poodle proud Posted January 13, 2011 Share Posted January 13, 2011 (edited) Ok, so we are not strangers to pet insurance and (until this point) have believed it quite useful. So I get the annual renewal information for the policies and Bow wow meow pet insurance says that they now calculate premiums on a "risk-based method". So the preface it by saying " It hardly seems fair that the same premium is charged for both a 10 year old Great Dane and a 1 year old miniature fox terrier where, in reality, the veterinary risk and cost for these pets differ significantly!" So you are thinkingh initially, fair enough, I see their point. And I'm thinking to myself, well Osca is 6yrs old so ok his premium might have gone up a few dollars per month. No, his premium rose from $30.60 to $41.10 in 1 year. So needless to say I was furious, got on the phone to make myself heard and of course the girl says there is nothing she can do. I asked her what the premium would be for a 10 year old and she says "there is no maximum premium". Of course there isn't... So I am at a loss with what to do. Is anyone ecstatic with their pet insurance provider or does this seem like the new wave of scamming owners as most of the companies are all underwritten by Hollard Insurance? Would love to hear your thoughts. PP Edited January 14, 2011 by poodle proud Link to comment Share on other sites More sharing options...
Bundyburger Posted January 13, 2011 Share Posted January 13, 2011 Err I'd hardly call increasing premiums a 'scam'. It's part of life. Link to comment Share on other sites More sharing options...
poodle proud Posted January 13, 2011 Author Share Posted January 13, 2011 Err I'd hardly call increasing premiums a 'scam'. It's part of life. Bundy's mum, I am aware of this however my child sponsorship does not even go up $10 per month in 1 year...... And neither has my pet insurance in over the 5 years of having it.... Link to comment Share on other sites More sharing options...
Janba Posted January 13, 2011 Share Posted January 13, 2011 Has Oscar had a lot of claims on his policy? Link to comment Share on other sites More sharing options...
poodle proud Posted January 13, 2011 Author Share Posted January 13, 2011 Has Oscar had a lot of claims on his policy? Hi Janba, no, we have never claimed for Osca. It's just the way they are calculating premiums now. Link to comment Share on other sites More sharing options...
poodlefan Posted January 13, 2011 Share Posted January 13, 2011 So the preface it by saying " It hardly seems fair that the same premium is charged for both a 10 year old Great Dane and a 1 year old miniature fox terrier where, in reality, the veterinary risk and cost for these pets differ significantly!" So much for the concept of shared risk. I'm glad human health insurance companies don't share this philolosophy. Link to comment Share on other sites More sharing options...
Staff'n'Toller Posted January 13, 2011 Share Posted January 13, 2011 I have the same letter from PIA with the same quote. Now that you have made this thread I imagine it has come from Hollard who is the underwriter of pretty much all pet insurance companies here. Link to comment Share on other sites More sharing options...
poodle proud Posted January 13, 2011 Author Share Posted January 13, 2011 So much for the concept of shared risk. I'm glad human health insurance companies don't share this philolosophy. I know. Hence, why I wanted to find out what I would be up for in later years. She even said because it had increased "so significantly" it was "unlikely it would go up again for a while". What to make of that I wonder..... Link to comment Share on other sites More sharing options...
ashka1 Posted January 13, 2011 Share Posted January 13, 2011 (edited) actually human insurance such as health,Life, trauma TPD and income protection are based on risk/cost basis. Males more expensive than females, smokers more than none, age,weight, health history and occupation effect the costs. I am not surprised this now in the pet industry. There have always been some pet insurance companies that charged loadings for breeds prone to certain health issues. Not a scam, Edit to add, they should be able to tell you at what ages they increase premiums and provide and indication of cost if your dog is 10 years old. Edited January 13, 2011 by ashka1 Link to comment Share on other sites More sharing options...
poodle proud Posted January 14, 2011 Author Share Posted January 14, 2011 I have the same letter from PIA with the same quote.Now that you have made this thread I imagine it has come from Hollard who is the underwriter of pretty much all pet insurance companies here. Oh dear....I feared this was probably the case. I imagine shopping around probably won't yield a more reasonable premium. I don't get worked up about much but I think they just expect people will just keep paying it. I understand the premise that if you claim, your premium is recalculated, however, just giving themselves scope to increase premiums while making out like they are doing you a favour is just wrong. And for all those insisting on correcting me about it not being a 'scam', I shall endeavour to alter it, although I imagine most people would realise this is a vent... Link to comment Share on other sites More sharing options...
