More Than Pet Insurance - renewal quote versus new customer quote (>50% difference)

KittenChops

Cat's insurance policy expires tonight.  Renewal quote received for £357.10 (was £272.15 last year which I renewed without checking for a cheaper policy).  Cat is approximately 6.5 years old, in good health & no previous claims.

Thinking the hike from last year was a bit steep, I used More Than's website to get a quote as a new customer.  A like for like policy was priced at £160.10 (less than half of the cost of the renewal quote).

Called More Than & explained the above.  The advisor offered to discount the renewal quote from £357.10 to £294.39 (£62.71 cheaper, approximately 17.5%).  I politely pointed out this was still way higher than the new customer quote.  I gave him the quote reference, he went through to check I'd selected exactly the same policy type & voluntary excess etc (I had) and came out at the same price of £160.10.

So I cancelled the renewal quote & took out the new policy.  The only thing to be aware of is that a new policy means the first 14 day are excluded for illness claims, the first 24 hours are excluded for accident claims and anything pre-existing is not covered (which doesn't apply in this case - he's only been to the vets for annual vaccinations).

I obviously could have checked other insurers but I'm happy with the customer service at More Than - we had an older cat who we lost a few years ago who was insured with them and the claims process was simple & payments made promptly.

DullGreyGuy

KittenChops said:

Cat's insurance policy expires tonight.  Renewal quote received for £357.10 (was £272.15 last year which I renewed without checking for a cheaper policy).  Cat is approximately 6.5 years old, in good health & no previous claims.

Thinking the hike from last year was a bit steep, I used More Than's website to get a quote as a new customer.  A like for like policy was priced at £160.10 (less than half of the cost of the renewal quote).

Called More Than & explained the above.  The advisor offered to discount the renewal quote from £357.10 to £294.39 (£62.71 cheaper, approximately 17.5%).  I politely pointed out this was still way higher than the new customer quote.  I gave him the quote reference, he went through to check I'd selected exactly the same policy type & voluntary excess etc (I had) and came out at the same price of £160.10.

So I cancelled the renewal quote & took out the new policy.  The only thing to be aware of is that a new policy means the first 14 day are excluded for illness claims, the first 24 hours are excluded for accident claims and anything pre-existing is not covered (which doesn't apply in this case - he's only been to the vets for annual vaccinations).

I obviously could have checked other insurers but I'm happy with the customer service at More Than - we had an older cat who we lost a few years ago who was insured with them and the claims process was simple & payments made promptly.

This is broadly how many classes of insurance have operated... new business is sold at a loss which is subsidized by renewing business. For those that shop around each year it works out great... for those that dont they pay over the odds. As this adversely impacts certain segments of customers more than others the FCA decided to bring in new regulations that prevented it for Home and Motor. It may well be introduced for other classes at later date (though not aware of any discussions at this point)