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HCF
Feb. 11, 2011, 08:33 AM
Its time to renew the insurance on my horse and I have not increased his mortality value in three years. I am wondering if the wise COTHers can give me an idea of what his "fair market value" might be...

Coming 7 year old WB gelding, registered. 17H, bay with minimal white. Purchased as an unbroke 3 year old, 6 weeks with trainer to get started, since then its just been him and me (ammy owner) with lots of good lessons. Extensive show record at Training and First Levels - 12+ recognized shows with scores ranging from upper 50s to upper 60's. Consistently receives 7's and the occasional 6 or 8 on gaits. Just about ready to show at 2nd level and schooling lots of 3rd movements. Very amateur friendly ride and super personality. No health issues, injures, lamenesses, etc.

I am glad to supply any additional info you may need!

**This horse is absolutely NOT FOR SALE! He is my heart horse. :yes: **

dressurpferd01
Feb. 11, 2011, 08:34 AM
That age, level of training, and scores...IMHO, $15k.

fizzyfuzzybuzzy
Feb. 11, 2011, 08:37 AM
I'd put him more in the $20-25K range, but that is here in NY. In FL, I'd put him in the $25-30K range.
ETA - If he has popular bloodlines, even being a gelding, that would put him more in the top end of the range.

If he were mine and I was insuring him, I'd probably do it for 20K

HCF
Feb. 11, 2011, 08:40 AM
ffb- That's exactly what I was thinking (20K insurance) but wanted to make sure I wasn't totally out of line. Thanks!

meupatdoes
Feb. 11, 2011, 09:08 AM
ffb- That's exactly what I was thinking (20K insurance) but wanted to make sure I wasn't totally out of line. Thanks!

Just be careful with "fair market value."
A favorite insurance company trick is to accept the premiums for what you declare to be FMV and then when something happens suddenly the insurance company says, 'Well he hasn't been to a horse show yet this season' and still only pays out whatever they feel like. So you can up your premiums and pay according to a certain value and still have no guarantee that that is what you will get.

With an "agreed value" policy you get the amount your premiums paid for.

HCF
Feb. 11, 2011, 11:35 AM
Just be careful with "fair market value."
A favorite insurance company trick is to accept the premiums for what you declare to be FMV and then when something happens suddenly the insurance company says, 'Well he hasn't been to a horse show yet this season' and still only pays out whatever they feel like. So you can up your premiums and pay according to a certain value and still have no guarantee that that is what you will get.

With an "agreed value" policy you get the amount your premiums paid for.

Good point, meup. I didn't even realize there was an "agreed value" policy. I will definitely check into which companies offer those...

fizzyfuzzybuzzy
Feb. 11, 2011, 06:08 PM
meup -- VERY good point! You could also get an appraiser out so you have documentation from a 3rd party.

Daventry
Mar. 21, 2011, 09:55 AM
What has already been said is completely true. Most standard insurance policies are for "actual cash value" only, depending on the insurance company. Meaning, if you insure your horse for $20,000 and pay those premiums for the next 5 years, your horse passes away and the insurance company requires an equine appraisal to be done on your horse to prove their value, and the equine appraisal values your horse at $8,000...that's all you're gettin' from the insurance company. Most horse owners are under the impression that if they insured their horse for $20,000 and they've paid their premiums every year that they will get $20,000 if they die. Unfortunately, no true! :no:

Regardless of the insurance company you choose, please, please, please make sure to keep good records on your insured horses - including pictures, video and show records....and remember to continue to update them! I'm currently in the middle of two very tough equine appraisal cases, and neither owner had a single photo or video of their insured horses that past away, no show record, nothing....which makes it extremely tough to prove their value! :no: And, if you feel like the insurance company is giving you the run around, and you truly believe your horse is worth more, get your own equine appraisal done and present it to the insurance company. I do a lot of these...and it does work!

I've got a few insurance tips and tricks on my website and on our Facebook page to help horse owners...so my job isn't so hard if someone needs to make a claim at some point! ;)

Daventry Equine Appraisal Services
www.equineappraiser.ca (http://www.equineappraiser.ca)

AnotherRound
Mar. 21, 2011, 04:01 PM
Daventy, Can I get in touch with you? I would like to know about equine insurance, what types there are and what i should purchase? PM Me? Thanks

Perfect Pony
Mar. 21, 2011, 04:26 PM
Also, you need to keep in mind the cost of your premiums vs payout amount. The more you insure the horse for, the higher your premiums. IMO, unless you have a high value horse your PAID a lot of money for, it does not make sense to over-insure your horse. Insure the horse for a smaller amount and save the difference. An insurance policy isn't a substitute for a savings plan for your next horse, it's to help with vet bills and in rare cases will give you some money if your horse dies under circumstances that the insurance company agrees to pay out on.

TrotTrotPumpkn
Mar. 21, 2011, 04:33 PM
I'm with PP. I view it more for the health insurance factor and personally do not insure for full value with the mortality--closer to half or less.

I just believe that statistically I have a much higher likelihood of having a horse need major medical than actually having a young competition horse die, and I'd rather use that premium money elsewhere.

Now saying that out-loud I feel jinxed!