Pet Plan Customer For Years

4.5 / 5
88% of users recommend this
  • Customer service

  • Value For Money

193Church's review of Pet Plan UK Pet Insurance


“Pet Plan Customer For Years”

Written on: 16/01/2017 by 193Church (1 review written)

I have used Pet Plan for both my cat and dog for the last 15 years. Never any problems with claims always paid very quickly. 

I like the way you can get paid direct and can track claims. 

My only criticism is that excess goes through the roof as pet gets older. This is unfair when we have been loyal customers for years and pay a large amount to insure are pets. 

Why are we penalised for our animals getting older this makes no sense, we insure our animals to make sure they stay alive fit and well for as long as possible.

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Jonah8208's Comment

Written on: 18/03/2017

Insurance of all types is a transaction based on risk. Pet Plan are not being mean - they know that the risk for insuring an older bet is orders of magnitude higher than a younger pet. Same for Health Insurance Plans like PPP, the older you get the more likely a expensive claim will hit. Insurance underwriters have to make a profit for their shareholders and syndicate members. If you think of insurers as bookies that makes more sense and is exactly what they are. Pet Plan will take premiums for many thousands of pets, theoretically the younger pets will be more numerous and pay for the older pets - so the premiums remain low. In reality when pet insurance is in place the visits by pet owners for minor problems increase as do vet bills and costs to the insurers. Insurers like Pet Plan (who are just brokers really) do not keep more than a few % of the risk and premiums, they buy re-insurance from specialists who in turn buy re-insurance ans do on to the total risk is spread far and wide - bookies call this "laying off bets". The premiums are therefore set by actuaries and underwriters on a massive scale not by Pet Plan or Admiral or any other sales brokerage. ie Pet Plan have virtually no control they just quote premiums, and take commissions.

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