Pet Insurance

[docmartin]

What robbers these people are, we have an Insurance Company over here called 'Direct Line', Price increase this year 51%, no claims, just a year older now at 2. I got another quote from an alternative mafiosa family as we are just getting our second Yorkie this weekend. This lot will do both for the same price as 'Direct Line' want for Crystal alone - (at least for year 1 to snare you in).

I left 'Pet Plan' last year for the same reason. I think they take a look at my age (70) and think 'silly old fool won't notice' - fill your boots! It seems every year in all insurance cover now you have to pursue the same boring task. Still I suppose that's what young people do for a living now - Grrrrrrr!

[gemy]

Originally Posted by docmartin

What robbers these people are, we have an Insurance Company over here called 'Direct Line', Price increase this year 51%, no claims, just a year older now at 2. I got another quote from an alternative mafiosa family as we are just getting our second Yorkie this weekend. This lot will do both for the same price as 'Direct Line' want for Crystal alone - (at least for year 1 to snare you in).

I left 'Pet Plan' last year for the same reason. I think they take a look at my age (70) and think 'silly old fool won't notice' - fill your boots! It seems every year in all insurance cover now you have to pursue the same boring task. Still I suppose that's what young people do for a living now - Grrrrrrr!

That sounds diabolical! Is there a doggie insurance broker you could go with? IDK if in Canada we even have one. But I despise insurance companies for various reasons but they are an evil we need to live with for the good of our pups.

[SirTeddykins]

Sorry Martin -


I have worked in insurance for years and I know exactly why they are doing what they're doing. To top it off, my pet insurance did the same exact thing to me by attempting to double prices each year at renewal which is outrageous. I managed to 'broker' (my previous profession) them away from doing what they were doing for the longest time until my cat hit 'senior' then it was all downhill. As a result, I now self-insure via interest free credit cards.


Have you tried Argos? They were good for a long time or Healthy Paws? You can sometimes get discounts through the vet. Also, if your new dog is KC registered, they will sometimes give you free insurance for a number of months which will give you some time to shop around or continue the plan via the KC.

[docmartin]

Originally Posted by SirTeddykins

Sorry Martin -


I have worked in insurance for years and I know exactly why they are doing what they're doing. To top it off, my pet insurance did the same exact thing to me by attempting to double prices each year at renewal which is outrageous. I managed to 'broker' (my previous profession) them away from doing what they were doing for the longest time until my cat hit 'senior' then it was all downhill. As a result, I now self-insure via interest free credit cards.


Have you tried Argos? They were good for a long time or Healthy Paws? You can sometimes get discounts through the vet. Also, if your new dog is KC registered, they will sometimes give you free insurance for a number of months which will give you some time to shop around or continue the plan via the KC.

Thank you for this. As I see it you would expect a premium increment each year as the pet grew older and the exposure to risk increased. I found a 51%, year 3 hike with a dog aged 2 years, 5 months somewhat excessive! Using that formulae if Crystal lived to 12, by that time I'd be paying $1511 a month for her (starting with $16.25 as now)! Is this exponential usury a norm for this classification of insurance I wonder?

I've sent all the details to two TV 'consumer watchdog' programmes we have in the UK and will plaster the news everywhere I can, so that people can see the trap they fall into by not scrutinizing renewal premiums carefully. It may be that my present insurer has declared 'Yorkies' a poor risk?

I do believe they try it on generally across the broad spectrum of the market, relying on inertia to soak their haul. Probably a good ploy against older folk on automatic premium renewal payment schemes!

[SirTeddykins]

Originally Posted by docmartin

Thank you for this. As I see it you would expect a premium increment each year as the pet grew older and the exposure to risk increased. I found a 51%, year 3 hike with a dog aged 2 years, 5 months somewhat excessive! Using that formulae if Crystal lived to 12, by that time I'd be paying $1511 a month for her (starting with $16.25 as now)! Is this exponential usury a norm for this classification of insurance I wonder?

I've sent all the details to two TV 'consumer watchdog' programmes we have in the UK and will plaster the news everywhere I can, so that people can see the trap they fall into by not scrutinizing renewal premiums carefully. It may be that my present insurer has declared 'Yorkies' a poor risk?

I do believe they try it on generally across the broad spectrum of the market, relying on inertia to soak their haul. Probably a good ploy against older folk on automatic premium renewal payment schemes!

If it makes you feel any better, we're 35 and they tried it with us every year until we canceled but I do think that they hope you just let payments rollover and not ask any questions. The pet insurance market is oversaturated so anytime there is a loss from the premium pool which threatens profit the whole of the insured panel gets increased premiums. That's the way of insurance. Unfortunately, because pet insurance is so cheap compared to other insurances, the pool is smaller so the increases are bigger. Still, though, I don't believe any of the reasons they give for premium increases at such rates apart from market saturation and profit margins.


Just shop around and if you need any help, I'm happy to help you? Whatever insurance you decide on, check who the policy is underwritten by because that is the important part - not the price or the policy name or company! Check if it is underwritten by one or more than one company because that will affect how claims are settled and the time it takes for settlement.


Also, John Lewis had some good insurance deals the last time I checked for Yorkies? I don't think Yorkies are considered particularly high risk. The high risk dogs are the smashed faced breeds like pugs, bulldogs and some of the breeds which are considered guard dogs like Rottweilers, Dobermans, etc.


Hope this helps and good luck!

[dinkster]

I never found a plan that covered enough to make the yearly cost come to less than treatment. Also, it seemed that typically the coverage was only half the cost of surgery.
Dinky is 5 years and his major medical costs have been teeth cleaning and surgery for luxating patella and torn ligament. The cost of the insurance and only getting half covered (if that!) still is more than we have spent.

