3
out of 5
POSTED: | BY: Judith Zinn
Skyhigh Premium Increase
I have multiple pets insured with Pets Best and have always founds them to be responsive and speedy on reimbursing claims. My now-10 year old domestic short hair cat's policy recently came up for renewal and and I was stunned to see the rates rise from $416. (including multi-pet discounts) to $532.00, a nearly 30% increase. When I called to complain, I spoke with a representative (Jennifer) who gave me the old line about increased risk, location, breed of animal, etc.
And I do understand that a rate increase would be in order as a pet's age increases. But 30%? And, I wondered during our conversation, what happens when the pet turns 11, 12, 13? Since my cats and dogs) have generally reached a ripe old age, at what point does the cost become too prohibitive to continue to insure a pet? Jennifer's response was that there was no guarantee that the rate would not keep rising.
What really got a laugh from me was Jennifer's comment that sometimes rates go down. I asked her for an example and she stated that young pets tend to have more accidents and illnesses that lessen as they get older. I then wondered why my four-year old rescue, whom I adopted as a baby, has yet to see a reduction in premium. (I just renewed his policy for nearly $500.00).
Pet insurance is, without doubt, a valuable tool to safeguard our pets; however, the exponential rate increases will eventually put most people out of the market as their pets age.
Absent these ever-increasing premium hikes, my overall rating would have been close to the top; however, because of the incessant costs of insuring pets, I have to lower my rating to a 5.