MSE News: Fury as Lloyds insurance cull puts pets' lives 'at risk'

Unfortunately I think the pet insurance industry could become somewhat limited in who is actually willing to provide cover in the future. My own cat is now nine years old and so far, has maintained excellent health. I had pet insurance for the first five years of our ownership with both Lloyds TSB and Tesco, but as usual, like car insurance, the premiums just got higher and higher each year, so from our first year of cover costing just about 50 quid, it gradually crept up to 70 or 80 pounds and we'd never made a claim. If I were to try and get a policy for our cat now, it would quite likely cost a great deal more than our previous policies.

Clearly there are owners out there who have pets that do have a poor medical history and quite rightly, insurers will make customers pay for multiple claims. Obviously pets, like humans, need to be treated with care and respect in ill health, but it should also be recognised that insurers are there primarily to make a profit, as unpalatable as that sounds. I do feel some sympathy with those people who bought so called 'life cover' for their pets. To have the rug pulled from under them does seem cruel, but if someone is for example paying say 2 or 3 hundred pounds a year for a pet insurance policy and then subsequently claims 2 or 3 thousand pounds a year for a long standing pre-existing medical condition, the insurer is going to feel pretty sore about it, especially if multiple customers are making claims. It is therefore hardly surprising that some insurers are pulling out.

I sincerley hope that those affected get some sort of payment if they believe they have been unfairly treated, but sadly, I think this is the taste of things to come.

Caddyman wrote: »

Unfortunately I think the pet insurance industry could become somewhat limited in who is actually willing to provide cover in the future. My own cat is now nine years old and so far, has maintained excellent health. I had pet insurance for the first five years of our ownership with both Lloyds TSB and Tesco, but as usual, like car insurance, the premiums just got higher and higher each year, so from our first year of cover costing just about 50 quid, it gradually crept up to 70 or 80 pounds and we'd never made a claim. If I were to try and get a policy for our cat now, it would quite likely cost a great deal more than our previous policies.

Clearly there are owners out there who have pets that do have a poor medical history and quite rightly, insurers will make customers pay for multiple claims. Obviously pets, like humans, need to be treated with care and respect in ill health, but it should also be recognised that insurers are there primarily to make a profit, as unpalatable as that sounds. I do feel some sympathy with those people who bought so called 'life cover' for their pets. To have the rug pulled from under them does seem cruel, but if someone is for example paying say 2 or 3 hundred pounds a year for a pet insurance policy and then subsequently claims 2 or 3 thousand pounds a year for a long standing pre-existing medical condition, the insurer is going to feel pretty sore about it, especially if multiple customers are making claims. It is therefore hardly surprising that some insurers are pulling out.

I sincerley hope that those affected get some sort of payment if they believe they have been unfairly treated, but sadly, I think this is the taste of things to come.

That's common sense though surely? As the animal gets older, the risk of it developing a serious illness hugely increases. When you consider it's common place for vet bills to go well over a grand, those fees aren't really majorly excessive if you think about it.

Must you pen headlines that would fit in in the basest tabloid?


Fury as Lloyds insurance cull puts pets' lives 'at risk'



Seriously?


Tabloid trash.


It reads very close to 'Lloyds culls pets', which is quite wrong and offensive, and 'Fury' is a classic tabloid word too.


Here's the headline from Moneywise


'Thousands of owners stranded as Lloyds closes pet insurance division'


Now isn't that both more accurate and less inflammatory?


(fury at MSE headline)

It is disgraceful that both Lloyds and Halifax have pulled out of the pet insurance market leaving many customers and their treasured pets high and dry! Especially when they were mis-sold as "lifetime" policies! Yes, my pet dogs are important to me, and yes, every penny I have, and some that I dont have I would pay, to keep my dogs fit, well and more importantly free from pain. I started off paying £60 per month for my 2 shelties 6 years ago (when I rescued them), it's now up to £90 a month (the eldest is 12 in october and the youngest 7 in july). In that time, I have had 1 claim, where the youngest dog was attacked, on a Sunday (Emergency vet was required, I wasn't waiting until the monday when my vets was open because he was in pain - I was well aware that I would probably have to stand the £135 consultation fee and the excess, but that was my choice) so not everyone claims far more than they pay in, it's peace of mind, that if you need it, it's there.

I wonder how long it will take for the Halifax/Lloyds ilk to pull out of life insurance, as that is a policy that's guaranteed to pay out!