Pet Insurance premium hike (M&S)

Elika0215

My lovely doggo has had epilepsy for a number of years which needs ongoing medication to keep it at bay.

In December 2017 his insurance premium went up from £70pm to £100pm. Part of the reason was he's a golden retriever and had reached 7 years old. Also, they take in to account the number and value of claims made.

I've just found out that in December it's going to rise to £173pm. M&S said it's because he's now 8 and they develop joint problems as they get older. He doesn't have any such issues now by the way.

I know that insurers have to make a profit but this seems like a crazy leap in premium and because new insurers won't cover existing conditions such as the epilepsy, we can't compare quotes with other providers.

There's little I can do but just wanted to vent on here as I'm really upset at the moment. Thanks for reading.

sheramber

Have you considered how much you will pay M&S in a year- 12x £173 plus your excess for any claim.

How much do you pay each year for epilepsy treatment?

If it is less than you annual premium then is it worth it?

You could take out a cheaper policy excluding the epilepsy so you would be covered for anything else and put away money for any epilepsy treatment.

If your vet bills are as much or more than your premiums then obviously you are better staying with them.

Elika0215

sheramber wrote: »

Have you considered how much you will pay M&S in a year- 12x £173 plus your excess for any claim.

How much do you pay each year for epilepsy treatment?

If it is less than you annual premium then is it worth it?

You could take out a cheaper policy excluding the epilepsy so you would be covered for anything else and put away money for any epilepsy treatment.

If your vet bills are as much or more than your premiums then obviously you are better staying with them.

Thank you so much for the response.

Yes, I have checked and I think it works out as: Insurance - Vet bills/medication = (leaves) £20 pm. I could probably get another vet insurance which excludes the epilepsy (no other would take it anyway), but I suspect it'l be more than £20 pm.

sheramber

I know that insurers have to make a profit but this seems like a crazy leap in premium

Well if M&S are only making £20 profit on your policy that is not a bad deal and hardly a crazy leap in premium.

Elika0215

Well, it is a crazy hike in terms of £'s and %. They're making a profit of £240 over the year but, in fairness, if he has any new conditions, it would be another year of loss on their part.

If I was to attribute blame to, I would probably say it's the pharmaceuticals that are being unethical but it is what it is, I guess.

So, I can see the logic but at the time, I was upset as my first thought was can I afford to keep him? Not sure if you have pets but he's part of the family.

Undervalued

Elika0215 wrote: »

Well, it is a crazy hike in terms of £'s and %. They're making a profit of £240 over the year but, in fairness, if he has any new conditions, it would be another year of loss on their part.

If I was to attribute blame to, I would probably say it's the pharmaceuticals that are being unethical but it is what it is, I guess.

So, I can see the logic but at the time, I was upset as my first thought was can I afford to keep him? Not sure if you have pets but he's part of the family.

Exactly.

If I understand you correctly they are actually charging you £20 a month over his current "running costs"? So, unless there is good reason to believe his current regular vet costs will drop it is "only" £20 a month to cover the unexpected?

I think the real problem is that we, as consumers, are largely shielded from the true cost of medicine by the NHS. £173 buys very little indeed of any professional practice's time, be they a doctor, dentist, solicitor or vet.

Elika0215

You know I'm aware of this right? I do see why they're doing it - but it was upsetting. Maybe I'm misinterpreting your responses but it seems like you're fighting their corner.

As for the pharmaceuticals, I consider them unethical because they make outrageous profits at the expense of the NHS and therefore the taxpayer. But morals and ethics don't apply in most business sectors.

sheramber

But insurance is a business which trades to provide a profit for its shareholders. It is not a charity for pet owners.

Whether you can keep your pet will be a question whether you have insurance or not as you would still have to pay for the medication.

If you claim for something else or the cost of the medication increases yes, the insurance may pay out more than than you are paying in premiums but the following year your premium will be increased to take that into account.

That is an advantage of Petplan insurance. While their premiums tend to be in the higher bracket they do not increase your premium if you make a claim. Premiums do increase for the age of your dog, increased costs, cost of living increases etc.

Petplan paid out far more to my vet than I paid them in premiums for one of my dogs.

One of my current dogs had a £3000 claim a year after I got her. ( she is not insured with Petplan) My premiums for the last 7 years have been £20+ per month , increasing slightly each year, so I am still in profit on her insurance.

However, my other dog is 14 and has not had a claim. The cost of any treatment has been below the excess. So , with him I have paid out with no money back. But, I had peace of mind that he was covered if I needed to claim.