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Pet insurance premiums on the rise

Pet insurance premiums on the rise

Category: Pet Insurance

Updated: 01/02/2013
First Published: 01/02/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Pet insurance premiums are set to increase over the next year by up to 12% (source: Debenhams) , leaving many pet owners concerned about finding the best options for their furry friends.

Many insurers believe the increase in premiums is due to a rise in veterinary fees, with recent statistics stating that a large proportion of increased costs were results of advances in veterinary technology.

In fact, worrying figures from the Association of British Insurers revealed that the cost of pet insurance claims has risen from £302 million in 2007 to a hefty £436 million in 2011. This reflects a significant increase of 44%.

Beverley Cuddy, editor of Dogs Today magazine, said: "Last year we had a few insurers realising just how very tricky pet insurance can be and trying to make a very abrupt exit.

"Thankfully, after much media pressure and via the ombudsman, insurance was reinstated to people who had dogs with existing claims who had been deserted and were in effect totally uninsurable."

What Next?

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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