Anyone Cancelled their Pet Insurance to Save Money?...

lostinrates

snowmaid wrote: »

My sister cancelled hers because they hadn't needed it in the last 5 years. I think they have just paid circa £500 because the dog had kidney infection and was extremely ill (catheterised etc). :eek::eek:

That's still less that 50 quid a month for the last five years would have been.

We also have a dog uninsured, and had a big op and post operative care of over £5k this year. If there was any doubt we couldn't access cash or credit for that sort of amount then we'd insure her. Our other dog has pre existings but is insured because her size means any future things requireing medication could get pricey not as quickly as the horse, but say trices as quickly as the average sized dog.
we also have horses, who are insured, because ops can run into tens of thousands quite quickly...the bigger the risk amount the less worth self insuring it is. Our cats are ''self ensured'' but as they are getting older now (7 or eight) we are considering reviewing that before they get ''old''

thistledome

Thanks for your replies everybody, I didn't expect so many. Some very interesting questions have been raised.

I'm no nearer making a decision though. £50 a month is a lot of money to us, but I keep thinking he'll have an accident or get ill the day after I cancel.

There's no question of having him pts just because of money though, or denying him treatment either. Most of the time we don't bother to claim anyway as the excess is £85 and usually the whole bill is around £100 or so. We've claimed twice in 9 years - total claim value of about £1600.

elsien

Valid point about the extras on top of the insurance.
Mutt costs 46 per month, with a £115 excess plus 20% of the final bill on top of the excess. I keep paying it because she has a number of ongoing health conditions and and the end of the year I've generally claimed more than I've paid.
£50 a month for me would go nowhere - a consultation costs £25 plus all the tests, cost of drugs etc. If you've a healthy dog and think you could afford any unexpected costs, then I do know people who've taken the chance and managed, but for an older dog I think £50 a month may not be enough if it develops a real /ongoing problem.
It's like any insurance though - it's as much for peace of mind, and it's sheer luck as to whether it's needed or not. Me, because all my dogs have had health problems, I prefer the peace of mind option. Personal choice and experience though - different for all of us.

Beckyy

What level is your policy at the moment? Could you just reduce it to a lower level of cover rather than cancel it. I would keep it if you can even if it's reduced, I'd much rather have a lower limit cover than no cover at all.

bagginslover

david39 wrote: »

I kept all of the vet's receipts and after the dog passed away, I totted up all of the premiums we had paid, plus all of the excesses and found that if I had put £30 per month away in a bank account and paid all of the vet bills out of that, I would have been better off.

This is all very well and good, and was what we were advised to do by many people too, luckily we decided not to risk it as we have just racked up a £4500 bill with 2 different vets, had we been putting away £30 a month we would only have had £180 in the bank!

You never know when an illness will strike, and how severe it will be when it does. You may never have to take your dog for treatment, and be quids in, but, like me you might find that just a few short months into ownership your dog is on deaths door, or has a difficult to diagnose condition that you just cannot afford.

To me, its a no-brainer.

david39

This is all very well and good, and was what we were advised to do by many people too, luckily we decided not to risk it as we have just racked up a £4500 bill with 2 different vets, had we been putting away £30 a month we would only have had £180 in the bank!

Yes, that's the gamble you take - and luckily you made the correct decision.

In my case I would not take the gamble if I was not sure that for any immediate problem in a young dog I would not be able to fund the cost by one means or another.

At the moment, our dog is just under 4 years old and has £800 in his "medical account" and, touch wood, has had no treatment at the vet's that would be claimable but I do accept the point that this approach is not for everyone (or every dog).

Incidentally, he has invested his medical fees in premium bonds until he needs them but, so far, has been remarkably lucky in health but spectacularly unlucky in producing any winnings!

KxMx

So you may cancel and put it on the credit card- well that's not free money, all will need to be paid back with interest on top. May well end up at more than £50 pm! As others have said your credit limit could be lowered, you could be unable to get another card etc.

I think the suggestions of trying to get a better deal on the premium/ reduce cover would be they way to go. You could phone your current insurer and see if they can bring it down?

If you are on a low income then my view is you can't afford not to be insured. I've gone uninsured with a pet and never would I advise it if you are on a low income.

circuit

Our pet insurance for two cats and a dog was costing £75 a month. The excess on each claim was £100 and as our pets got older only half the claim could be paid out.

We cancelled it a year ago and started putting the £75 a month in a savings account.

We have dealt with every vaccination, flea treatment, special diet, an ingrowing claw and had our dog x-rayed, all from the savings we put aside. We also bought the dog a pet passport out of the same fund. Our dog has cancer, so this is not exactly a 'lucky' streak.

Also, remember: the majority of this (vaccinations, food, passport) would not have been covered by the insurance.

Think very hard about whether you are getting value for money.

visidigi

If ours was that much I would be asking the questions you are - i would look around for a cheaper deal if you can - our two are £16 a month to insure...given how prone they are to eat completely the wrong thing the £180 a year is money well spent as far as i was concerned

thistledome

visidigi wrote: »

...given how prone they are to eat completely the wrong thing the £180 a year is money well spent as far as i was concerned

Both our claims were for this reason!

He now only gets off-lead where we can supervise him closely and we know the area is safe, and we are very careful not to leave things in the house where he can get them, so his chances of eating foreign objects is much reduced. He hasn't eaten anything that's made him ill for about 2 years now.

circuit, my problem is that I can't put the money aside for long as I have no money coming in at all and am living off savings now. I would have to rely on my credit card or a loan from family if the worst came to the worst. Glad it has worked out for you though, you obviously made the right decision in your case.

Although he is old he is healthy. He is due for his annual jabs in October and I think he is getting to the point of needing a dental job soon. Neither of those things are covered, so that £50 a month could go towards those rather than premiums that I may never claim on. Still undecided.

circuit, sorry to hear your dog has cancer. Very best wishes to him.:(