Pet insurance

Robbo10

I used to pay monthly for pet insurance which was classed as “renewable every 28 day insurance period “. This year , (in July,)  I decided to pay in full for the whole year ahead. My pet sadly died beginning of August and my insurance company has classed my renewable payment as “ an annual insurance period “ and therefore will not refund any part payment of my fee! They say if it was the monthly policy they would just cancel policy with no further fee payments !! 

How is that fair ?? 

KxMx

I am sorry for your loss. 

Do the terms and conditions of the policy back up what you've been told? 

Claddagh_Noir

I am so sorry for your loss.  When my dog died in the first weeks of April we got a partial refund as we paid on 28th March.  We paid monthly. 

I agree with KxMx, do check the T&Cs.

DullGreyGuy

Firstly, did you claim on the policy? If you did then that makes the whole term payable be that 28 or 365 days.

Secondly, most companies with such terms charge an increased premium for paying monthly, potentially up to 20-30%. If you pay annually every year then the average customers saves over the 10 or so years their pet lives and loses in the year they die.

Its the same with Car insurance... your car gets stolen on week 51.5 and you pay 0.5 of a week extra premium for a car you no longer have. If its stolen 1 minute after buying the policy then there will be a fraud investigation and you'll have to pay the extra 52 weeks insurance.