Pet Insurance

Tigerlily72

In times of soaring costs in energy etc, why do pet insurance companies get away with the huge hikes in their premiums? 

I have just had my renewal policy for my 7 year old dog through which has increased by 50%! I did suggest that this was perhaps a typo, but alas no. The reasons I was given for this thievery (as I call it) were that they take into account my pets age, how much I paid for her, claims made in the last year as well as the postcode we live in - as that can push the premium up due to the vet fee increases in that area. 

I tried to point out to the lady on the phone at this stage that firstly it states on their website that there is an increase when the pet reaches 8 years old and not 7 as mine is. Secondly that I have made no claims for my dog in the last year, or ever to that matter. Thirdly I had contacted our vet and other than a small rise in some medications their charges were much the same as last year!

I cannot understand why these insurance companies believe it is ok to rip people off and ultimately put the creatures we love at risk if we are unable to cover these huge increases.

i would really like to hear from someone high up in pet insurance how they justify such large rises in premiums and why they think this is in the pets best interest ?

Thank you 

DullGreyGuy

Tigerlily72 said:

In times of soaring costs in energy etc, why do pet insurance companies get away with the huge hikes in their premiums? 

You've partially answered your own question there... insurance companies are also dealing with soaring costs and like all businesses ultimately have to pass that on to their customers. 

Would be highly surprised if age is neutral to pricing until 8 years old, could imagine its some kind of U shaped graph (like age of drivers is) but would more expect it to be a close to exponential line once you get past 1 or 2 years. 

If you've made no claims then you are still free to shop around. The answers given as to price changes will always be generic as front line staff aren't shown how the pricing algorithm works, most see very little more than you can when you go to their website to get a quote etc. 

swingaloo

My insurance went up even though I had never claimed. When my dog turned 9 it got even worse as nearly all pet insurance now have you pay the excess plus 20% of the remainder. 
Could you try it with a bigger excess to see if it makes any difference?

Slinky

We put in claims totalling about £9.5K for our cat last year. Her premium only went up from £38 to £45 a month at renewal, with cover for the same condition included. We had to pay the excess plus 20% of the claim because she was over 10, but they paid out the rest very promptly.

We've had to claim again this year as cancer came back, and they've paid out again including the majority of the euthanasia cost.

We were very happy with Petplan.

lincroft1710

Slinky said:

We put in claims totalling about £9.5K for our cat last year. Her premium only went up from £38 to £45 a month at renewal, with cover for the same condition included. We had to pay the excess plus 20% of the claim because she was over 10, but they paid out the rest very promptly.

We've had to claim again this year as cancer came back, and they've paid out again including the majority of the euthanasia cost.

We were very happy with Petplan.

Sorry to hear about your cat.


But your post illustrates 2 things. Firstly the advisability of having pet insurance. Secondly, how expensive claims can be and thus this is why premiums will rise across the board.


To the OP you have 3 options, pay the increased premium, shop around for a better quote, go without pet insurance. I think you might not want to consider one of those options.

Spies

Currently paying around £100 for two cats (9 and 6) and a dog (4) with Argos pet insurance, they have been good with paying claims, had more than our fair share of payouts vs what we have paid in (false hip for cat and cataract surgery on dog).

Excess is £100 per condition.

sheramber

The cost of claims refers to the overall cost to the company, not you personally. 

Age is considered each year but the excess usually increases at a specific age such as 8.
If you insure with one of the few comanies that do not increase premuims if you claim you do pay a higher premium  for that.  Petplan and Agria are tewo such companies.

Admin costs increase with premises costs, increased wages ( who do you think pays for that? ) increased utility costs like the rest of us,

Insurance companies are private entuties in the business of making a profit for the shareholders,

Those who claim benefit and those who donlt claim subsidise them. Just like all insurance.  We are thankful for it when we need it. 

You have a choice to pay for it , find a cheaper company who may give less benefit ,  or go without.

legin3

I had a quotation of almost £1000 P.a.for my dog  over 3 years ago when he got to 10 years. This was a several hundred pounds increase. His insurance had been for £10,000 lifetime cover. He was a Hungarian Vizsla whose average lifespan is either 14/15 years or 12 to 16 depending on which book you read. Balking at the increase, I insured with another company for £3000 cover. 3 months later he was diagnosed with both liver and adrenal cancer. It cost me personally £10,000 over the next 21 months for operations and treatment and the insurance paid £3000 on top. Had I been less tight fisted, I would now be £7000 better off. So we might quite properly moan about the cost of pet insurance- which is now being investigated, but sometimes, with the benefit of hindsight, it might be better to bite the bullet. You never know what's going to be round the corner.

sheramber

Insurance for any eventuality is peace of mind.

How much  is paid  for car insurance but no claim is made?
How much is paid for travel insurance but no claim is made?

How often do w e see requests for money to pay for medical treatment for someone who went abroad on holiday without travel insurance? 

My friend is very glad she had house insurance earlier this year when part of her roof was blown off and her house was saturated with rain water. She has been in temporary accommodation since New Year with probably still months before the house is habitable again.

There is no right answer. 

Some are in a position to pay any bills.

Some take the view it won’t happen to them.

Everybody has to make their own judgement and accept the consequences.

Moneymatters68

Tigerlily72 said:

In times of soaring costs in energy etc, why do pet insurance companies get away with the huge hikes in their premiums? 

I have just had my renewal policy for my 7 year old dog through which has increased by 50%! I did suggest that this was perhaps a typo, but alas no. The reasons I was given for this thievery (as I call it) were that they take into account my pets age, how much I paid for her, claims made in the last year as well as the postcode we live in - as that can push the premium up due to the vet fee increases in that area. 

I tried to point out to the lady on the phone at this stage that firstly it states on their website that there is an increase when the pet reaches 8 years old and not 7 as mine is. Secondly that I have made no claims for my dog in the last year, or ever to that matter. Thirdly I had contacted our vet and other than a small rise in some medications their charges were much the same as last year!

I cannot understand why these insurance companies believe it is ok to rip people off and ultimately put the creatures we love at risk if we are unable to cover these huge increases.

i would really like to hear from someone high up in pet insurance how they justify such large rises in premiums and why they think this is in the pets best interest ?

Thank you 

My cat insurance is just the same