Hello everyone!
Today we want to help answer some questions about the value of your horse, for equine insurance purposes. Here are some frequently asked questions, and some answers thanks to our friends at Blue Bridle, that may help!
And of course, as always, if you still have questions about finding the right insurance for your horse, we are here! Call or email us at: pcohen@auizhi.com, 800-822-2202 or visit our website: http://equineinsuranceagent.com/
I Just Purchased A Horse And Got A Really Good Deal. Can I Insure Him For More Than I Paid For Him? He’s Really Worth More.
The price agreed to by a willing seller and a willing buyer establishes the horse’s market value at time of purchase. Generally you are not able to cover more than your purchase price the first year of ownership. When you apply for renewal of your mortality policy, you can request an increase if the horse’s market value has increased. You will need to provide information to substantiate the increase in value over what you paid for the horse.
I Bought My Horse For $5,000 When He Was A Two Year Old. He Is Now Five, Well Trained And Competing Successfully In Regional Shows. Can I Insure My Horse For More Than Purchase Price?
Insurance companies may allow an increase for a portion of the cost of training after a horse has been broken to saddle. After that, any further increases must be substantiated. Usually, your show records will provide the company underwriter with the information needed to justify an increase to what is considered to be current fair market value.
My Weanling Is A Homebred. How Much Can I Insure Him For?
Usually, homebred weanlings can be insured for two to three times the stud fee. Depending on the quality of the animal, exceptions may be made considering breeding and the selling price of the related offspring.
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