to release her responsibility, he is worth more. I put purchase price as £150 and tried to insure him for £400 even though he is worth more than that but they wont proceed with the policy.
Carys
Well-Known Member
Most insurers will only insure for purchase price initially as otherwise if you have a total loss (eg death / loss of use) of the horse then you would be seen to be making money which is not what is insurance is for.
Agree with other posters that usually once you've had horse for a while you should usually be able to increase if the horse has been schooled / competed / etc.
If a horse is "gifted" to you then get a letter from the person giving to you (or whoever horse bought from)stating value/purchase price or an independant person.
Agree with other posters that usually once you've had horse for a while you should usually be able to increase if the horse has been schooled / competed / etc.
If a horse is "gifted" to you then get a letter from the person giving to you (or whoever horse bought from)stating value/purchase price or an independant person.
AmyMay
Situation normal
ladyt25
Well-Known Member
To be honest this depends on insurer - we would not ask for proof of value at inception of a policy. However, if you were gifted the horse or paid a nominal sum so you were the official owner and the sum you wanted to insure it for was considerably more then you may be asked to give reasoning for the sum insured you have asked for. Remember though if you did claim for death or loss of use then you would only receive the sum insured or market value whichever is the lesser so there is no point you insuring and paying a premium on a value at say £5000 as you think "oooh, if the horse did die I'd get £5K" if the horse (should it be for sale in the market at the time of death) was only realistically worth £1000. Then you would only get £1000 even if you had paid a premium for a value of £5000.
At the end of the day insurance companies are not horse valuers BUT in the event of a total loss claim they will look into a case if they feel a sum insured is not realistic for a particular age, height, condition, ability of a horse.
Just because you paid a nominal sum though does not mean that horse has no market value. Also, most insurance companies will have a minimum sum insured an animal has to be to get full vets fees cover. Generally you cannot insure a horse for £nil or even say £100 and get full vets fees cover, it is often restricted (to maybe £1000) if the horse sum insured is less than £500 so check your policy wordings. No point paying for what you think is £3-£5K vets fees when actually you're only getting £1K!
At the end of the day insurance companies are not horse valuers BUT in the event of a total loss claim they will look into a case if they feel a sum insured is not realistic for a particular age, height, condition, ability of a horse.
Just because you paid a nominal sum though does not mean that horse has no market value. Also, most insurance companies will have a minimum sum insured an animal has to be to get full vets fees cover. Generally you cannot insure a horse for £nil or even say £100 and get full vets fees cover, it is often restricted (to maybe £1000) if the horse sum insured is less than £500 so check your policy wordings. No point paying for what you think is £3-£5K vets fees when actually you're only getting £1K!