Quote:
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!