The price of a horse for insurance?

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Grace is still insured for the amount I bought her for (£2,500)... Although I know it will put my premium up should I decide to increase the amount, but if anything happened to her (God forid) I would like to replace her with a horse that is able to do the things she does.

She has just turned 6, was rebacked in November and is now out competing Preliminary and now starting Novice and has been placed (3rd and 4th) on every outing. She has qualified for the Area Festivals Prelim (hopefully will Novice too soon as already half way there) and has won £24 and achieved 2 BD points in her first Novice.

I find it impossible to price horses these days as I am amazed at what people are asking for their horses... I don't think I would be able to afford buying another one should anything happen to Grace as her insurance is at the moment. I know that sounds awful, and I would be completely heart broken if anything happened to my girl
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She is out of an ex-racer mare (not 100% sure of her breeding) by the stallion Ginola du Rezidal (KWPN Class one and Grade A SJ mare x Greeton du Rezidal). Therefor is WBxTB, measuring in just over 17hh.

How much would you say she would be worth on the open market?

And how much would you say she should be insured for?

Thanks for your help... I am just trying to sort out my insurance as only have Troy insured for £850 and when I worked out how much it actually cost to put Hannah in stud I decided to up that amount and started to think about Grace too.

Rebecca x
 
gosh - i never realised she was just over 17hh!!

Do you realise that if you put her insurance over 5k you will have to have her assessed and prove that shes worth what you say she is?

Blossy is only insured for 2.5k as there was no point insuring her for more as she would have to be reassessed.....

Archie is insured for what i paid, because we gave my insurers the receipts from purchase. When i increase his insrance next time round (which i will) then i have to get him assessed and prove his new value by competition records etc.
 
How big did you think she was?
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Yes, I spoke to my insurers and because she has since achieved points BD and there should finally be a record of those (when they finally get put up on the website that is
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) then all I would need is perhaps a judge (thinking of asking Jo who I have lessons with) to write a letter explaining why she thinks she has increased in value.

If over £5000 she will have to have a 2 stage vetting done (what does this entail BTW) as well, which I would be prepared to have done.
 
I have Star covered for i think £5 or 6k, the highest amount you can without having to do all the tests and 5 stage vetting etc...this price is expensive enough already lol at £66 a month
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BTW... she is not going to be for sale, the only reason I am asking these questions to assess what sort of price I should insure her for as like I mentioned in OP if anything dreadful happened I would like to replace like for like (touches wood frantically hoping this will never be a factor)
 
LadyMagoo... because Grace is already insured with them, if over £5000 I would need 2 stage vetting, if over £10,000 a 5 stage vetting (don't quite think she has reached these dizzy heights
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)
 
i thought she was about 16'1!

Id insure her for around 6k then if i was you, then perhaps re-asses it in 6months time when she has more points under her belt (so to speak!)
 
Depends if u have her insurened for loss of use? If you do then you really need market value if not go with near to 5k cos u still get the same vets fees regardless of value
 
Te he... I look really silly on anything less than 16.2hh because my legs end up around their tummy
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Grace is VERY deep, which is great for me because then I don't look as though my legs are dangling (I am riding quite short at the moment because I need to learn how to stablise my own leg):

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She is not insured for loss of use because if anything happened injury wise she would be used as a brood mare (spoke to my insurers about this when I first loaned her and they said I would find it hard with a mare to get LOU because of this).

Just out of interest, what do you think her market value would be? I thought about £4,500...
 
No he doesn't at all... I think you look right together height wise.

I'm around 5' 9" last measured (at 18 I think for something or other).

I cannot believe she has increased in value so much in just 9 months. I am quite shocked to be honest. If I was to sell her now I would have put her up for £4,500 and been prepared to drop down a bit (you may remember she was actually on loan to me with a view of selling her at the end).
 
I'm not sure I totally agree with the LOU argument with the insurers. If you are increasing her value its because of her competition record not her worth as a broodmare. I've known people get LOU on mares and also what about the geldings that go on to become good hacks or even capable dressage horses but can't jump? Surely the LOU is the use to "you"??
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Having said that I've never insured for LOU because the premiums are too high.
 
Thanks everyone... I had a talk with Jo and she said that she would only insure for the amount I bought her for because if I would be replacing her it would be with another young horse. But looking at the prices of young horses at the moment, I wouldn't get anything remotely like Grace for the £2,500 I bought her for.

So I have decided to insure her somewhere in the region of £6-7k which will require a vetting. I know this will put the premiums up, so I may look at more £5k, but I would hate for anything to happen to her and then end up with no money to buy another young dressage horse.

Do you think this is a wise move? Or would you leave it at £2,500?
 
I'd leave it at 2.5k personally, you will be able to find another youngster for that much, just prob not on the open market
 
Hi all.My main reason for having insurance is to cover the high vet fees IF something happened(god forbid!).secondly IF i didnt have B id be bored to tears,life wud be very dull,so ive insured her for 4 k,which is enough to buy something that wud be ready to do an intro wiv scope to go on.I also have incl lou 75%,as even tho she has fab breeding(Jumbo)and wud breed super foals,wat wud i ride??id still need some wonga 2 buy a bargain to bring on. I have friends who dont bother wiv insurance and they have been lucky,BUT imagine IF your horse needed an emergency colic op?that wud set u bk a good grand or more. Easy to have insurance wiv just the 1 horse,prob imposs if you have a yard full. Just my opionion.
 
Had an interesting convo with a friend about this the other day, she has her two insured for £995 and £1500. She bought them for more than that but her point was the cost of the horse affects the insurance but for what she paid for the £995 one (which was originally 2£000) she would never be able to replace him just buy a youngster and her main reason for insurance is vets fees. Therefore even though the horses are insured lower than their value and remember insurance payouts for death etc are sum insured or market value if less, they are still entitiled to £5000 vet fees regardless of cost.
Which led me to think I insure to cover vets fees, if Tarquin had to be put down, £2000 would not buy a horse of Tarquin's level now but would I want another horse right away and the money I'd save with a lower premium could be saved for comps or if the worst happened and he'd still be covered for vets fees to the same amount as if he was insured for more.
 
Thanks everyone for your input... it's quite interesting that everyone has different views when it comes to insurance.

I got Grace for a very good price, and like someone said, on the open market I would not be able to get an unbacked horse like she was for that price again (I still can't believe I got her for that if I am honest because she has so much potential now she is in work). I look through H&H and the websites, and there is not really a young horse below £5000 (including some stud websites) that could do the job I want it to do.

Don't get me wrong, I would be completely gutted if anything happened to Grace, I love her completely and hope we have a loooonnnngggg time together, but I also have to think that I do really want to be out there competing and would want one that had the ability to do that (I hope that makes sense).

Thanks for the website... I'll go and have a look! Never had my horses vetted you see (Han came with a 5 stage, and loaned Grace for six months before I bought her).

Thank you for your kind comments about Grace too... I do think she has come on so much since I first got her in November, but then I am very biased too
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