Pet insurance can often feel like a bit of a minefield for pet parents, wanting the best protection for their pet but also a premium that can be worked into the monthly budget alongside increased food costs and interest heavy mortgage repayments. A challenging feat when being faced with confusing jargon, condition exclusions and rising premiums. And after spending hours staring at price comparison websites humming “go compare” the well intentioned owner can easily miss important policy details and be landed with big vet bills…
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Price comparisons – why the cheapest premium may cost you more…
The money savvy of us will often use price comparison websites every year when it comes to a policy renewal to get the best quote. Which when it comes to other insurance policies such as home and car insurance is very sensible. Here is why this is less useful with pet insurance. If you’re changing companies every year your pet’s medical history will be sent to your new insurance company. And any conditions that is in your pet’s medical history will likely be excluded meaning that although your premium may not change or even decrease with doing this, you may not be able to claim for conditions your pet is more likely to suffer with. Sticking with the same company and choosing an annual policy will mean that you can claim for the same condition year after year.
I’ve got my policy – now why has my premium increased?
Insurance companies will increase their premium based on how likely they think you are to use it. If you have made claims on your insurance policy, your premium will likely increase as statistically you are more likely to claim in the future. Furthermore, if your pet has an ongoing condition that will need lifelong treatment, such as allergies or epilepsy, the insurance company will increase your premium to reflect this.
But I haven’t made any claims and my premium has still increased?
Price rises year to year are happening everywhere to all sectors due to inflation. Increased gas and electricity bills are pushing up costs to running vet surgeries; which in turn push up veterinary costs for clients. The market price for veterinary drugs have also increased, and as costs to clients increase so do insurance premiums.
Factors such as where you live will also affect premiums. Vet bills will vary by location, the most expensive being in London and the South East of England and the cheapest being in Wales. So if you’ve moved house into a new location, your premium may increase.
Factors like your pet’s age and breed will also affect your insurance premium
Some breeds are more likely to get unwell due to genetic conditions and pre- dispositions; and insurance companies will account for this. As your pet ages they will also be more likely to suffer with age related conditions; such as osteoarthritis and some types of cancer. To the insurance company, this increases the risk that you will start to make a claim and again, your premium will increase.
Lastly, veterinary costs are increasing due to the rise in the sophistication of treatment that is available for pets year on year
Veterinary investigations and treatments are catching up to human medicine with advanced imaging such as CT and MRI being a popular modality for diagnostics. However these are also very expensive to buy, use and interpret. The advances in veterinary surgeries have also been massive. They are becoming as complex and specialist as any you will find in human surgery. Advances in veterinary care means more specialist (and therefore expensive) procedures and drugs; all stacking up to insurance companies predicting a higher pay out for insurance claims.
So how do I get the best deal?
If your pet has been generally healthy and has no claims or medical conditions in their records that you would need to claim again for, shopping around for cheaper quotes from other insurance companies would allow you to ensure you’re on the most budget friendly policy. Increasing your excess can also reduce your premium. Further guidance can be found here.
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