Not selling, but for insurance- whats he worth?

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horsemadelsie

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So, my horses insurance renewal has come through, when I insured him a year ago he had just turned 4 and was about to go away for backing- he wasn't exactly worth much! Since then he's been backed for almost a year, his schooling is slowly coming along, and he's jumped almost 1m- with someone else, he jumps bigger than I dare! But he regularly pops 70cm from a trot with me, and I'm not the best or most confident at jumping! He isn't spooky (will jump anything) but is still young and has an occasional buck etc.

I was wondering what everyone thought he was worth? Or if I would be better off leaving his price as it is- I believe its at £1000 as I grabbed that rough figure at the time!

I should also mention- he's 14.2hh welsh cob gelding :)
 
Don't insure him for the value you think he could be worth in the future until he is worth that amount...if that makes sense?!!?
Insure him for how much you would have to pay out to buy another horse like him.
How much could you buy a 4/5 year old, 14.2hh Welsh cob, gelding that can jump 1M tracks?
The insurance company will only pay out if at the time of death the vet agrees that the horse was worth the amount you are claiming for, so there is no point insuring him for thousands if your vet or the insurance company only think he's worth a grand?...sounds harsh but just trying to save you money on your premiums.
 
I know what you mean, but honestly don't know what he would be worth? Have had a look around but haven't seen anything similar for comparison- or am I just looking in the wrong places?
I just figured that although he won't be worth loads, he will be worth more than when I bought him as a rising 3yo. I don't want to insure him for more than he's worth because of the higher premiums, but thought I'd need more than £1000 to buy something similar?
 
As an example 6 months ago my friend sold her 14.2 cob gelding age 6 for £3000, he was worth this because he was safe and sensible and to the right person the perfect horse for safety etc. He too could jump 1m tracks and was honest etc... He is worth whatever the correct person is willing to pay! Doesn't help much i know but £3000 is what a similar sounding cob sold for!
 
Does anyone on here actually work for an insurance company or know from experience how insurance companies decide what a particular horse is worth. Especially horses that haven't been recently purchased and/or don't have an impressive on-record competition record but are nonetheless nice, well mannered, well bred individuals?

I've always wondered.
 
Spyda said:
Does anyone on here actually work for an insurance company or know from experience how insurance companies decide what a particular horse is worth. Especially horses that haven't been recently purchased and/or don't have an impressive on-record competition record but are nonetheless nice, well mannered, well bred individuals?

I've always wondered.
Click to expand...

I don't work for an insurance company however I have had 2 horses PTS and one horse I claimed loss of use so I do have some experience.
My mare broke her leg one month after purchasing so I still had the receipt to show how much I had paid, the vet also had to complete the insurance forms to confirm that the horse in his opinion was worth the sum insured which happened to be 2k. I received after paying excess etc £1600 ish.
I had a horse who could no longer be ridden due to kissing spine (he's now a spoilt pet!) Again the vet had to complete the forms and I had to get a letter from a chiropractor and the insurance company sent a chap along with their own vet to asses him and they agreed that the horse could no longer be ridden and they paid 3.5k
I lost my big boy to laminitis 3 years ago however I no longer had proof of purchase. My farrier and vet had to write that knowing the horse they thought that the horse was worth the 2k he was insured for, the insurance also paid nearly 3k of vet fees and £500 for remedial shoeing.

So basically if you not have proof of purchase or records of winnings etc then my insurance company accepted the vets, farrier etc opinion on how much the horses are worth.

All of the above was over the last 16 years...
 
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