MSE is founded by Martin Lewis, and the financial team have some advice for pet owners
Pet owners are being urged to think twice before switching insurance companies. The warning comes from Money Saving Expert (MSE), which has cautioned that while hunting for a cheaper deal might seem smart, it could come at a cost.
The site, founded by financial guru Martin Lewis, says thousands risk not being able to claim. But with vet bills soaring and household budgets under pressure, it’s no surprise owners are shopping around.
In its latest weekly email, MSE notes that insurance is a must as “without cover a trip to the vet can leave you footing a huge bill”. But before you switch, it writes: “Warning. Beware switching providers if your pet has an existing condition.
“Most new policies won’t cover past issues, whether you’ve claimed for them or not. But stay with your old insurer and you’re likely to pay more to cover that condition in future.
“So it’s usually a hard choice between switching to a cheaper policy with no cover for that specific condition, or sticking and likely paying more.”
It further explains: “If you’re still claiming for a particular treatment on your current insurance policy, and haven’t yet hit the maximum amount or ‘length of time’ payout, or you have a top-end ‘lifetime’ policy which does not have these exclusions, you may be better off staying put.
“However, you can still switch to a new insurer as long as you’re prepared to accept your pet won’t be covered for the ailment it’s already been treated for.”
For example, if your dog gets cataracts in both eyes and your current insurer pays for the treatment, the cost might reach the policy’s limit. But that doesn’t stop you from switching to a cheaper policy with the same terms and conditions.
Just keep in mind: your new insurer will see the cataracts as a pre-existing condition. That means they won’t likely cover it if it comes back.
“Remember, it’s important to declare all pre-existing conditions – even if your new insurer is likely to exclude them – to avoid the chance of invalidating your policy,” MSE stresses.
MSE’s pet insurance ‘need to knows’
- It generally covers big issues (such as broken bones and tumours), not check-ups
- Need cover but can’t afford it? If you’re on certain benefits, charities such as the PDSA may help with vet bills
- Could you self-insure? For smaller animals, you could put cash in savings to cover fees
- Keep your pet’s routine jabs up to date or it may invalidate your insurance
- Always check the policy is right for you. It’s not easy, as insurance is about protection from the unknown, but do check the policy details, what’s excluded, and that the firm’s regulated by the Financial Conduct Authority.
- If your claim’s unfairly rejected, take the firm to the Financial Ombudsman. Once you’ve complained to your provider, you’ve then a right to go to the free, independent Financial Ombudsman Service for its help to settle the claim.
Ensure our latest headlines always appear at the top of your Google Search by making us a Preferred Source. Click here to activate or add us as your Preferred Source in your Google search settings.