Winterpaws Posted January 14, 2011 Share Posted January 14, 2011 Maybe they are losing money so they need to increase their premiums to cover the risk they write I guess they could just not write pet insurance at all...... then what would you do? Hardly a scam IMO - completely sucks that the premium has increased but not a scam. Link to comment Share on other sites More sharing options...
Rebanne Posted January 14, 2011 Share Posted January 14, 2011 mine all went up, I cancelled Piper's. In 2 years I had never made a claim for him, his excess was $200 and he is coming up 11. Still got the other 2 insured though. Link to comment Share on other sites More sharing options...
poodle proud Posted January 14, 2011 Author Share Posted January 14, 2011 Thankyou to those whose posts have been kind and informative I have not been on dogzonline for 18 months or so. But last time I was here people didn't flame you for being upset about something or not choosing a title of a post with pinpoint accuracy.... It might not apply to you Winterpaws but some people struggle to afford pet ownership but do want to try and have their pet's interests looked after. Increasing the burden of that puts some people out of the market and then some people have to make decisions about euthanasia rather than scraping funds together for operations and treatment. Link to comment Share on other sites More sharing options...
SeeGee Posted January 14, 2011 Share Posted January 14, 2011 hm i havent received a letter yet... Link to comment Share on other sites More sharing options...
megan_ Posted January 14, 2011 Share Posted January 14, 2011 might not get you a better price, but might get you better service and coverage.... but I agree with BM, it isn't a scam at all. Insurance premiums go up when risks go up. Link to comment Share on other sites More sharing options...
Aidan3 Posted January 14, 2011 Share Posted January 14, 2011 I'm not even convinced that premiums are set based on risk. I think they have a very good system of figuring out who will agree to pay how much. e.g purebred dog owners will pay a higher premium, so they are charged a higher premium. Link to comment Share on other sites More sharing options...
Mason_Gibbs Posted January 14, 2011 Share Posted January 14, 2011 I was so scared when it came time for my Petplan renewal last year as I had claimed quite a bit, my premium only went up by like 30c a month. A friend of mine has a chihuhua x and I have a lab and we pay the exact same premiums with Petplan... Link to comment Share on other sites More sharing options...
Golden Rules Posted January 14, 2011 Share Posted January 14, 2011 I have the same letter from PIA with the same quote.Now that you have made this thread I imagine it has come from Hollard who is the underwriter of pretty much all pet insurance companies here. I was with RSPCA pet insurance until last week - the premium for my older dog rose by more than $200. Yes I have made claims (for cruciates, so expensive) however these claims are now finalised and I was no longer claiming anything. Anyway, I shopped around and went with Medibank Private who have given me a premium more than $200 less than RSPCA. So yes, it does pay to shop around. I was so scared when it came time for my Petplan renewal last year as I had claimed quite a bit, my premium only went up by like 30c a month. A friend of mine has a chihuhua x and I have a lab and we pay the exact same premiums with Petplan... Just wait ........ Link to comment Share on other sites More sharing options...
RallyValley Posted January 14, 2011 Share Posted January 14, 2011 The premium for my dog that is turning 3 this year went up a dollar a month... he is not covered for allergies or any issues relating to his leg he broke.... And I did call and ask them to raise his excess which they haven't done... anyone recommend a new insurer. Link to comment Share on other sites More sharing options...
Mason_Gibbs Posted January 14, 2011 Share Posted January 14, 2011 I have the same letter from PIA with the same quote.Now that you have made this thread I imagine it has come from Hollard who is the underwriter of pretty much all pet insurance companies here. I was with RSPCA pet insurance until last week - the premium for my older dog rose by more than $200. Yes I have made claims (for cruciates, so expensive) however these claims are now finalised and I was no longer claiming anything. Anyway, I shopped around and went with Medibank Private who have given me a premium more than $200 less than RSPCA. So yes, it does pay to shop around. I was so scared when it came time for my Petplan renewal last year as I had claimed quite a bit, my premium only went up by like 30c a month. A friend of mine has a chihuhua x and I have a lab and we pay the exact same premiums with Petplan... Just wait ........ I am hoping it does not go up this year as last year I claimed loads and they did not increase it - so they shouldnt really if they did not increase it by much last year Link to comment Share on other sites More sharing options...
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