Pet insurance - is lifetime cover worth it?

CarrieVS

I'm hoping to adopt a cat soon and looking at whether insurance is worth it. I'm in a fortunate position with savings so it's not an absolute must, more a question of whether it's worth the price. I didn't bother insuring my previous cat as she was eleven when I adopted her and at that age it's a lot more expensive, so I don't have any experience of pet insurance.
This time I've applied for a three year old cat and for him it's potentially more reasonable. But I have questions.

• Lifetime cover is supposed to be the gold standard as you continue to be covered (up to an annual limit) in the case of ongoing conditions. But if your pet actually gets a condition that requires ongoing treatment or is likely to recur, are you covered in practice, or do they hoick the premiums up in that case to the point of no longer being worth it?
• Does the 12 months for which time-limited cover will cover a condition start from when the condition starts, even if you don't claim for the first vet bills, or from the first thing you claim for?

• Also, if you stay with the same insurer as your pet gets older (assuming you don't have to claim for anything) do the premiums and the amount you have to pay out of pocket increase similarly to if you were insuring them for the first time at that age, or do you benefit at all from having had them insured since they were younger?

sheramber

Lifetime cover is what it says but , as below, most companies increase premiums if you make a claim.

Most companies increase your premium if you make a claim as there is an increased risk of you claiming again. Petplan don't,  but there will be increases due to rising costs. 
Their premiums tend to be higher.

Premuims ar also assessed on where you live as vet costs vary from one area to another. 

Coop used to be the same when they had the same underwriters as Petplan but I don't know if they still do.

Bought by May also used to have such a policy but that may have changed now.

12 months cover usually applies from the date the condition arises but you need to check the policy document or confirm with the company.

Policies are on an annual or monthly basis and no credit is given for not claiming, apart from your premiums not having been increased because you claimed.

You do not get a discount for not claiming.

Generally, if you have a 10 year old cat that you have not claimed for and one who has had a claim your premium ( with the same company) will probably be less for the one with no claim.

With a company who do not increase premiums if you claim then your premiums will be the same regardless of the claim.

Companies have their own scale of excesses, which can include a co payment as well when the animal reaches a certain age.

Do your research, read policy documents - not the summary- carefully to understand what you are cover you have , then make your choice.

Insurance companies are in  business to make a profit for their shareholders not to subsidise pet owners. 

CarrieVS

Thanks for copying out the basic insurance guide, I guess. But can anyone answer my specific questions?

Lifetime cover is what it says but , as below, most companies increase premiums if you make a claim.

I am aware that this is the case regardless of what type of insurance you have. The question is about the pet developing a condition that's likely to recur or needs ongoing care. Specifically about that, not about making claims in general. Does claiming for something you're clearly likely to claim for again (if you have lifetime cover) cause your premiums to go up more than claiming for something like an accident that's presumably a one-off?

Basically do they try to discourage renewal by making it unaffordable/cost as much as they would pay out to renew, if your pet is almost certainly going to need ongoing treatment? Or do they take the hit on the one policy for public image/customer relations?

No credit is given for not claiming, apart from your premiums not having been increased because you claimed.

You do not get a discount for not claiming.

Generally, if you have a 10 year old cat that you have not claimed for and one who has had a claim your premium ( with the same company) will probably be less for the one with no claim.

Again, I am aware that making a claim causes your premium to increase, just like any other type of insurance. But, assuming that your premiums haven't been increased for claiming, is it any cheaper to renew for a 10 year old cat that's been insured for several years than to insure a 10 year old cat on a new policy? It sounds like probably not, but you went off on a tangent about an unrelated question.

Undervalued

CarrieVS said:

Thanks for copying out the basic insurance guide, I guess. But can anyone answer my specific questions?

Lifetime cover is what it says but , as below, most companies increase premiums if you make a claim.

I am aware that this is the case regardless of what type of insurance you have. The question is about the pet developing a condition that's likely to recur or needs ongoing care. Specifically about that, not about making claims in general. Does claiming for something you're clearly likely to claim for again (if you have lifetime cover) cause your premiums to go up more than claiming for something like an accident that's presumably a one-off?

Basically do they try to discourage renewal by making it unaffordable/cost as much as they would pay out to renew, if your pet is almost certainly going to need ongoing treatment? Or do they take the hit on the one policy for public image/customer relations?

