Advice & Likely Increase in Insurance Costs Please (Dog) Please

Moneybox

Mixed Breed. 6 Yrs old. 22kg. Currently Petplan £52 a month.
Have got some renewals much cheaper but trustpilot doesn't give me confidence in any of them.
Have to cut the rising costs of insurance.

My concern is the increase in premium each year now as it is jumping up quickly despite not having any health conditions.
I am considering paying Accident Only with Tescos, etc and then putting a % of my savings in a separate account as a fund for future dog illness treatment.

So I am trying to get a rough idea of how much years 7,8,9,10,11,12 would cost in insurance (assuming £52 will jump next year again). But how much do these go up?

I can then also work out my own plan, for example £5000 in a separate account and pay in £60 a month (or more) to match what the insurance would have been over the next 6 years.

I hope this makes sense to someone?

sheramber

Petplan are one of the few companies who do not increase premiums if you make a claim. So, having no claims makes no difference to the premiums. The increase on premiums is due to rising costs and profit needed by shareholders.

All companies base your premiums on, breed, age, and your postcode( which lets them determine hos high your vet fees are likely to be).

it is not possible to even guess what future premiums might be as future rising costs are unknown. But £60 p.m. is only  £720 a year.  Not a lot when it comes to vet fees, especially if your develops an ongoing illness.

Unless you have a large fund available for vet fees it is a gamble either way. You only need one major vet expense to empty your bank account. Test, scans, overnight care can run up a large bill in no time., leaving no money for future bills.

On the other hand, your dog may have no claims in the future and your have  a saved amount.

What I did was take out a cheaper policy for £7000 vet fees and also out money in a separate account for future  vet fees. That suited me as it gave me a cushion but there was extra available if it wasn't enough. The peace of mind was worth it.

I had one dog who had no claims in 14 years but he only cost me £20-£25 a month so I was happy to pay it.

One ran up a bill of £3000 for a cruciate ligament repair but I only paid £26 p m so was quids in for a few years until I broke even.

Another ran up bills for ongoing treatment for which Petplan paid out more than I paid them.

There is no easy answer.

KxMx

So my experience is with a cat, but I often see comments that owners wouldn't put their pet through tough treatment as a justification for not having insurance etc.
That isn't the only way you can get big bills, my cat had a £3k one just for diagnosis. I then decided not to pursue treatment as she was terminal.
I was insured thank goodness (on a low income) with Pet Plan who paid up the big claim just as quick and quibble free as the little ones. 

Moneybox

Thanks both. They are useful comments.
I rally am most mythed by the increase. Have had petplan before and never remembered the annual jumps to be so much. If they continue with this pace they will be £100+ by 10yrs.
I am being drawn more back towards insurance but questioning if Petplan is the best option.
Someone had told me Sainsburys is underwritten by Petplan?, but not research. They are about £120 a year cheaper. Pet Protect has been around for years I was told but then trustpilot put me off, but trustpilot has horror stories for most insurance companies.
Will spend some time reading small print for some of these cheaper quotes.

sheramber

Other insurances - home, car- have also gone up  this year , along with other costs.

Gas prices have hiked which, in time,  will affect prices elsewhere 

Vet fees also have   increased  in recent years  as vets acquire more advanced technology  which cost more and need servicing. I can remember  when my vet didn't have an Xray machine on the premises. You had to take  your pet elsewhere for an Xray.

Wages increase, employer costs increase- it all adds up.

 Insurance companies are run to make a profit for the shareholders. 

Most companies hike your premiums if you make a claim so you may start of lower but  find a big increase if you claim.

You also get an introductory bonus the first year which you lose on renewal.

It is not easy to pick a company to go with. 

If you don't need to claim you grudge the money and if you do have to claim you are glad of the insurance.


Don't see any connection between Sainsbury's pet insurance and Petplan.

Sainsbury's Bank plc acts as an introducer to Pinnacle Insurance plc who is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

Pet Plan Limited is a subsidiary of Allianz Insurance plc.

Have a look at Bought By Many. I have no personal experience but there have been a few good reports about them.

Stay away from any connected to E& L. They are cheap for a reason.  

Moneybox

Thanks for the comments. Useful. 

LippyDoodle

Had several cats all with Petplan who all had longterm medical problems. While I agree the cost of the insurance is high, it's nothing compaired to the cost of vet bills. If you are struggling to pay the premiums then trust me when I tell you that you won't be able to afford an large vet bill or bills that on going that can run into the thousands. My dog was insured with PetProtect. I lived at the vets with mine. Sadly they have all gone now but if I was to have any more I'd insure again with PetPlan. I've looked at other insurances and none seem to match Petplans service. 

Vets seem to like Petplan the most too. They allow bills over £250.00 (was when I had it) be paid directly to the vet which can be a huge relief when bills are large. 

If you do go with another insurance please read all the small print and terms and conditions. Some don't pay for investigative treatment and this can soon run up a bill. 

Remember that although your dog is only 6, a vet told me that at 7 they are classed as geriatric. Just like us as they get older they health may not be so good. They can get arthritus and while a lot of people seem to thing that a dog can stand more pain then us (which they can) and therefore don't need pain meds to help them, it's far from true. This can be expensive and could be needed for several years. 

Please give it some serious thought. 

elsien

Once they hit ten, then Petplan (and other companies) charge a percentage of the final bill as well as the excess. About 20%, I think. 

My premiums have gone up as well. But not by a huge amount given we’ve had a few claims over the years - Gitdog is an 11 year old 25 Kg cross, midlands area and the premiums are now £66 a month. Given that just one night with tests in an expensive out of hours hospital cost me the best part of a grand, at the moment I still think it’s worth it. 

Elisheba

I insure my dog through Tesco. I have insured my cats with them all their lives and never had any payout problems.  It was also the only plan I could find where there was no co-payment due by me when the dog gets older.

It's blooming expensive, and at 2/3 years old I'm already paying £50 a month for £10k cover (per condition I think) . Still, you get what you pay for. I shouldn't ever have to pay more than the excess for any claim.

I've thought about putting money in a separate account instead, but what if he ever gets more than one expensive condition? The money would be spent and I'd still owe more. So on balance I live with the costs. I'm pretty sure I've got back more than I've paid with the cats, so it seems worth it. 

LippyDoodle

When I had all my gang they all had so many health issues, that while the premiums cost a lot, they were only a fraction of the costs of the vet bills and believe me there were many. 

Sadly my lovely gang have all gone to rainbow bridge.  I can't afford the cost of insurance now and I always said I'd nevers have any without insuring them. 

sheramber

What price do you put on peace of mind that you will be able to provide any treatment your animal needs,

My vet once told me the worst position for him was when  treatment was available  but the owner couldn't afford the treatment.