Insurance Renewal

[nuttynugget]

Hi all,

I was wondering if you could help me... really stupid question!!
When doing horse insurance the Market value, I assume this is what the horse is worth today?

I paid £3500 for my horse 7 years ago, he hasn't done a lot since so value definitely hasn't increased... Now he is 14.. I don't have a clue what to put as his market value.. Do I just look at similar types for sale?

Obviously to me he is worth the world but I don't feel like putting that on my insurance!

Thanks

 

[Elbie]

It should reflect how much your horse is worth today. If you're not sure I would look at 'for sale' adds for something of a a similar age that has done similar things to get an idea. If you insured for a really high amount the company may ask you to justify the value.

 

[nuttynugget]

Thanks for your reply Elbie.. It's a hard one isn't it?

I wouldn't expect £3,500 for him today.. but how do you put a price on a horse which has become priceless to you!! I'm thinking around the £2,000 mark..

 

[sprite1978]

He may not have reduced in value, just because hes older. Prices have changed, or he may have a value as an older horse. In my experience, the insurance quote wont vary between a £2000 and £3500 horse. The majoritory of the premium will be to cover risk of vet fees.

 

[Honey08]

I don't think that 14 is old nowadays. Plenty of 14yr olds would be worth that much.

It would reduce your premiums if you dropped the value. You have to think of what you would buy to replace him as that is what you would have to play with...

I'm about to drop the vallue of my mare that I event in my premiums, as I'm happy to buy something less as my next horse, so probably won't need the same calibre of horse buying...

 

[Elbie]

I would just check the requirements of different insurers. Although there might not be much difference in the premiums between values of horses, if it gets over a certain amount, such as £3000 they may ask you to jusitfy it. I used to work for one of the 'big' companies - can't remember whether it was over £3000 they asked you to jusitfy it but just a little thing to think about!