Just bought my loan horse but how much to insure for???

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allowayhorses

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I have had my horse on loan for 2 years but have just bought him. We agreed a price 2 years ago based on what he was worth then. I now believe he is worth more than that based on what we have done/achieved in that time. Can anyone help me value him for insurance purposes please?

16.1hh TB 11yr gelding. Qualified for national riding club championships in dressage (taking place next weekend-eek), regularly competing and placed at novice unaffiliated, always placed top 3 in prelims scoring high 60's +% Also qualified for Hickstead unaffiliated dressage next yr. excellent to hack, safe sane boy. Any ideas???

Thanks in advance. X
 
Is the value really that important to you? Mine are both insured for £100, despite being worth more than that. Never once have I had the horses value paid out to me on loss of the animal because I've never met the BEVA guidelines. Both horses I've had pts were done before they needed doing as a matter of urgency and I never would have waited until that point just for a few extra £££s. one of the only reasons I can see for doing that is a freak accident resulting in broken legs or similar. Mine went due to extensive spinal arthritis so was in a lot of pain, but did not meet BEVA guidelines. The other was going into heart failure, again didn't meet BEVA guidelines, but neither could have been left any longer. Mine still have full cover, but it costs me a lot less (£32 a month for 2 horses, £5000 vet cover each inc alt therapies, travel, hospitalisation etc. - basically the best cover I could get)

Also, read the small print - insurance companies will insure for the purchase price or market value; whichever is LOWER. Only time that has ever been different for me is when I bought a tb for 50p - the insurance company couldn't input a value that low!
 
Thanks for that, very helpful. I was only basing it on freak accident, for example my friends horse broke its leg in field and had to be pts. I would never imagine claiming for either example your 2 horses went through and like you said wouldn't hold off doing what's best for horse just for money's sake. I already insure him vets fees, tack etc for £22 a month so may just leave it at that :-) thanks again
 
I'm not much help at valuing but would maybe estimate 2500 but it depends if you want to keep premiums down. However you can't always insure for such a little amount. My tb is insured for 1500. I wanted to decrease to 1000. However my insurance company wouldnt let me if I wanted to keep vets fees at 5000. I could reduce his value to less but I would only be covered for upto 3000 vets fees.
 
You may want to check the small print of the insurance companies that you're considering, the value of the horse is likely to be relevant only to death or loss of use claims but most if not all will require proof of purchase price, given that your receipt will have a recent date on it you may have a fight with the insurers to get more than that value from them for a claim if it occurred soon after buying.
 
Did you get him 5 stage vetted? if not think there is a max value you can insure him for. Seem to remember when I got my last lad, if value you was over £3500 you needed 5 stage vet

I think you insure him at the value you bought him at tbh even if he worth more
 
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