Market value of Cushings horse for insurance?

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melanie7210

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My 16 year old mare has sadly just been diagnosed with Cushings. :(

We are starting treatment with Prascend, doing blood tests etc, and this is currently covered by my insurance policy.

My policy is up for renewal at the end of October, and obviously I wish to continue this so that the vets fees will continue to be covered for 12 months since diagnosis.

However, my mare has, until now, been insured for £2,500, which is what I bought her for in 2004, and since then she has become an Advanced endurance horse. But there is obviously little point in insuring her for that value now - it's really just the vets fees I need to be covered.

I'm guessing I still need to decide however what to give as her 'Market value'? This seems to be the starting point for the insurance policy. Does anyone have experience of this? Is there a minimum you can insure for? Or can you just insure for vets fees only (I'm with KBIS).

I suspect the insurance company won't want to 'advise' me on the value of a horse that they are insuring...? (But I'm also pretty sure they'd be quick to let me know what her 'Market value' is if they needed to pay out! LOL!) :rolleyes:

Many thanks in advance. :)

Melanie.
 
Hi Melanie,

I asked my vet the same question a few weeks ago when I saw how much my insurance renewal was for. She said to keep the value the same in case of death through colic etc but my policy says pay out will be market value, not insured value. Haven't yet decided what to do, but I'd like to know what market value is too!
 
I wouldnt have thought much above meat money tbh... or maybe even less, I dont know if they can be used in the food chain with that medication. If not, I suspect even less.
 
My 18 year old cushings horse is insured for £500 which is the minimum that Petplan would insure her for. She is also covered for up to £5000 vets fees. My premiums were only £14 a month. However, if she manages to stay sound whilst I bring her back into work I will have to change her use to a riding horse again and therefore the premiums will go up. Not sure how much though.
 
Thanks Wagtail, that helps. I was thinking there must be some sort of minimum 'insurable' value...although I do agree 'wench' that she will technically be worth basically nothing... That matters not though, as it's the vets fee cover I'm really interested in (with her A4 sheet of exclusions attached! LOL!).

Next stop is a phone call to KBIS then!

Thanks everyone - and so sorry to hear about all the other poorly Cushings horses. So sad isn't it? :(

Melanie.
 
Okay, just spoke to the insurance company. Unsurprisingly, they were very careful not to make any comment or suggestions as to the Market value of a Cushings horse, but said that the 'minimum insurable value' was £500.

I've also lowered the Class from 'endurance riding over 25 miles' to 'hacking'.

There was no change in the level of cover of vets fees, and it has reduced my premium by around £30 a month - which coincidentally is roughly what I'll be paying for the Prascend once the insurance stops paying for it :rolleyes: (assuming she can be maintained on 1 tablet a day)...sigh!

Melanie.
 
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