Jump to content


Axa pet insurance customers face price rise of up to £2,000


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 2376 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Up to 10,000 Axa pet insurance customers are being moved to NCI Insurance as Axa leaves the market to concentrate on "key products" – motor, home and travel cover.

 

By August 30 2015, all customers will be shifted on to NCI's insurance books.

 

NCI told MoneySavingExpert that it would provide "similar levels of cover" to Axa, and will "continue to insure any medical conditions identified while customers were with Axa under the terms and conditions of the new policy."

 

But a number of customers who have already been moved to NCI say they are facing huge price hikes, particularly for cover for pre-existing medical conditions.

 

Many insurers will refuse to cover animals with pre-existing medical conditions, however, pet owners who want the most comprehensive type of pet insurance will need to opt for "lifetime" cover. Insurers will set a high maximum amount per year – say, £10,000 – but you will still have to renew the policy each year, and some insurers can refuse to renew it.

http://www.telegraph.co.uk/finance/personalfinance/insurance/pet/11598970/AXA-pet-insurance-customers-face-price-hike-of-up-to-2000.html

Link to post
Share on other sites

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

This is caused by Axa under estimating the costs of claims for a Life Time Pet Insurance Product and then exiting the market when they realise they cannot make any money from the market.

 

Their customers are then offered cover by NCI, however the problem being two fold, NCI will want to charge premiums to reflect the risk which will inevitably be higher than Axa's prices, But the other huge factor is the Pet owners whose pets have made no claims or very few claims will jump ship and insure with other companies. This leaves NCI with a pool of customers whose pets have existing medical conditions and have no option (Except for being uninsured) but to take NCI's offer. So NCI end up with a pool of pets who are far more likely to make a claim and with very few if any of the healthy pets whose premiums subsidise the pet owners who do claim.

 

The result is condsiderably higher premiums through NCI and quite possibly further increases next year if they have not done their sums properly.

  • Haha 1
Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...