Vets Medicover Renewal Quote - Beware Huge Premium Increase

ladyverte

We're having a big financial overhaul (many thanks to MSE!) and I'm appalled that Pets Medicover increased their premium on rollover renewal from £18pm to £32!

Unfortunately I didn't spot this at the time but shall be cancelling immediately and taking out new cover.

krlyr

Some more context may be useful. For example, the pet's age, whether you've made any claims and so on. There are lots of reasons insurance will put up the premium - whether it's individual to your circumstance (dog reaching 'senior' age, for example) or overall (they've received lots of claims in the past year and need to recoup some profit).

Also, many policies offer a lower first year premium - some form of discount, or I think Vetsmedicover is the one with the set price regardless of breed? Their 'business model' as such is to tempt people in with the lower prices, which they obviously will need to increase for future years to make their profit. They will lose a proportion of customers who move elsewhere for cheaper prices, but they will also keep customers - those who have claimed and who's pets now have pre-existing conditions, but also those who have been pleased with the service and don't want to hop around from insurer to insurer.

At the end of the day, they're a business and need to make money - or they'll choose to withdraw from the market, like AXA recently have.