Waggel pet insurance = 41% price hike after one year

jimbooo_2

I took out a Waggel policy for my dog about a year ago and I've been pretty happy with it so far. My dog is 12 years old now. He's still in good health (touch wood) so I haven't had to make any claims. None of my details have changed

So I was a bit shocked when I got an email the other day telling me that my monthly premiums are going up by 41%

This seems absolutely absurd to me. Not least because I tested out a few different ages when I was making the application, to see how much the price might rise by as he aged (btw, it was a lot less than 41%)

Thankfully, I can actually afford the 41% increase, but how am I going to afford it if it goes up by 41% each year? Then it will be 41% of 41% + the original premium price, compounding each year

I asked the customer representative but she just fobbed me off, saying that she "understood", etc, while insisting that the new quote was the best they could do

I just don't understand how this is legal. Has anyone else had a similar experience? Can anyone recommend another insurer that doesn't require a co-pay for older pets?

flaneurs_lobster

I took out a Waggel policy for my dog about a year ago and I've been pretty happy with it so far.

Not sure how you can be happy (or otherwise) with an insurance product that hasn't been exercised, but I guess it gave 'piece of mind' which is maybe the point.

Of course it's legal, insurers are not bound by any kind of schedule or price restrictions - they can charge what they like.

Your only option is likely to be the comparison sites, might be lucky since there were no claims in the last year. Were there any reasons to consult the vet that might affect quotes?

Any friends/family/fellow walkers who might be able to recommend a provider?

KxMx

Often they will give you a discount as a new customer, to sign you up. This ends after a year.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6678868/waggel-pet-insurance-41-price-hike-after-one-year

Whilst the practice is now banned for Home and Motor it was historically very common for new business to be heavily discounted and effectively subsidised by the premiums of the long term customers. Some would strip all the discount on year 2, others would taper it off.

Call centre agents typically have something only a little different to the website you quote on to do quotes, they arent told why the price is what the price is, they have no authority to change it so there is no point exposing the pricing algorithm to them.

What happens at one renewal is no real indication of what will happen at the next renewal, pricing is not only dependent on your personal circumstances but also on the much wider environment like vet prices, salary inflation, utilities, changes in vet behaviours all of which will impact your premiums

Lavendyr

I don't think you can judge pet insurance as good or bad until you make a claim. That's the true test.