SamanthaG
Well-Known Member
For those of you who have weanlings/yearlings do you insure yours? How do you work out a value, do you just insure for what you paid?
Insuring a weanling
- Thread starter SamanthaG
- Start date
Battyoldbint
Well-Known Member
Yes i insured for what i paid
hudsonw
Well-Known Member
I insured my yearling with Petplan for the price I paid for him at the time. I was always told to insure them for what it would realistically cost you to replace them.
It's hard to value any horse as everyone thinks their horse is worth more than it is but in the event of a claim they will only pay you market value and ask for proof that your horse was worth that much so there is no point in paying more in premiums than your horse is worth. i.e. There is no point in paying for a 5k policy when your horse is worth 1k. The insurance will only pay out the 1 not the 5!!!
Keep a reciept of what you paid and a farrier can verify to an insurance company what your horse is worth if you need to claim.
It's hard to value any horse as everyone thinks their horse is worth more than it is but in the event of a claim they will only pay you market value and ask for proof that your horse was worth that much so there is no point in paying more in premiums than your horse is worth. i.e. There is no point in paying for a 5k policy when your horse is worth 1k. The insurance will only pay out the 1 not the 5!!!
Keep a reciept of what you paid and a farrier can verify to an insurance company what your horse is worth if you need to claim.
SamanthaG
Well-Known Member
So whatdo you do when the horse gets older, and is worth more once backed and has done something, are the insurance companies good at changing it, or do they make it hard
hudsonw
Well-Known Member
It will of course affect your preimum but I have found that they seem happy to change your policy but just check there isn't an admin fee otherwise wait until your renewal to make any changes!!
Every year when your policy is up for renewal just check a few websites and see how much horses are going for that are the same age experience etc. Also take into account your horses achievements.
Ask the pros when you get a chance like farrier, vets, instructors etc just to get an idea.
Like I said earlier you should only insure your horse what it would cost you to replace them. If you paid thousands for a weanling then ask yourself why... Breeding etc and what it would cost you to breed a similar.
To be honest I think one of the more important things to be covered for when insuring a youngster rather than value is liability in case your youngster causes damage or an accident and vet bills as being a youngster they are very accident prone!!!
Every year when your policy is up for renewal just check a few websites and see how much horses are going for that are the same age experience etc. Also take into account your horses achievements.
Ask the pros when you get a chance like farrier, vets, instructors etc just to get an idea.
Like I said earlier you should only insure your horse what it would cost you to replace them. If you paid thousands for a weanling then ask yourself why... Breeding etc and what it would cost you to breed a similar.
To be honest I think one of the more important things to be covered for when insuring a youngster rather than value is liability in case your youngster causes damage or an accident and vet bills as being a youngster they are very accident prone!!!