My dogs insurance renewal has increased by £2000

swingaloo

Lottie83 said:

Boohoo said:

Lottie83 said:

My dog is 10 and has been insured with Tesco for the last 9 years. 

It’s lifetime cover and he has two ongoing conditions which they cover the ongoing costs for. 

My renewal has increased by £2000
which seems outrageous. 

I will phone them on Monday but can anyone offer any tips on how I should tackle this please? 

As it’s lifetime cover, I do feel like they’ve got me over a barrel. 

Apart from getting rid of your dog you can call insurance company and see if they can reduce the premium.

Have you tried other pet insurance companies?

I can get much cheaper policies (around £800) with other insurers but they will not cover his existing conditions. Having cover for his existing conditions is essential due to ongoing medications/treatments. 

Other insurers also make you contribute 20% towards every claim aswell as an excess. Tesco only deduct the excess. 

Hence they’ve got me over a barrel!  

This is exactly what the insurance expect so have increased your premiums. They are not going to put themselves in a position of paying out more than you pay in if they can avoid it. Ive seen car insurance companies do this before- they know they are taking a huge risk so they make the renewal unrealistic so you will not renew.

Altior

Lottie83 said:

elsien said:

Boohoo said:

Lottie83 said:

My dog is 10 and has been insured with Tesco for the last 9 years. 

It’s lifetime cover and he has two ongoing conditions which they cover the ongoing costs for. 

My renewal has increased by £2000
which seems outrageous. 

I will phone them on Monday but can anyone offer any tips on how I should tackle this please? 

As it’s lifetime cover, I do feel like they’ve got me over a barrel. 

Apart from getting rid of your dog you can call insurance company and see if they can reduce the premium.

Have you tried other pet insurance companies?

No point trying other companies because they will exclude all the pre-existing conditions. 

Have you worked out how much money you got back from them last year?
The other option is to consider a lower level of cover. I managed to cut the premiums on my insurance by cutting the cover from 7K to 4K a year. I probably wouldn’t have done that for a much a younger dog but mine is now 14 and I’m not going be putting him through any major investigations or treatments anyway. 

Exactly, this is why they’ve got me over a barrel. 

They’ve paid out £1570 for his existing conditions, £800 for a lump to be removed and £1400 for another illness. I still think a £2000 increase is outrageous though. 

I daren’t lower the cover as everything is so expensive now, diagnostics and surgery is easily over £7k. 

Look at the logic of your post, if you don't insure you'll likely be on the hook personally for over £7K. So the insurance underwriter is likely on the hook for over £7K some time soon. Effectively your pet is no longer realistically financially viable, sad that it is. But the insurer isn't doing anything wrong, the increased premium simply reflects the inflated risk (which you acknowledge). 

GrubbyGirl_2

elsien said:

The only other option for 3K is to self- insure and just get basic third-party cover. 

I would normally have stopped ensuring mine by now except the cost of his medication just about makes it worth keeping him insured 

Have you looked at how much it would cost to just get a prescription and buy online?  My dog is on meds that cost £38 for a 30ml bottle that lasts 20 days so £342 for just under 8 months. I can get a 100ml bottle for £23 including postage so that's £62 for 6 months plus a prescription of £17.  It saves me £263 every 6 months or £526 a year just on meds

Lottie83

GrubbyGirl_2 said:

elsien said:

The only other option for 3K is to self- insure and just get basic third-party cover. 

I would normally have stopped ensuring mine by now except the cost of his medication just about makes it worth keeping him insured 

Have you looked at how much it would cost to just get a prescription and buy online?  My dog is on meds that cost £38 for a 30ml bottle that lasts 20 days so £342 for just under 8 months. I can get a 100ml bottle for £23 including postage so that's £62 for 6 months plus a prescription of £17.  It saves me £263 every 6 months or £526 a year just on meds

Unfortunately his ongoing medication is by way of an injection every month and an implant being fitted twice a year so a prescription wouldn’t work 

Altior

I feel like you've been lucky to get this far in, personally. And now the premium is now more representative of the risk, given ongoing high charges for existing conditions locked in. 

Out of interest, so far approximately how much more in premiums have you paid out than the total cost of the bills over the life of the policy ?

zedonk

Unfortunately the cost of vet treatment has risen massively which is probably why your insurance has gone up too. 

itsthelittlethings

Defo self insure your lovely dog I reckon.

Altior

Lottie83 said:

Altior said:

I feel like you've been lucky to get this far in, personally. And now the premium is now more representative of the risk, given ongoing high charges for existing conditions locked in. 

Out of interest, so far approximately how much more in premiums have you paid out than the total cost of the bills over the life of the policy ?

I agree to some extent, however, having posted the same info on a breed related forum, there are plenty of people with dogs of a similar age, who have claimed more (and their ongoing treatment costs are also higher)  who have not had an increase as high as this. 

The risk with his ongoing conditions hasn’t changed in the last three years, nor has the treatment. 

I don’t know the figures given it’s over a 9 year period, but yes, they have paid out more than I have paid in. 

I have absolutely no issue with my premium
increasing, as it has done every year. I probably wouldn’t have questioned even a £1000 increase (although last years was only £180). A previous increase has been £480. I just do not feel that a £2000 increase is in line with previous renewal prices. 

As another poster has said, they probably do not want me to renew hence the huge jump. 

I can see why you feel it's a big step up, and it is. I guess coming from an accounting background I was encouraging you to look at it from the perspective of the bigger picture. Your pet is already a loss for them, and on the current trend, with large costs already locked in, they only have downside retaining your custom. My view would be to see it as a positive you've been with them so long on reasonable premiums. That also plays a part in why you'd prefer to keep on the same trend, as it has been financially favourable to you so far.

It's an acknowledgement of the reality of the situation at hand, rather than your pet being singled out (in my view). Yes maybe there are others who aren't facing similar but it doesn't take away from the fact that they will have to have other customers who pay more in premiums than they've paid out, just to break even. 

TELLIT01

The claim insurers make of "Guaranteed Lifetime Cover" isn't worth the paper it's written on.  Yes they will continue to provide cover but at a price that is not affordable.  They don't cancel the cover, the pet owner does.

sheramber

Many breed people use Petplan or Agria as they do not increase premiums  if you claim.

They do have higher premiums in the first place , and they do add increases due to increased costs each year.  But whether you claim or not your premium is the same. 

Those who don’t claim subsidise those who do. 

Breed, age and postcode( this indicates the level vet fees ) as well as medical history all affect the premium. 

Petplan  paid out more for me than I paid in premiums. 

For another dog, with a different company, it took 10 years of premiums for me to pay back what the insurance company paid out for the one claim I made.