Pet Insurance - Too Expensive?

mf2020

Hi everyone. 
This is my first post here, so please go easy! 

We have a wonderful 5 year old golden Labrador.  Other than a few days of a dodgy tummy as a puppy, and a 2 day bout of Kennel cough when she was about 2 years old, she has never had any illness whatsoever.  We have also NEVER claimed a penny from our insurers, and have always paid the vet direct out of our own money.  That is because the cost has been relatively small, around the £50 mark.  Since the day we got our Lab, we have been insured with PetPlan, on their "Covered for Life" plan.  A colleague years ago recommended them, because they can keep paying out year after year, if anything was ever seriously wrong.  She is always up to date with her vaccinations, worming, flea etc. and we pay for an annual check up ourselves for our own peace of mind. 

As this is our first ever pet, we have never really been fully sure what we should be paying for pet insurance.  We always thought it was cheaper elsewhere, because we had been led to believe that this "Covered For Life" plan was unique and worth having. 

We pay monthly, and whilst it started at around £40 a month, it has increased steadily over the years. 

We have just received our renewal, and it has gone up to £80 a month.  It has now got to the point therefore, that this just seems ridiculous.  Like I say, we have never had a pet before, but this just seems excessive.  

Petplan are not negotiable on the matter.  As I say, we have never needed to claim, and I'm sure with the reputation they have, I expect we would have had no problems.  

But, from a financial side of things, I really feel like we should be looking at bringing down our monthly payment. 

As such, I would be so grateful to hear from fellow forum members regarding the following 3 questions:

1) Is it worth paying this £80 per month, to cover ourselves in case anything happens to our lab in the future?  I'm so worried about cancelling, in case we will lose any benefit we have built over the years. 
2) Are there any other insurers who fellow forum members would recommend, that could offer a similar sort of cover to PetPlan, but at a reduced rate?
3) Due to this being our first pet, are we just being silly, and do we actually need this "covered for life" or would one of these "cheapo" deals on a price comparison website be any good?

Thank you in advance for any assistance. 

Freddie

garth549

My opinion on pet insurance is that on average its always far cheaper to self-insure (ie putting some money aside every month to cover vet's bills).  Especially if you have more than 1 pet as your risk is spread.  However starting to do this now your dog's 5 years old is risky as expensive health conditions are more likely.

If your dog has never had any health conditions then you're free to shop around for a cheaper quote.  You're only really 'locked in' to an insurer such as Pet Plan once they have pre-existing conditions as other insurers will exclude them from cover.

sheramber

 Any condition or illness that is on your  pet's medical history, or anything that can be connected to them,   will be considered  pre existing  conditions by a new company. (You mention you have paid bills as they were low .)
Have a look at Bought By Many ( not a recommendation as no personal experience) as they have had good reviews and have several different policies.  I think they do have one where pre  existing conditions can be disregarded after a time with no  recurrence   or  treatment. 
Petplan are the Rolls Royce of pet insurance companies and are one of the few company who do not increase your premiums if you make a claim. Most other companies do. Premiums do rise with increased running costs and more expensive vet treatment claims over all.   
But they do tend to be more expensive. 
 You may consider a cheaper policy with less coverage and topping up a fund in a separate bank account for vet fees to build up a fund.  I did this when my dog got  older but he had  had no  recent or ongoing claims. 

 If you stopped insurance and had a large bill the next month- our neighbour was quoted £4000 to repair  his collie's  broken leg- could you pay it either from funds. credit card or loan?

Only you can decide of peace of  mind that vet treatment will be covered if necessary is worth the monthly outlay.

Bluebell_Mel

Linked but slightly different, I have cat insurance -with Petplan lifetime renewal and getting a discount? Last year put it up by 15%, this year 18%.

Just been told it has no bearing on previous claim (£500) but based on all circumstances. On pushing got told that they will not put up by more than 20%pa, but seemed to be between 15-19.99%.

Oh, and they don't do discounts! If they are going to put up every year by 15-20% I'm thinking I'm better off going somewhere else.

