Cancelling my Petplan dog insurance

georgehere

Well the renewal has arrived. If they hadn't have put the premiums up by so much I would have probably just left it alone to be frank (yes, I know ....).

But the close to 20% (19.2%) hike had me thinking and having back tracked to see the last 3 years going up by 15% each time, I finally got the message.

A phone call got me an instant 7% off - leaving a 12% hike ... which they could only explain by saying that was in line with increases in their other premiums.

In my case that leaves a premium of £500 plus an excess of £115 and 20%. So if I hit a £1,500 vet bill ... I will have paid the premiums (£500), the excess (£115), and the 20% (£300) - almost a grand for a £1,500 bill.

And next year it looks like (on track record) I'll be on a £600 premium.


Self-insurance , here I come!

Mrs_Thrify

Hiya, am I right in reading you are paying £500 for dog insurace with an excess of £115 per bill? per year? = £41.66 per month?
That is another house hold bill any one could do without.
self-insurance sounds good.

woodys_wonders

I did the very same thing a while ago now. I also set up a standing order to go into a separate building society account for the same amount as the monthly premium then in case I had any vets fees I had already set aside some money to cover them.

orlao

I'm guessing your dog is quite old? as there is a percentage excess?

Are there any conditions already been claimed for?

Have a look at the sticky about pet insurance on the pets & pet care board....some very experienced peeps on that!

Norfolk_Jim

If you are in a position to self insure then definitely go for it. Depending on your personal circumstances just set the premium aside in a saving account (If you are not hard up for funds make sure it takes a few weeks to get it out to prevent you dipping in to it from time to time). If the worst comes to the worst and you get a vast bill, if your financialy sound, get a cheap CC or Loan to pay the bill and then pay your own premium to that until its clear then go back to the savings plan once clear.
If all goes well you will have a tidy sum the day poochy goes to doggy heaven to cushion the blow a little bit. If not, then you wont have found yourself uninsurable or facing huge premiums in poochies later life.
Obviously this wont work well if your sailing close to the edge financially. I have vet insurance for my 1YO dog but only because a big bill would be very hard for me to deal with right now - once I'm in a better situation I'll follow my own advice - which I've done for other things in the past.

Wutang_2

Norfolk_Jim wrote: »

If you are in a position to self insure then definitely go for it. Depending on your personal circumstances just set the premium aside in a saving account (If you are not hard up for funds make sure it takes a few weeks to get it out to prevent you dipping in to it from time to time). If the worst comes to the worst and you get a vast bill, if your financialy sound, get a cheap CC or Loan to pay the bill and then pay your own premium to that until its clear then go back to the savings plan once clear.
If all goes well you will have a tidy sum the day poochy goes to doggy heaven to cushion the blow a little bit. If not, then you wont have found yourself uninsurable or facing huge premiums in poochies later life.
Obviously this wont work well if your sailing close to the edge financially. I have vet insurance for my 1YO dog but only because a big bill would be very hard for me to deal with right now - once I'm in a better situation I'll follow my own advice - which I've done for other things in the past.

That is potentially the worst peice of advice I have ever read on here!! Self insure - because its cheaper, but if it turns out its not cheaper - get a credit card!!!! GENIUS!!

Norfolk_Jim

Wutang wrote: »

That is potentially the worst peice of advice I have ever read on here!! Self insure - because its cheaper, but if it turns out its not cheaper - get a credit card!!!! GENIUS!!

please note - If you are financially sound

It is not always wrong to use a credit card

And I didnt mean a 30%+ Vanquis one - theres enough good advice on here to find one at aceptable rates. Mine is 6.9%.

Self insure can work well where it suits your own situation. Insurance is meant to protect you from catastrophic financial dilemma, not replace your ability to look after yourself

The OP has expressed a desire to self insure because they have worked out that their insurance is not good value in their particular case

If they self insure then, unless they already have a good savings balance, they will need to consider "what will I do in the event that I'm just unlucky and three months in I face a bill of £1000?"

If anyone know where to buy low cost insurance for vet bills with a massive excess, £500+ then I'd advice to buy that and run it in tandem with the self insure, but I'm not aware of anything out there like that (would be interested to know if there was) so I am making a suggestion for a contingency plan. There may be a better one but its a valid one.

What the OP would also need to consider is, can they accomodate a very large bill for treatment or a chronic condition - only the OP will know their own personal circumstances in that regard