PETPLAN - Continuous premium increase adding 30% over 3 years

alcester

Hi All,
I just wanted to pass on my experience with Petplan renewal premium for my 3yo Male Springador increasing 16% over last year, with no claims, no health issues and no changes in cover levels (Petplan Classic+ Full Life Cover).
I expected an increase after year 1 as there was no doubt an introductory offer - my Year 2 premium increased 13% (from £48 to £55). In Year 3 I expected a negligible increase, but instead have been asked for £64 per month (16% increase).

When I took the policy out, I was told that there would not be any automatic increases due to claims but there might be as the dog got older, I was told this is normally when they reach age 10 and problems are more likely to surface.

The Petplan representative I spoke to told me the only reason the premium had increased is because my Dog is a year older. An annual 16% increase means that by the time my Dog is 10, my monthly premium will be £180 per month!

Grateful for thoughts on plans from other providers as I feel misled by PetPlan. I am a Direct Line and Aviva customer for Home/Car so could look at what they offer. I have a window of opportunity to shop around before my Dog develops a long-term illness for which I will end up paying a single insurer (for full life cover) for the rest of his life.

Grabs39

Direct Line pay out pretty quickly in my experience and do good cover.  Our Greyhound's cover went from £30 to £40 at age 7 and now she's 8 it's up to £50/month.   That's lifetime cover for a good level (I forget the exact amount) with a couple of prior claims at around £600/700.  Our excess is about £150

£60/month for a 3-y-o with no prior issues does sound steep!

I feel you've been misled that cover only gets move expensive at 10, but at 3 it shouldn't really be going up much.  We started seeing the price really go up at 6, though having a large breed doesn't help us in that respect.

tacpot12

I agree that at 3 years old the premium should not be going up much. We have an 11 yo dog and 15 yo cat insured with PetPlan and pay about £850/year or £70/month.  

Sandtree

Premiums increase due to inflation, erosion of new customer discounts (which is often done over a couple of years not just one), changes in claims frequencies and increase in vet costs. Most other insurers will also change premiums based on your dogs individual claims experience.

The "problem" with pet insurance is that you can play musical chairs each year to get the cheapest premiums but then the year your pet gets ill, particularly if its something like cancer or diabetes then you either have to stick with your current insurers for life or know that the condition will never be covered by another insurer. You can then effectively be priced out of insurance if the insurer triples the premium every year for the ongoing claims you are making whereas at least with Petplan you know the premiums wont be impacted by medical conditions and so whilst their premiums are high for a well dog they are low for a sick dog.

sheramber

As you have no previous illnesses- remember anything you consulted the vet about,even if one treatment was given, counts as a pre existing condition- you can get a new quote online as a new policy. 
Also,be aware that there is an exclusion period at the start of a new policy so if your dog falls ill in that period your new policy will not cover you.

premiums are based on your post code and the breed and age of the dog. Each breed has possible conditions that can arise  and insurance factors them into the premium regardless of your dog developing them.
 
Insurance is a business whose purpose is to make a profit for the share holders, not a charity for pet owners.

alcester

A belated post to update my original thread...

After lots of research, I eventually switched to Bought By Many. I even had a Vet I met through work sing their praises regarding cover, claims and typical renewal premiums.
My initial premium was half that of my first 'discounted' year with PetPlan, with a much lower excess, higher limits for treatment, whole life cover, free Online Video consultations with Vets etc etc.

I would recommend adding Bought By Many to your shortlist and see if they compare favourably in your particular case.

Sandtree

The challenge with Pet insurance is what happens to premiums when your pet develops a life long condition (eg diabetes). 

PetPlan is expensive cover but claims experience is not a rating factor for them. You may have full whole of life cover but will the premiums stay affordable should you actually need the whole of life cover? I'm not saying they won't as never dealt with bought by many but its a typical issue with some pet insurers.

Vegastare

alcester said:

A belated post to update my original thread...

After lots of research, I eventually switched to Bought By Many. I even had a Vet I met through work sing their praises regarding cover, claims and typical renewal premiums.
My initial premium was half that of my first 'discounted' year with PetPlan, with a much lower excess, higher limits for treatment, whole life cover, free Online Video consultations with Vets etc etc.

I would recommend adding Bought By Many to your shortlist and see if they compare favourably in your particular case.

I was just about to suggest this.  If I was shopping around would go with Bought By Many as great feedback from people and my vet!!
My dog is now 13 and at age 11 - I made my very first claim - I waited for Animals Friends renewal and was amazed it had increased by just £4 per month, this year it increased another £5 per month and one new claim also.  I had expected larger increases but it has been not so bad.
So like all things the answer is shop around