No credit is given for not claiming, apart from your premiums not having been increased because you claimed.

You do not get a discount for not claiming.

Generally, if you have a 10 year old cat that you have not claimed for and one who has had a claim your premium ( with the same company) will probably be less for the one with no claim.

Again, I am aware that making a claim causes your premium to increase, just like any other type of insurance. But, assuming that your premiums haven't been increased for claiming, is it any cheaper to renew for a 10 year old cat that's been insured for several years than to insure a 10 year old cat on a new policy? It sounds like probably not, but you went off on a tangent about an unrelated question.

It is a public discussion forum, not a personal advice service restricted to answering your specific questions!

sheramber

You need to do your own research for your own circumstances and what you require.

Check with each insurance company as they are all individual company  with their own practices.

Lavendyr

CarrieVS said:

Thanks for copying out the basic insurance guide, I guess. But can anyone answer my specific questions?

Lifetime cover is what it says but , as below, most companies increase premiums if you make a claim.

I am aware that this is the case regardless of what type of insurance you have. The question is about the pet developing a condition that's likely to recur or needs ongoing care. Specifically about that, not about making claims in general. Does claiming for something you're clearly likely to claim for again (if you have lifetime cover) cause your premiums to go up more than claiming for something like an accident that's presumably a one-off?

Basically do they try to discourage renewal by making it unaffordable/cost as much as they would pay out to renew, if your pet is almost certainly going to need ongoing treatment? Or do they take the hit on the one policy for public image/customer relations?

No credit is given for not claiming, apart from your premiums not having been increased because you claimed.

You do not get a discount for not claiming.

Generally, if you have a 10 year old cat that you have not claimed for and one who has had a claim your premium ( with the same company) will probably be less for the one with no claim.

Again, I am aware that making a claim causes your premium to increase, just like any other type of insurance. But, assuming that your premiums haven't been increased for claiming, is it any cheaper to renew for a 10 year old cat that's been insured for several years than to insure a 10 year old cat on a new policy? It sounds like probably not, but you went off on a tangent about an unrelated question.

Someone took time to try and help you and you responded rudely.

No wonder you haven't had much help since. 

No one can guarantee what your insurer will or will not do. I have lifetime policies on both my cats - while it might be cheaper to do something else, I'd rather be covered. My policies are with Petplan and they have gone up a small amount as my cats get older, because older cats are more likely to develop ongoing issues. I think - but do not know for certain - that Petplan, at least, price the Lifetime policy so that it doesn't increase massively if you claim. I've claimed for a one-off issue for one of my cats and his policy actually went down in price this year, but then again I also moved house. 

Perhaps you should go and talk to insurers if you want more specific answers. 

Lavendyr

CarrieVS said:

I'm hoping to adopt a cat soon and looking at whether insurance is worth it. I'm in a fortunate position with savings so it's not an absolute must, more a question of whether it's worth the price. I didn't bother insuring my previous cat as she was eleven when I adopted her and at that age it's a lot more expensive, so I don't have any experience of pet insurance.
This time I've applied for a three year old cat and for him it's potentially more reasonable. But I have questions.

• Lifetime cover is supposed to be the gold standard as you continue to be covered (up to an annual limit) in the case of ongoing conditions. But if your pet actually gets a condition that requires ongoing treatment or is likely to recur, are you covered in practice, or do they hoick the premiums up in that case to the point of no longer being worth it?
• Does the 12 months for which time-limited cover will cover a condition start from when the condition starts, even if you don't claim for the first vet bills, or from the first thing you claim for?

• Also, if you stay with the same insurer as your pet gets older (assuming you don't have to claim for anything) do the premiums and the amount you have to pay out of pocket increase similarly to if you were insuring them for the first time at that age, or do you benefit at all from having had them insured since they were younger?

Question 1 - depends hugely on what the condition is. Some require expensive lifelong medication which will far outweigh the cost of your premium. Others don't. I have a cat with a chronic condition but unfortunately it was pre-existing when I adopted him so it is excluded from his insurance coverage. If he had, however, developed it while I owned him and therefore was covered by his insurance (£25 a month, 7 year old DSH), I'd have saved around £1000 in initial vet fees and the same again each year since (so almost £6000 so far). I don't imagine my premiums would have gone up as much as to nullify that. But I don't know for certain. 

Question 2 - check the policy documents before you buy.

Question 3 - no idea.