For how much may I insure my horse?

You may insure your horse for its fair market value or lesser amount.

Here are some guidelines:

1. NEW PURCHASE: Horse insurance is based upon the fair market value of the horse. For example, if you just paid $10,000 for the horse, then that is the most you can place on his mortality coverage. (Don't forget, you can still purchase either $10,000 or $15,000 in medical coverage on any value horse).

2. NEW PURCHASE FROM A FOREIGN COUNTRY: The above applies, although we can usually add the cost of international transportation (only, not other fees) to the horse's insured value.

3. PURCHASED SOME TIME AGO: If you purchased your horse a while back or possibly for a very moderate amount of money and he has since shown and placed well, we will consider increasing his amount of mortality coverage to what would now be fair market value. Just call us to discuss the particulars (amount of training, show record, breeding record, etc), and we will together approximate his increased market value. You may further substantiate his increased current value by submitting his competition (or breeding) and training records along with a professional assessment letter completed by a professional equestrian such as a trainer or horse show judge.

4. HORSE WAS A GIFT: We take into consideration what his background is with a view to what his normal market value might be, had he been a purchase. We then determine a conservative amount to place on the horse's mortality coverage. In these cases, the most important part of the policy anyway is the medical coverage, and you can place $10,000 or $15,000 medical on a horse insured at any value.

5. HORSE WAS A RESCUE: Similar situation to a horse that was gifted, although since a rescue animal might have come from an uncaring or desperate situation, I would suggest that the horse be insured for your actual purchase or donation price, and while we would not call for a veterinary certificate, the horse must be in good flesh and condition for us to be able to insure him.

6. IN ALL CASES: the above applies to a NEW policy. Often horses increase in value markedly within the first year after purchase, especially when they have gone to a very caring home, or when they have blossomed and begun to do well in their discipline. We always have more latitude on renewal values, because we can know what has gone on with the horse in the past year. Show records, performance records, winnings, and amount of training all can count towards increasing your horse's insured value.

 

 

 

 

For more information you may use the following email addresses:
ruth@horseinsure.com

derek@horseinsure.com