[docmartin]

Originally Posted by SirTeddykins

If it makes you feel any better, we're 35 and they tried it with us every year until we canceled but I do think that they hope you just let payments rollover and not ask any questions. The pet insurance market is oversaturated so anytime there is a loss from the premium pool which threatens profit the whole of the insured panel gets increased premiums. That's the way of insurance. Unfortunately, because pet insurance is so cheap compared to other insurances, the pool is smaller so the increases are bigger. Still, though, I don't believe any of the reasons they give for premium increases at such rates apart from market saturation and profit margins.


Just shop around and if you need any help, I'm happy to help you? Whatever insurance you decide on, check who the policy is underwritten by because that is the important part - not the price or the policy name or company! Check if it is underwritten by one or more than one company because that will affect how claims are settled and the time it takes for settlement.


Also, John Lewis had some good insurance deals the last time I checked for Yorkies? I don't think Yorkies are considered particularly high risk. The high risk dogs are the smashed faced breeds like pugs, bulldogs and some of the breeds which are considered guard dogs like Rottweilers, Dobermans, etc.


Hope this helps and good luck!

Again thank you, I had a chat with Direct Line, who explained the increase upon the fact that I had received a 50% discount last year when I transferred from 'Pet Plan'. I have to say a very pleasant young lady proceeded to work out premiums for both Crystal & Holly viz: For both £24.71 ($38 .44) per month. This is for £4k ($6k) in vets fees in 12 month, with a £160, ($240) excess per claim. Also there would only be the 'age related' increment next year - whatever that means?

Included are Death from accident, Loss from theft or straying, Boarding fees, Holiday cancellation and Third party liability, in case my 'Yorkie Terrorists' succeed in licking someone to death between them. The underwriter here is UK Insurance, who I think also own Churchill and Green Flag etc and are the UK's biggest MGA?

This was still more expensive than the rest. I would choose John Lewis as an alternative, I think? For year 1 for both dogs they came in at £15.77 monthly ($24), but Vet fees are reduced to £3000 ($1500) each. But they guarantee lifetime cover. This means that if say Crystal used her £3,000 limit in one year on vets fees, I could claim again on the same diagnosis a further £3,000 and thereafter annually.

For only £1.80 a month extra 'Homebase' were offering £5,000 in vet fees per year.

I'll find out who underwrites both of the above before renewal later on next month and update?

[SirTeddykins]

Originally Posted by docmartin

Again thank you, I had a chat with Direct Line, who explained the increase upon the fact that I had received a 50% discount last year when I transferred from 'Pet Plan'. I have to say a very pleasant young lady proceeded to work out premiums for both Crystal & Holly viz: For both £24.71 ($38 .44) per month. This is for £4k ($6k) in vets fees in 12 month, with a £160, ($240) excess per claim. Also there would only be the 'age related' increment next year - whatever that means?

Included are Death from accident, Loss from theft or straying, Boarding fees, Holiday cancellation and Third party liability, in case my 'Yorkie Terrorists' succeed in licking someone to death between them. The underwriter here is UK Insurance, who I think also own Churchill and Green Flag etc and are the UK's biggest MGA?

This was still more expensive than the rest. I would choose John Lewis as an alternative, I think? For year 1 for both dogs they came in at £15.77 monthly ($24), but Vet fees are reduced to £3000 ($1500) each. But they guarantee lifetime cover. This means that if say Crystal used her £3,000 limit in one year on vets fees, I could claim again on the same diagnosis a further £3,000 and thereafter annually.

For only £1.80 a month extra 'Homebase' were offering £5,000 in vet fees per year.

I'll find out who underwrites both of the above before renewal later on next month and update?

If you are happy with Direct Line but want John Lewis premium, ring Direct Line back and tell them that you've had an alternative quotation and they should consider matching it in order to retain your business.


If they are very savvy, they will try to poke holes in the John Lewis cover but John Lewis are very good at pet insurance. In the whole of the market, they continuously come up top at a time when most are dropping out of pet insurance. This means, John Lewis will probably increase prices due to monopoly effect but you don't have to worry about this for now.


I personally feel, as a previous insurance professional and a pet owner, that c. £15 for both dogs who are so young is a much more reasonable premium than what Direct Line are offering you.


Try to barter and see what you come up with!!


You make me miss my sales negotiation past but not enough to revisit it over my future doctorate! haha

ALSO, wanted to add that when you call Direct Line back, make sure they explicitly define what a 'age related' increment means and the projected amount of the increase. This way, if it exceeds your expectations at renewal, you have them cornered to honor what they say to you this year via a recorded call. Then, they will be obliged by law.

[SirTeddykins]

Also, if you haven't already done this, enter the policies you are comparing here:


Star Ratings | Defaqto


This is a quick way for you to compare cover via a snapshot of the selected policies which can also be used for or against your advisor during price negotiations.

[docmartin]

Originally Posted by SirTeddykins

Also, if you haven't already done this, enter the policies you are comparing here:


Star Ratings | Defaqto

This is a quick way for you to compare cover via a snapshot of the selected policies which can also be used for or against your advisor during price negotiations.

How useful thanks, I'm also getting some term Life cover at the moment and my experience with LV compared well with their ratings. John Lewis are underwritten by RSA, I found this article really revealing and found £526 for a three year old Springer Spaniel heavy for two years ago? Perhaps we're luckier with our little people?

'My pet insurance premiums rose by 40pc' - Telegraph