Pet insurance question

Gordon_Gecko

Petplan is one of the best pet insurance companies out there, and generally don't raise their premiums excessively. Unfortunately, premiums across the board have been increasing as vet charges have gone up by a fair amount in recent years - partly due to more advanced (and expensive) treatments being available.

I've been quoted just over £22 for my cat, but I'm still undecided as the top level cover from More Than is less than half that price, and looks very similar according to this website

http://www.petmoneysaver.co.uk/pet-insurance/compare/more-than-premier-vs-petplan-ultimate

Reeves

KxMx wrote: »

You can't expect to be able to chop and change pet insurance for the pet's whole life.

When I took out a lifetime policy I did it full in the knowledge that were I to claim I would then be stuck with that insurer, I certainly won't moan if that happens it's what I signed up for.

I would rather have expensive cover than no cover for sure :cool:

Unfortunately changing insurers is forced upon some of us!

I took my time checking the reviews and feedback of pet insurers prior to taking out a policy for our then 18 month old Westie.

Chose AXA as they had great feedback, only second to Petplan and seemed to less likely pull out of the market like the so called "supermarket" insurers.

Lo and behold AXA are pulling out and we now face the agony of waiting until next April for the renewal to come through from NCI, the company AXA are transferring the policy to.

There are no guarantees NCI will accept our now nearly 4 year old dog or if they will try to price us out of renewing with them. AXA had already upped the premium from £14 to £22 this year after we made a claims totalling £800 for tests and treatments for skin related problems. Our dog is free of them at the moment (touch wood!) but we have no chance of finding another comapany who will take the conditions on.

So I wish you well and hope that your insurer who you have taken "life time cover" with doesn't also realise the pet insurance game is not for them and you end up in the same boat as many of us AXA customers.

krlyr

Reeves, I have come across VetMediCover who claim to cover pre-existing conditions if the dog has been symptom and treatment free for 24 months, may be worth a look (I'm in the AXA boat too, but my dog's condition isn't curable - thankfully the treatment wouldn't be too pricy if I went down the prescription route though)

KxMx

Reeves wrote: »

Unfortunately changing insurers is forced upon some of us!

I took my time checking the reviews and feedback of pet insurers prior to taking out a policy for our then 18 month old Westie.

Chose AXA as they had great feedback, only second to Petplan and seemed to less likely pull out of the market like the so called "supermarket" insurers.

Lo and behold AXA are pulling out and we now face the agony of waiting until next April for the renewal to come through from NCI, the company AXA are transferring the policy to.

There are no guarantees NCI will accept our now nearly 4 year old dog or if they will try to price us out of renewing with them. AXA had already upped the premium from £14 to £22 this year after we made a claims totalling £800 for tests and treatments for skin related problems. Our dog is free of them at the moment (touch wood!) but we have no chance of finding another comapany who will take the conditions on.

So I wish you well and hope that your insurer who you have taken "life time cover" with doesn't also realise the pet insurance game is not for them and you end up in the same boat as many of us AXA customers.

The OP was looking to change on cost grounds after making claims and that based my reply.

You've no need to tell me what you did because my first insurer (HSBC) cancelled their cover, then my second insurer (AXA) cancelled their cover.... i'm hoping it's third time lucky with Argos Platinum, I was able to change each time as no claims and did so because I was unhappy with the replacement offered.

Should I ever be in a position where I am stuck with a provider due to claims or a change in underwriter than I stand by what I said, i'd be happy with expensive cover over no cover.

And for customers sold lifetime policies which have then been withdrawn there is always the Ombudsman. I believe they won quite a few victories for Lloyds/ Halifax customers who were initially told, no more cover no replacement.

kathbarker

Have a 4 yr old cocker spaniel, with no claims and no conditions, but see my premiums raised 18% each year with John Lewis lifetime insurance.

Its always the same excuse that vets fees are rising, but our own vets fees have not, it seems like these insurers know they have us all over a barrel.

