I have recently had to go through renewal of my pet insurance for a cat that is
- Female
- moggie
- neutered
- 5 years old
- no health concerns or previous claims
- fully vaccinated and boosted each year
When I got the renewal quote from Sainsbury’s bank, it came up as 167.64 GBP for 7.5k lifetime cover with 95 gbp excess.
Looking as a comparison website with the pets details, I saw Sainsbury’s offer the same policy but with 99GBP excess for 127.20GBP.
So I rung them up to see if I could switch to that policy.
Blankly I was told NO. I could only reduce my coverage.
So I asked for a complaint so I could speak to the next level and this is where logic seems to have gone out the window.
With the complaints team I was told as an existing customer even though my individual risk profile has not changed because I am on their system put into a group with customer that bought their policy a year ago, their claims effect my risk profile.
However as a new customer because we are grouped as new customers they will not have as many claims.
So I have been told in writing that i am not being assessed on my risk profile with others of a similar risk but the risk profile of people who have claimed on their insurance.
The exact quote from their letter is
“I understand you're unhappy we currently offer the policy cheaper on-line. Your current policy sits within a pool of existing customers
whose pets pose a similar risk. Some of these will have made claims and others not and this overall claims experience is a factor in the
calculation of your premium.
A new customer, taking out a new policy will also sit within a pool of other new customers, none of which will have claimed and so this
claims experience is very different. This is a reason we are able to offer new policies at the price they are.”
I sent a letter to their ceo team who said they are happy with the response.
So I have moved to Tesco pet insurance, who is the same company for 120gbp (with 30 cashback).
The debate I’m having in my head which I am asking for advice, do you think it’s worth putting this complaint to the FCA as I think it’s grossly unfair and immoral.
However, I’m going through a death in the family so if the FCA are unlikely to act, I’ll do not want the extra stress if the outcome is likely to be nothing.
Any advice is welcome!
Thanks