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Jules

Registered:
Posts: 146
 #1 
Hi
 
I just got my annual renewal for my older cats insurance. It has gone up from £6.50 per month to £9.76. I cannot believe the increase, that is like a 50% increase in premium and we have not made a single claim since I took the policy out over 6 years ago. How can they do this? I know how we can be forced to have to take the increase. Nobody will take on a cat over the age of 5 years and because abu is now 12 and 1/2 we have no choice but to stay with the insurers we are with. They are taking advantage of people with older pets which I think is disgraceful.
 
Sorry for ranting but only people on here who are animal lovers will realise how wrong this is.
 
Jules (felix's mammy) xxx
MaxAndHazelsMom

Moderator
Registered:
Posts: 1,013
 #2 
Hi Jules,

I debated whether to post this reply, because the last thing I want to do is offend you.  But I thought maybe the information I can offer might help to soften the blow of the increased premiums, maybe a little bit.

For reputable insurers, insurance premiums are calculated by groups.  For example, motorcyclists are in a different group from automobile drivers, and teenage drivers are in a different group from middle-aged drivers.  Insurers keep statistics on the reasons they pay out money in claims.  Since the claims for some groups are higher than the claims for other groups, they calculate the premiums accordingly.

So, yes, if your pet insurer has rate groups defined in a way that your kitty moved from one group to another because of age this year, then you'll see a premium increase.  Rate groups are supposed to help keep costs down for the groups with lower claims activity, but the flip side of that, of course, is that the cost goes up for groups with higher claims activity.

It may seem like discrimination, but it's not supposed to be.  It's supposed to be a system that applies the cost to the groups that incur the highest claims.

I know what a blow it is to receive a bill for a 50% premium increase, and I agree that 50% seems rather high.  Especially for those of us on fixed incomes, such a premium increase can be very difficult to accommodate.  My heart goes out to you.

I'm not defending rate practices - and it's definitely worth talking with your insurer to get an explanation and to be sure that the premium increase is correct - but I thought you might be glad to get information about the logic behind insurance premiums.

If you already knew all of this, I apologize - I just wanted to help a little bit -

Hugs,

Barb

PS: Kudos to you for protecting your furries with insurance in the first place - that is so loving and so responsible of you!


maerlyn

Registered:
Posts: 1,604
 #3 
I have to agree that 50% is quite high, but the increase itself is to be expected - for the reasons that Barb so clearly explained.

I have insurance on both Mordred and Althea; I started them both when Althea was a year old, and Mordred, two.  When I got the renewals in December for the coming year, I noted that the premium for Mordred had gone up, and I understood why: he turned 5 last year. Althea will turn 5 this year (how can that be????), so I expect that, when the renewals come around in December, her premium, too, will go up.

But I'll tell you what: it's worth it.  When I had to take her to a specialist back in the winter, the bill was $308 - and the insurance paid $275 of that!  I wish I could get as good insurance as my cats have!!
cxg174

Registered:
Posts: 183
 #4 
I turned 45 this year and my premium for one of my life insurance policies went up by 50%. I am at a higher risk of dying now, even though I feel the same as I did at 44. Younger teen drivers pay a higher rate for car insurance because they are at a higher risk to wreck. Insurance is a way of sharing risk. If your risk is higher, you pay more. It seems a shame that they can't have a fixed rate after you have had it for so long, but if they did , it would have to be a much higher rate.

I am not sure about the value for the money as far as costs in the UK, since you referred to the cost in pounds. Vet care is really expensive here in the US, and I just started a new policy for my two new ones called Sheltercare, it was something I learned about through the shelter. They have a trial package for the first month. I am not sure I can afford to insure them both over the long run, but I hope I can. Last year when Tina had her stroke it cost about $1000 with everything that was involved, and it took my whole income tax refund. If I hadn't had that money coming, I might have had to have her put to sleep for lack of money.

I would love to hear from those who have pet insurance to see if they feel it is worth the cost.
boobookittysmom

Registered:
Posts: 6
 #5 
I have pet insurance for my nearly five year old, Teddy. It costs me $139/ year and I think it's worth it. He had to be hospitalized when he was two for a urinary blockage and the bill would have been over a $1000 but I only paid half of that with the insurance so it's easily paid for itself. For me it's peace of mind knowing that the insurance covers about 50%.

I just lost my Boo Boo Kitty 19 days ago, one month before her 16th birthday and I did not have insurance on her because the cost was $400 a year since she was over 11. But with her, she never went to the vet. She was very healthy up until about five months ago when she developed hyperthyroid, then kidney failure. It wouldn't have been worth it to pay that every year.

