When my family adopted our dog Hyko five years ago, we immediately purchased pet insurance from ManyPets. It was a wise decision considering their high ratings, despite the expensive price tag of £530.
We opted for the pricier “lifetime” insurance plan to ensure coverage for chronic conditions, not just one-off accidents or illnesses. This turned out to be a smart move as Hyko experienced his first seizure shortly after adoption.
After conducting some tests, we discovered that Hyko would require epilepsy medication for the rest of his life. Fortunately, ManyPets assured us in a renewal email that “you won’t be penalized for making a claim”.
Initially, the price increases were manageable in the first few years (£653 in 2020 and £833 in 2021). However, in 2022, the policy cost skyrocketed by over £500 to £1,353.
To my dismay, I recently received the renewal email, revealing an annual cost that has doubled to £2,692. Switching providers isn’t an option due to Hyko’s pre-existing conditions.
Hyko is approaching 10 years old and will likely live for another three to five years. We dread the potential future price increases and the difficult decisions we may have to make. We feel lost and uncertain.
LL, London
Caring for pets can be costly, as you have experienced. However, you made a wise choice by selecting ManyPets, a highly recommended insurer that was recognized as a “best buy” in the recent pet insurance guide by consumer group Which?.
ManyPets attributes the premium increase to various factors, including the age, breed, and revised risk estimation of future illnesses for pets. They also mention that inflation has affected veterinary care and drug costs, which influences all customers to some extent based on their pet’s age and circumstances.
Hyko’s advancing age, as reported by Go Compare, contributes significantly to the increased insurance costs. Dog owners can expect insurance premiums to rise by an average of 110% when their dogs reach the age of eight, explaining the observed pattern.
Despite being limited in options due to Hyko’s pre-existing condition, you chose a comprehensive “lifetime” policy, which tends to be more expensive. Nevertheless, there are still measures you can take, similar to other insurance types, to lower the cost. These measures include reducing the coverage level or agreeing to a higher excess. While deciding on these options can be challenging considering the concerns about unexpected vet bills, you ultimately opted for a reduced claim limit of £4,000. This coverage adequately covers his medication expenses and saves your family over £1,000 per year, totaling £1,604.
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