Appraisal Advice for your Horse
Feb 11, 2008 11:14 AM
By Kindra Gordon
If you show or buy high dollar horses, documenting the value of horses you own can be important for several reasons. Obviously, if you are willingly selling the animal you’d like to have an idea on his value. But, you may need to know the horse’s fair market value if you are insuring him; or if something tragic occurred and you have to file an insurance claim; or if you are forced to sell because of divorce or financial problems. While you may think your horse is priceless, insurance companies and the courts need a dollar figure – and a realistic one at that.
If you decide to obtain a professional appraisal of your horse, here are some valuable tips:
1) Hire a professional appraiser who is familiar with the equine industry. The appraiser will use factors like confirmation, pedigree, and performance records to determine the horse’s fair market value.
2) Keep records and receipts of money you’ve spent on your horse (vet bills, farrier services, training and feed). These will help prove how much you’ve invested in the animal.
3) Update your horse’s value periodically if he receives additional training or earnings.
Some instances when an appraisal may be necessary:
- Trust and estate settlements
- Partnerships
- Divorce
- Bankruptcy
- Forced liquidation
- Collateral value for loans
- As a marketing tool, professional appraisals can be shown to prospective buyers as another way to validate the horse’s asking price.
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