They were just talking about it on the news and they said if you can otherwise afford to pay for high vet bills, then the insurance probably isn't worth it because if you pet doesn't go in, then you are paying for nothing. If going to the vet is a financial hardship, then the yearly fee may be worth the savings the insurance provides.

I also think it depends on the cat and the situation. With Teddy, I have blood work and urinalysis tests done every year to make sure all is well and it saves me about 50%.

Kindly, BooBooKittysMom

jackie

Registered:
Posts: 188
 #6 

I am so very sorry about your loss of BoobooKitty. It is so hard to lose them. Thank you for reminder of pet insurance. Is there a place that you know of that has information on it? I had medical insurance on my horses a long time ago, I have considered it on my little guys, but the insurance I once had only insured the larger animals. Again, I am sorry for your loss. I am confronting an issue with a "wild one" that just had babies...I have never been around a wild momma kitty and I am not sure what to do other than I took food, water and some warm milk out for the momma...I don't know how many she had..I feel so sad for her, she lets me get a little closer which makes me wonder if she is trusting me or if something is wrong. I had put out a large blanket out for her because it has been raining and snowing and windy. (this is in an open shed.) I just want to scoop them up and take them in the house. I get so mad that people don't spay their pets. Well, take care and I hope your pain eases quickly. God Bless, Jackie

clydetheboosmom

Registered:
Posts: 15
 #7 

I have pet insurance.  It's the best thing I ever did.  If anyone wants to know about it here in the US, feel free to email me :)

MYFAV5

Registered:
Posts: 730
 #8 
Hello all. I've looked into pet insurance many, many times, but given the ages of all my pets, it's not worth it. Blue has allergies and won't be covered; Tober had a serious illness less than a year ago and can't be covered; Smudge is too old to be covered so it'd just be Little Bit & Boo so what's the point?

My vet told me about something that I think is better. It's called CareCredit.com A lot of vets and other human medical facilities participate. It's revolving credit and I just use it when I take any of them in, usually two at a time, for their yearly. No $$ down, no fee to apply and you can do it over the phone or on the web. I don't have to make monthly payments, have a deductible, co insurance and on and on and on for five animals (hard enough for just me). Glad I was told about this and thought I'd put it out there for anyone else.

hugs to all;
Lisa
PunkinMummy

Registered:
Posts: 1,038
 #9 

Just dropping by to vent on this very subject   or to get an attitude adjustment  about insurance.

I have tried to stay out of this as I don't feel my experience with pet insurance is representative of other people's. Especially Sharon's or 
Boo Boo Kitty's Mom or Clyde the Boo's Mom.

I have to say I have received back considerably less than 10% of what I put into my boys' policies in the almost 20 months I have had them both insured and I have also paid a lot in premiums for 2 young indoor-only supposedly healthy cats. However I deliberately chose the top policy for Parker as he was already 6 and then the second top one for Atticus and so I was paying almost $90.00 (Canadian) a month in total for both of them.

I find it it hard that the money isn't there in an emergency so it isn't really a big help in the crunch if you need it but I sort of had looked at it as an investment like life insurance is. You surely will put much more into it over your lifetime or your cats' lives than you will see back yourself if you are lucky - meaning you will never need to claim on it as your cats will stay healthy or with life insurance -  you won't die and need to claim it.

So I figured it was sort of worth it but that if you needed it, it surely would be there.  


Now for the sand of reality kicked in my Pollyanna face. 

Recently in March I had to submit in total some $1600.00 in claims for my Parker over 2 stays at the Vet plus one Emergency Vet trip. And guess what -I was thrilled to actually receive back almost $1100.00. I thought WOW - I am actually getting back a substantial amount of what I have put in it over the 20 months.

However today the other shoe dropped.

This afternoon I received a letter from my Pet Insurance Company - No Names to protect the Crooks   - stating with my claims for Parker this March, I was in the top 8% of claims for this year and as such, they were cutting what they would reimburse me from 80% to 50%.



Which kind of seems like a rip-off to me!!!

 I understand why they are doing it but I have to say it feels almost crooked to me that they say they will pay 80% until you actually do make a claim that they have to pay you some real money back on and then they penalize you for it.

Sigh.

PS. I also have to say what kind of company says paying $1100 is in their TOP 8%. I mean - how many clients can they have as that does not seem excessive to me really? 

More accurately, who is their one other client?

Double Sigh.

BrokenHeart

Registered:
Posts: 3
 #10 

my dallas lost her battle with cancer on 5/21/07.  while i dont regret one decision i made through our adventure through canine cancer, i do wish i knew there was such a thing as pet insurance.  through our ordeal, we incurred expences totaling over $6000.  while all the treatment in the world didnt save her, i wish i didnt miss her so much everytime i make a payment.  truly a sad, sad monthly ritual.

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