Cat turned 7 on Sunday and only claimed for dental work last year.

Previous cat was with Sainsburys Bank no probs but they have changed their underwriter and not good reviews/as high cover as before

pinkteapot

Having similar feelings because my 7-year-old cat's lifetime insurance is now £46/month (up from £15/month when we got him tat 2 years old). Other cat owners I know have given up with insurance at around age 8-9 as it just gets ridiculous.... The trouble is that IF anything happens it will be hundreds and can quite easily be thousands. Vet prices have rocketed up as the insurance market has grown, because it's insurers rather than end-consumers paying the bills. It's like the US market in human medicine! 

We carried on paying this year but our renewal will probably be £60-65/month and I suspect at that point we'll take the chance... My biggest problem is I don't ever want to be in a position of wavering over treating him just because of the cost. 

Nebulous2

Lifetime pet insurance often has people opting out with increased premiums and excess, that is part of the model. 

We have an 8 year old dog at £54 a month with petplan and a two year old dog which isn’t insured. The older dog was ill about 2 years ago and it cost almost £3000, mostly diagnostic tests, then he was fixed with about £60 of antibiotics. Petplan were great, the vet billed them directly and the money was back in my bank account in a few days. So you pay your money (or not) and take your chance. Over the piece most people will pay more in premiums than they get back. Some people however will be much better off with insurance. 

TechnoPuppy

I've been with PetPlan for over 20 years, and have also noticed a sharp increase in my monthly premiums. I have two dogs now, and pay £57 for one and £53 for the other.  About 12 years ago, my little staffy, Brin (no longer with us, sadly) was diagnosed with canine cancer, and went through various operations and chemo. Petplan paid out in full, over the course of 2 years, nearly £12,000 for treatment. They could not have been more helpful, and due to the extreme expense of the operations and medications, they even pre-approved all costs, which meant I did not have to pay it first and then claim it back, which was a huge financial help to me. There is no way I would ever have been able to afford this had I not been insured. For this reason, I have always stayed with them.  While I have the 'covered for life', you also need to be aware that after your dog reaches 8 years old, you also need to meet a minimum of 25% of the cost of any treatment (may differ per policy). It is expensive, but when I think about everything they have paid out on previously, for me, it is a small price to pay for peace of mind.

rjmachin

My dog is now 4 years old.  We got a lifetime petplan cover when he was a few weeks old, at a cost of around £35 per month
By the age of 3 years old, that had risen to about £55 per month.  At this point, i cancelled and switched to Animal Friends pet insurance instead.   I am currently paying around £15 per month in comparison for similar level of cover.  I have not had a renewal yet, so we will see how much it increases by.
We have not had to make a claim since we got our dog at a few weeks old.

JGB1955

We no longer insure our 10 year old English Springer Spaniel.  The premiums became ridiculous.  Although never ill (touch wood) he has, and continues to, ignore Health & Safety guidelines and gets into at least one 'adventure' per annum.  We have probably claimed £2,000 to £3,000 over his life so far, but enough is enough, and we'll just cough up as and when required!

We DO however, insure him through the Dogs Trust, as every dog needs third party insurance...it could cost you (not joking) millions of £ instead...

Vegastare

Although I am with Animal Friends I too would look at Brought By Many insurance.  My fella is too old to move now - but I think if dog is not above 7 ish and the pre exisiting conditions don't carry on you might be ok.(think no comeback of condition in 2 years)
My boy had abcess on paw and I paid several years back rather tham claim as  under excess- when I made a claim last year An Friends contacted both previous vets, they then contacted me asking if they could disclose the treatment I had for my dog in the past.  Claim was paid. Less the age excess.  I reckon I have paid much greater in than received back.

sheramber

Insurance is a business with the intention of making a profit for the  shareholders.  the only way they can do that is if more money is paid in  than  is paid out. Those who do not claim subsidise those who do.
When we have to claim we are glad it is  there.

How much money have you paid for car insurance or house insurance over the years without claiming that amount back?   
 Each of us make our own decision on what risk we are willing to take.