I Get This Question All of the Time…How Much Can I Insure My Horse For?

Monday, October 2, 2017


I get this question all of the time… “ I just purchased a horse and got a really good deal. Can I insure him for more than I paid for him? He is worth a lot more.” The price agreed to by a willing seller and a willing buyer establishes the horse’s market value at the time of purchase. In most cases Markel will not agree to insure your horse for more than the purchase price the first year. Upon your renewal, you can request to have the value reviewed for an increase. You will need to provide information to substantiate the increase, such as training cost, show records or breeding information, if the horse is used for breeding purposes. Markel’s policies are an Agreed Value policy, which means that you and the Insurance Co. have agreed upon the value that you are insuring your horse for.

If you should have to make a mortality or theft claim, the amount that your horse is insured for will be the amount that you are reimbursed. The value of your horse has been determined prior to insuring, and that will never be a factor. About half of Insurance Company’s write this type of policy. It is very important that you know what type of policy you have.

DressageDaily's Mary Phelps (mary@horsesdaily.com) is a Markel Equine Insurance Specialist and CSR Tracey Scharf (tracey@horsesdaily.com) provide the personal attention needed to help make the lives of their clients smooth and easy when it comes to the process of insuring your Farm, business and equine mortality needs. While Mary travels to the shows and barns, you can count on Tracey in the office to be available to answer questions and manage the details with ease. 1-800-572-3286.