Making pet insurance more appealing
BVA past-president has discussed how pet insurance could be made more appealing to owners and insurers at a recent meeting, attended by representatives from the Association of British Insurers (ABI), the RCVS, BSAVA, BEVA and SPVS.
Harvey Locke, a previous BVA president, said the cost of pet insurance was becoming a huge issue, with premiums increasing by 10 to 12 per cent each year.
He added that only 20 per cent of owners currently insure their pets and that the sheer number and complexity of different policies available could be confusing to owners.
It is reported that numerous initiatives are currently being considered. These include developing an online calculator to help guide owners towards the post appropriate policy for their pet, and allowing owners to join and commit to an insurance scheme at the time of an accident.
The meeting highlighted the issue that an increasing number of owners are using price comparison websites to find pet insurance policies, as there are limitations to the information that can be provided on these websites. This was confirmed by price comparison representatives who were present at the meeting.
There was further concern that vets do not have direct access to companies to discuss matters, and it was therefore suggested that insurance companies look more closely at private medical insurance providers as a model.
"My impression at the end of the meeting is that there are limits to what the ABI can do," said Locke. "They do not have the power to instruct the companies or underwriters to toe the line."
At the meeting, Locke added that he believes the veterinary profession should deal more with insurance underwriters. Furthermore, he said the BVA is keen to know of instances of issues with insurance companies.
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