Often when taking out horse insurance the first step is deciding how much you should insure your horse for. To make this decision, you need to determine how much your horse would be worth if you were to sell him, but it can be hard to know where to start.
How do I value my horse?
If you have recently bought your horse this is quite straightforward, his market value (and therefore the maximum you can insure him for) is the purchase price so the amount you paid. If, however, you have owned your horse for a while or bred the horse yourself then it becomes a little trickier.
To help you decide on an accurate value for your horse you can look at advertised horses of a similar age, breed, sex, ability and experience, assuming that the horse advertised is in good health and would pass a vetting. If your horse has had previous injuries or illnesses then you will also need to take these into account when deciding on his value.
What does insuring my horse for a value mean?
Including a Sum Insured on your horse’s insurance policy provides cover for death, theft and straying. If the terms of the policy are met, it means you would receive a lump sum payout of up to the value you have insured your horse for if you did sadly lose your horse.
Do I have to insure my horse for a value?
Not necessarily, some policies can be taken out as stand-alone vet fee cover, such as our Catastrophe Cover, meaning you do not have to insure your horse for a value if you do not wish to.
Another option is stand-alone Public Liability cover, which should be considered essential for all horse owners.
Do bear in mind that if you choose not to insure your horse for a value, if you did sadly lose him you would not be able to claim on the policy.
Do I have to insure my horse for his full value?
On our more comprehensive veterinary fee options, you can choose to insure your horse for a minimum of 50% of his current market value. This allows you to pay a reduced premium but while you are benefitting from the reduction in cost you will only receive half your horse’s insured value in the event of a valid mortality claim.
Should I change the amount my horse is insured for at renewal of my insurance policy?
You should always assess whether adjustments are needed at renewal and if your horse has changed in value, possibly reducing in value due to old age or going up in value as they are competing at a higher level then amending the amount you insure your horse for is important.
Find out more about why the value of your horse is important to insurance in our Market Value article. Visit our horse insurance page for more information about the cover we offer and to get a quote.