PET INSURANCE IS A SCAM
or at the very least,
NOT WORTH IT!
(with no apologies to anyone working in the pet insurance industry)
Sophie has been insured through Pet Plan for about two and a half years and in that time, I have paid $1,350 in premiums (approximately $50/month). I do this, because I love my dog. I signed her up for a fancy policy that covers 80% of her vet bills should she need medication, surgery, cancer treatment, etc., etc., etc.
80% ... remember that number. It's going to come up again.Originally, her premiums for the 80% coverage were $45 per month. Not cheap, but a flash in the pan when you think your dog might have cancer. They are now $53 per month. Quite a hike, considering it's only be two years.
When she tore the ligament in her knee, I was relieved to have insurance because her surgery cost $3200, not including the diagnosing examinations and x-rays. All tolled, her knee cost about $4000, and Pet Plan covered $3000 of it .... on the surface.
When you factor in the 22 months of premiums I paid prior to this claim (approximately $1100) and the deductible ($200), I still paid $2200 for this surgery. Nonetheless, I was happy to have the coverage.
THEN...I got a letter from Pet Plan informing me that because of her surgery, Sophie's
coverage was being reduced from 80% to 50%. I was spitting mad!They also informed me that Sophie's deductible was being raised to $400.
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Apparently, they are managing their risk.
Now having owned and paid for car and house insurance for years, and having developed an intense, intimate relationship with one of these companies after my house fell down (literally), I am feeling fairly well versed in how insurance companies manage risk. In my experience, with Canadian companies at least, premiums may go up astronomically, but the basic plan doesn't change. With Pet Plan, my premiums have increased almost 20%, my deductible has increased 50%, and my coverage has decreased 40%.
This really pisses me off.
I was paying for a specific service that Pet Plan decided they could arbitrarily not offer.
Is this not operating in bad faith?
With the premiums and deductible:
*I will be paying over $1000 per year, before 50% of her vet bills will be covered.
Unless this dog has major surgery every year
for the rest of her life,
how does this make sense?
And were that the case, you can be assured they would cancel the policy.-------
Note: Yes, I know that that is what insurance is all about ... paying in, just in case. I don't actually mind paying in, just in case, but I'm not stupid. As soon as a company starts to severely alter the service they have agreed to provide, I'm out.