Changing pet insurance - Bought By Many?

ellectrastar

Hello,

Looking for suggestions on changing pet insurance.

I have an 8-yr-old crossbreed with a skin allergy. Flares up in summer. Have had to claim for medication.

Insurance renewal has come through up 45% this year to £55 a month. Best they (Tesco) can do is double my excess to £120 bringing it down to £44 a month.

Think I need to change as an extra £300 a year is too much. If I switch the allergy isn't going to be covered, but if I go with someone new I could save around £250+ a year on Tesco's best offer. My average claim a year has been approximately £150.

Whilst looking around I came across an insurance broker site called Bought By Many and wondered if anyone had experience of them. I looked at "how they work" and it read like it arranges almost like a group policy for people with similar needs. I understood that part but wasn't clear on what would happen if I needed to claim, or someone else claimed, and how it affected everyone?

Can anyone shed any light?

stator

Sorry, not heard of them, I would be suspicious and stick with a well known insurer on a life policy

MarkBargain

Isn't it worth considering paying the £55-a-month into a bank account (preferably paying 5% interest) and then withdraw any vet costs from that in future?

GwylimT

MarkBargain wrote: »

Isn't it worth considering paying the £55-a-month into a bank account (preferably paying 5% interest) and then withdraw any vet costs from that in future?

And whats the plan twelve months down the line when you have an ill or injured pet?

MarkBargain

GwylimT wrote: »

And whats the plan twelve months down the line when you have an ill or injured pet?

Withdraw the £660 + interest to pay the vet bill.

GwylimT

MarkBargain wrote: »

Withdraw the £660 + interest to pay the vet bill.

Which wont stretch very far at all where vet bills are concerned, it would barely cover a simple dental! It certainly wouldn't cover a broken bone, torn ligament, CT scan or a prolonged illness or hospital care for two nights.

MarkBargain

GwylimT wrote: »

Which wont stretch very far at all where vet bills are concerned, it would barely cover a simple dental! It certainly wouldn't cover a broken bone, torn ligament, CT scan or a prolonged illness or hospital care for two nights.

The trouble is paying £660 a year (and rising) plus excess charges will cost a fortune, and if claims are made the insurer will usually hike up the renewal prices. Insurance gives peace of mind (so long as the insurer does not wriggle out of paying a claim) but I suspect most people would be better off simply saving/investing the premiums until needed.

rs65

MarkBargain wrote: »

Isn't it worth considering paying the £55-a-month into a bank account (preferably paying 5% interest) and then withdraw any vet costs from that in future?

What happens if you need £3k for an operation in month one? Would you just use your £55 savings to get the pet put down?

MarkBargain

rs65 wrote: »

What happens if you need £3k for an operation in month one? Would you just use your £55 savings to get the pet put down?

I'd always suggest people keep sufficient savings to cover any emergencies in life, from the pet falling ill to the boiler packing up. If the OP has been paying £330 a year pet insurance and claiming £150 a year for 8 years (after excess I presume), that's £1,440 which could now be in a savings pot (+ interest).

stator

MarkBargain wrote: »

I'd always suggest people keep sufficient savings to cover any emergencies in life, from the pet falling ill to the boiler packing up. If the OP has been paying £330 a year pet insurance and claiming £150 a year for 8 years (after excess I presume), that's £1,440 which could now be in a savings pot (+ interest).

If the boiler breeaks down, the car needs repair and your pet gets sick you'll run out of money very quickly.

Insurance is definitely worth it.

WD1234

ellectrastar wrote: »

I could save around £250+ a year on Tesco's best offer. My average claim a year has been approximately £150.

Going with a new cheaper provider seems sensible to me. You seem to have taken into account that they will not cover for pre existing conditions, which i presume is just the skin condition.