It's time to renew my horse's insurance policy and I'm wondering if I should increase his insurance value? I'm no good at this kind of thing!
He's a 2004 TB gelding, in good health, no lamenesses, decent conformation, average mover etc. but since I got his policy last year, he has received an additional 2 months of professional dressage training and has also been started over fences with a different professional trainer who says he's got really good potential as a children's jumper or eventer (which is what I plan to do with him).
He's still somewhat green and has no show record at the moment, but improving steadily so some minor/schooling shows may be in the near future. He's currently valued for insurance purposes at $2500. Thoughts? Thanks.
You are paying a minumum mortality premium and I bet it is pegged at a higher insured value than the one you have. So I would see if you can insure up to whatever that minimum premium number really buys. It's been my experience that the minimum premium is pegged to around $5K in value.
Check with your agent or carrier. You should be able to authenticate the increased value with your training fees.
I had a horse where I doubled coverage from $10k to $20k with comps from sales sites of similar horses plus a letter from my trainer. There was no show record as I didn't show at the time. So I don't think you'll have much trouble! Just ask you agent what is needed.