Premium Hike For Pet Insurance Customers
AXA Insurance have decided to remove themselves from the pet insurance market which will mean that up to 10,00 of their existing customers who own a pet insurance policy will have to be moved over to NCI Insurance. According to AXA, they have left the market behind in order to focus on their 'key products' such as home, motor and travel cover.
All of AXA's pet insurance holders will be moved to NCI Insurance by August 30th this year. NCI have reported that they will "provide similar levels of cover to AXA and will continue to insure any medical conditions identified while customers were with AXA under the terms and conditions of the new policy." However, a number of customers have already been moved to NCI and they have reported huge price hikes, especially for the cover of their pet's pre-existing medical conditions.
Insurers will generally refuse to cover any animals that have pre-existing medical conditions. You will need to opt for lifetime cover for your pets to get the most comprehensive deal, but these policies come with a high premium. You will also need to renew your policy every year and some insurers can just refuse your renewal.
An AXA customer has come forward and reported that her premiums will increase from £357 to £1927 a year after the change to NCI. She said: "I feel like I have no choice but to renew my dog's policy with NCI. I know that other insurers won't cover his medical conditions. I'm going to have to put my wedding on hold to pay for the policy."
Insurance writer Rebecca Rutt said: "Although NCI said it would provide 'similar levels of cover' to AXA, in all cases we've seen it's significantly raised the price. This is unfair to existing customers and means some are now being forced to look elsewhere for cover. As switching is difficult if your pet has pre-existing conditions, this could mean that some pet owners are left without cover for their beloved animals. If you've been affected, complain to NCI. If you don't get a response, escalate the complaint to the free Financial Ombudsman Service after 8 weeks."
James Savery, 15 May 2015