My cat insures have increased her premium by 94 % !!!

ness1808

My cat is now over 15 yrs old and has for nearly 2 years now had 'Hyperthyroidism'. (April 2022)
Her insurance premium increase in Feb 2023 was an average amount that you'd expect (can't remember how much) but the increase in the renewal notice I've just had for Feb 2024 is about 94% !!!  . . . . . . . Gone up from £116.32 to £226.32 !!!
How the hell can they do that ?!?!
I've phoned them and told them that I want a 'written explanation of how they justify this increase' !
All she said on the phone was it's to do with my cat's age (she's aged by 1 year, not 5!) and vet's fees etc. . . . . . . . . . On TOP of this I have to pay £125 excess & 20% of the vets bill !!!!

Only other 2 insurers that will cover 'pre-existing illnesses' charge more !
Or I could either go with an Insurer that won't cover her Hyperthyroidism OR downgrade with the one I'm already with, to 'Accident Only', to make the premiums cheaper !?

WHAT DO I DO ???

bluelad1927

This is to be expected as it's all based on risk which unfortunately comes with inevitable  costs.

Your cat has hopefully many years ahead but it is beyond average age. It is no different to elderly people trying to obtain insurance for things like travel or car and having to pay increased premiums

DullGreyGuy

This is how short term insurance works, almost exclusively. Each policy is a new contract and has to go through the normal process of offer, acceptance and consideration. The price is free to freely move in any direction between each year. 

There are two insurer, PetPlan being the most well known, who buck the trend and state they won't take claims history into consideration when pricing however inevitably for those with healthy animals their premiums are higher than with another insurer that takes the more traditional approach. 

Mokkadoodledo

It is difficult I know.  My cat got hyperthyroidism at aged 16, quickly followed by kidney failure (I was advised at the time that the medication for the hyperthyroidism shows up any weakness in the kidneys, so for a cat of his age to have both is not uncommon).  I then had to pay an excess of £125 for each condition, plus the monthly insurance cost, and % of the vets bills. My cat was very healthy until the last couple years of his life, passing away at 19 - so it does seem the risk increases markedly as they get older.  My cat died in 2016 so I don’t know what the prices are like now, but when I first insured him, he was aged 8 and the premiums were about £7 pcm, by the time he was 19 - they were £30 pcm, but I expect they are alot more now, with inflation etc. I will say, I had to take my cat to the emergency vets on a Sunday during this time (he had stopped eating and was dangerously ill).  The emergency vets bill was several hundred pounds but the insurance company did pay out promptly regarding what I was owed.   If I had to do it all again, I would probably self insure from the start - but it is difficult to know, my sister’s cat was very ill at aged 6 and the insurance company paid out several thousand pounds for the various operations needed.  TBH, my cat was so ill at the end, and it was such a strain dealing with all his medications and rushing to and from the vet - we decided we would have a break from having a pet. With pet insurance - you are basically paying for private health care for your animal.

ness1808

Thanks to those who have answered so far . . . . .  I'm having a problem deciding whether to pay the renewal, downgrade to 'Accident Only', or just cancel the whole thing, as I already pay for the blood tests, prescriptions & medication out of my own money and it's not enough to claim back !  (do I really want to have to pay the £226 renewal on top ??)

Archerychick

I hear you!
my girl is old, personally I’ve not insured her for a number of years now, because of the cost and the excess that I’d have to pay. Even with her surgery last year I am still quids in and her medication isn’t too expensive.

You may well be better to put your premium money into a savings account to be honest, especially as you’re already paying for a lot of things with that policy. It’s gamble, and may come down to what certainty you need about costs - if there was a large bill could you afford to pay it…

TELLIT01

Cost of all types of insurance has increased massively in the past year or two, particularly this year.  The % the OP is seeing is top end of what I've seen reported but not that unusual.  Insurers offer a product at a price and it's up to the potential purchaser to decide whether or not to accept or purchase elsewhere.  There's nothing illegal in increasing premiums.

Archerychick

Plus 15 years is old, and from this point onwards things go wrong, new illnesses appear etc. hyperthyroidism is a normal illness for old cats, ours had surgery for that costing £2k.

i haven’t insured ours since 10 years because of the cost of the premium, so took a gamble and for me it has paid off. Realistically I would have only have been able to claim for that surgery, as everything else had been lower than usual policy excesses. 

I remember when they were kittens we were able to get insurance for 2 years with no excess & that was awesome - then those policies vanished