Pet insurance premium hike, no claims. To change or not to change?

Purrpaw

Hi, we have insured our cats with Direct Line for many years and always been happy with their service so we insured our latest cat with them two years ago. Our renewal notice has arrived with the premium increasing by £6 per month (it was £1 the previous year) from £12.50 to £18.50. It is the advanced policy £8,000 per condition but is not a for life policy. Shopping around we have pinned our alternatives down to LV £10,000 lifetime at approx £11 or Petplan £7,00 lifetime at just over £16 per month. We do realise that these would be a first year discounted rate. Looking online for reviews they are all much of a muchness any opinions/experiences would be most welcome. Do they all hike their premiums up every year? I know this year there was a warning of a 20% increase but this is far more. The best Direct Line could offer was £2 off.

sheramber

Premiums usually go up each to reflect the increase in the cost of living , admin costs and reflect the amount paid out in claims during the year.

There is also Insurance Premium tax to pay which increased form 10% to 12% on 1 st June 2017.

What increases will be from year to year is anyone's guess.

Petplan do not increase your premium if you make a claim but their premiums are generally higher.

Kim_13

You may find this guide helpful: https://www.moneysavingexpert.com/insurance/cut-pet-insurance-costs?_ga=2.81168148.2048785111.1508918327-980008717.1497562884

While you've had no claims on your current policy, be aware that a new insurer will almost certainly exclude any pre-existing conditions.

sheramber

And a pre existing condition is anything that you consulted your vet about, whether they gave any treatment or not.

Glad

Hi
as Kim posted have a read of the Pet Insurance Guide on the main MSE site

all guides are fully researched by the MSE Team

there is a Pet Insurance Guide discussion thread HERE