Prosure pet insurance

My two cats have been insured since they were kittens. Now the 3rd renewal comes and the premium is up by 60% year over year for both of them. That’s 100% increase vs the first year for one of them (who had one accident claim in the first policy year) and 80% for the other (who has had no illness/accident claims ever). They justify the increase in premium based on the increased veterinary costs but the benefit amount ($150) remains the same.

If you calculate how much you would end up paying for the next 10, 15, 20, 25, even 30 years based on premium increased over the years, it doesn’t make sense to keep paying premium. I will instead deposit the equivalent amount into a separate bank account.

As for the claims, it can be a PITA. If it’s just a routine check up claim, then it’s relatively simple and you will get a payout within 2 weeks. Even for the routine check up claims though, I was asked for full veterinary history a few times even though that’s only required for illness/accident claims. When one of my cats had an accident claim, I had submitted all the history leading up to that date but when we submitted a new claim for a routine checkup again, they asked for the same thing again (full vet history from the beginning of their lives).

If you have illness/accident prone or aging pets, it’s probably worth having pet insurance but otherwise I’d recommend saving money into a separate account instead of paying premium because the pet insurance is a monopoly in Australia at the moment.

The actual cost of the premium is very reasonable, however that is where the positives end. They have always eventually paid out claims but not before significant delays (sometimes months) with continual requests for additional information despite being provided initially. If you expect help from their customer service you will be poorly disappointed as each and every person will tell you something different and you will need multiple phone calls with much frustration and often no resolve.