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Mark founded MoneyMaxim in 2008, with the aim of delivering an impartial and independent service. Mark is a regular money saving expert in the press and writes regular news and articles for the MoneyMaxim news pages sharing his views on banking, personal insurance and the utilities (gas, electricity, mobile and home phones, broadband and pay TV) market with customers.
You Gov report that Pet Insurance cancellations have risen during the recession
With the market leader in the UK being the Pet Plan product, from Allianz, sold predominently through veterinary practices, customers are finding the higher rates charged a deterrent.
The company have a 4% market share in the UK (measured as gross written premium share) with Royal Bank of Scotland Insurance (which underwrites Tesco Pet Insurance, Direct Line Pet Insuarnce and Churchill Pet Insurance amongst others) having a 3% shareshare in terms of gross written premium.
However the report indicates that more customers used Tesco Pet Insurance (24%) than Pet Plan (15%) -indicating the higher premiums charged by Pet Plan.
In the UK of around 2.3 million pet owning households 6.6m have pet insurance, but the Sixth Sense report indicated that comsumers have been cancelling policies due to higher premiums. 18% who say they have cancelled pet insurance policies knowing they need the cover but unable to afford it.
Research director James McCoy said: "Pet insurance policies currently do not provide the same extra benefits we have come to expect from other types of insurance. Health and dental plans offer a number of one-offs in the form of checkups, teeth cleanings etc in addition to coverage for grievous injury or disease.
"The maintenance or cosmetic element is missing from most pet policies that might encourage a greater sign-on rate amongst owners. Why can&8217;t a pet insurance policy, for example, include an annual booster or regular flea or worming treatments?"
Mark Bower, Managing Director of moneymaxim, the moneysaving website said: "Any insurance that is 'cross sold' when you are actually in that practice, pet shop or similar practice tends to cost more. The premiums involved tend to include a commission payment to the person who introduces you to the product, and as you cannot immediatly compare the cost effectiveness of the policy rates are often higher - pet insurance os no different from mobile phone insurance, car hire excess insurance or the now discouraged PPI policies that can accompany loans"
We would recommend every customer check policy rates and features - our pet insurance comparison product is a great place to start - as online prices are normally significantly lower.