If they could at least give discounts to those who don't claim. Or, make the premiums specific to each animal based on its own situation and not weight everyone else's premiums to cover those who have claimed.

It seems like we are all on a very fast merry go round, too frightened to get off, just in case and fearing the consequences.

Any suggestions, would be much appreciated.

gettingready

@KxMx - Zara is with Argos Platinum (7k per year, life time). Never had any problems claiming and claimed a lot BUT currently paying £130.00 per MONTH and will see what renewal is going to be like in October.

sheramber

kathbarker wrote: »

Have a 4 yr old cocker spaniel, with no claims and no conditions, but see my premiums raised 18% each year with John Lewis lifetime insurance.

Its always the same excuse that vets fees are rising, but our own vets fees have not, it seems like these insurers know they have us all over a barrel.

If they could at least give discounts to those who don't claim. Or, make the premiums specific to each animal based on its own situation and not weight everyone else's premiums to cover those who have claimed.

It seems like we are all on a very fast merry go round, too frightened to get off, just in case and fearing the consequences.

Any suggestions, would be much appreciated.

Put money in the bank to cover any vet fees?


If they don't cover the claims with premiums from those who don't claim how would they cover these claims?

We can't all pay in less than we claim, much as we would all like to, or there would be no fund to pay out from.

Insurance is a business set up to make a profit for the shareholders after all claims are paid and all expenses met

If the total premiums collected do not come to more than the claims paid , then no profit. if the non claimers don't cover the claimers where does the money come from?

cavework

Just a quick update.. sorry and yes the premiums can increase every year but from the date taken out everything is covered.
Trust me, 7k is easily reached
OP has a rescue dog .. we have a rescue and she looks just like a Choc Labrador..
But .. we have no pedigree papers , we have only insured her for (replacement) sounds awful but necessary at a cost cost of £50..
I have added this to another thread in the past but it might help..
Our vet wrote a letter to send to our insurers stating that without paperwork there was no way she /he could confirm that our rescue was in fact a full pedigree and therefore she was registered as a lab/collie cross .. ie a mongrel
This saved £2 a month
Just to add , we have an excess of £80 for any treatment and she must be examined every year for any dental problems, our vet does this when her vacines are due.
Pet Plan pay directly to our vet so no paying fees then having to haggle to get the money back,

kathbarker

Hi, thanks for suggestion.

I do understand the principles you mention, however, as an industry, unlike banking there is no protection for users, ie, do we know how they calculate their risk and how do we know that the insurers are not just making massive profits?

Its seems that every year I can drive round in a car with a value in the thousands, expose it to more occasions for accident and could live in a particular area which could weight premiums and year on year premiums remain at a reasonable level or receive discounts for no claims? The risks do not go away as the car depreciates, ie 3rd party, injury claims etc.

How can an individual be confident that what is being quoted is equitable?

Does anyone understand the principle differences or are in the industry that could explain how risk is calculated.

Incidentally, I do pay more for a dog with a condition, the premium went up 36% for claims of £150 in total, so I do accept that I will have to pay more because the risk has increased and given that this increase equates to £150, effectively covering the cost of my own potential claims, I'm struggling to see how the premiums of other insurees are spreading my liability?

sheramber

In your case then, at present, you are subsidising someone who is claiming more.

But if, one day, you have a larger claim you will be covered regardless of how much you have paid them

The Ombudsman has advised that insurance companies do not need to explain how the assess the risk. It is a business decision. The only requirement is that the treat all like cases the same.

We do know they consider breed ( potential for claims for known breed problems), postcode ( cost of vet fees varies from area to area) and age ( an older pet is more likely to need treatment for conditions that requires ongoing or expensive treatment.

Petplan are the only company I know that state they do not take previous claims into consideration when calcualting premiums.

That was confirmed by someone who had two spaniels the same age, One had ongoing claims and the other none. Both were charged the same premium.

Insurance is a business designd to make a profit. Not a charity to support pet owners. If we donlt like it we don't have to use it.

It is a lottery for the purchaser.