Premium Price Survey 2014

Welcome to the first Pet Insurance Surveys annual premium price survey.

Do you know what you should expect to pay for pet insurance each month for your pet? How much more will you have to pay for a lifetime annual benefit policy than say a maximum condition limit policy? How much more will it cost to get £5,000 cover rather than £2,000 cover?

In this report we publish average premium prices for different policy types and cover limits. We have also published the range of premium prices we found in each category in the hope that this will help UK pet owners identify the best policy for their pets.

This survey is based on more than 4,000 quotations for just over 200 pet insurance policies.

Whilst we hope you find this information useful we must start by stating that we believe you should never ever buy a pet insurance policy on price alone! Pet insurance policies are not like motor insurance policies or house insurance policies.

Even where you are comparing policies which are the same type of policy and have the same cover limit you still need to consider other benefits (cover limits and terms), excess and contribution rates, the “small print” and very importantly the insurer’s reputation for paying out claims!

Please note all premiums in this report are monthly figures rather than annual figures.

1. Average Premium Prices

The average premium price for each type of vet fees cover was as follows.

Lifetime Annual Benefit Policies

Annual Cover Limit Average Premium Premium Range
£1,000 £14.84 £14-£15
£2,000 £21.71 £17-£24
£3,000 £22.27 £19-£27
£4,000 £23.42 £14-£31
£5,000 £28.51 £17-£40
£6,000 £27.21 £22-£43
£7,000 £28.56 £22-£43
£7,500 £31.54 £21-£32
£12,000 £35.48 £23-£51



Whilst it is interesting that the £5,000 policies appear to be more expensive than the £6,000 policies you should note that the £5,000 policies include the Kennel Club £5,000 which is substantially more expensive than the other £5,000 policies.

Lifetime Annual Condition Policies

Condition Limit Average Premium Premium Range
£3,000 £32.36 £29-£33
£5,000 £40.33 £27-£45



(Although there are policies available with other cover limits, there are not enough of them to make an average figure meaningful).

Maximum Condition Benefit Policies

Annual Condition Limit Average Premium Premium Range
£1,000 £12.73 £12-£15
£2,000 £16.23 £13-£19
£3,000 £18.59 £17-£20
£4,000 £22.66 £18-£29
£5,000 £26.88 £23-£36
£6,000 £26.04 £22-£35
£7,000 £23.00 £21-£26
£7,500 £26.51 £24-£29


It is interesting to note that the average premium prices are much same for policies with a £5,000 limit or more, suggesting that you can get extra cover for very little if any extra premium.

Time-Limited 12-Month Policies

Condition Limit Average Premium Premium Range
£1,000 £11.55 £10-£13
£1,500 £13.26 £12-£15
£2,000 £14.90 £11-£22
£3,000 £19.93 £12-£27
£4,000 £19.59 £11-£30
£5,000 £18.40 £15-£24



It is interesting to compare these figures with those given in the previous table for maximum condition limit policies. Essentially the only difference between these two types of policies is that the policies in this table will only pay for treatment for the first 12 months whereas there is no time limit for maximum condition limit policies.

Accident Only Policies

Condition Limit Average Premium Premium Range
£2,000 £8.39 £5-£10



(Although there are policies available with other cover limits, there are not enough of them to make an average figure meaningful).

Note the range of policy prices for some of the above cover limits! So do your research and make sure that if your quote is at the high end of the range then ensure you know what you are getting in return … be it a great reputation, extra benefits, low excess etc.

 

2. Premium Changes 2013-14

Our preliminary survey of premium prices was conducted in January/February 2013. We are therefore able to compare this year’s new policy premiums with those we were quoted last year.

We have to admit to being very surprised to find, that despite a recent report suggesting that pet insurance premiums are rocketing, that the average premium for quoted for a new policy for our sample has actually fallen by 0.5%.

This is of course an average and again we found a huge range with some premiums having dropped by as much as 30% and others having gone up by almost as much!

Part of the reason the average premium has fallen is that many of the policies previously underwritten by AXA are now underwritten by Zenith Insurance. And although most of the policies have remained very similar, the premiums for new policies have fallen 9-25%.

 

3. Pet Insurance Premiums by Breed

Our sample of quotes included three pedigree breeds, large mongrels and small mongrels. We found the way in which insurers priced different breeds very interesting. For example some quotes for the cocker spaniels were only very slightly more than those for a small mongrel, but in other cases the premiums quoted were the same as those for a labrador retriever.

We also found it very interesting that many premiums for mongrels (and crossbreeds) are by no means always lower than those for pedigree dogs. It totally depends on which insurer you choose.

As a result of our discoveries we have now undertaken much more detailed research for twelve of the most popular pedigree dogs and will be publishing individual survey reports for each breed in the coming weeks. We have also done some more research on premiums for crossbreeds and mongrels – again to be published in the coming weeks.

Labrador Retriever £23.61
Cocker Spaniel £19.96
German Shepherd Dog £27.25
Large Mongrel £23.17
Small Mongrel £17.31


4. Other Points

The quotes we received were on average 15% higher for South London than they were for North Yorkshire. This of course does not tell the whole story. There are a good few insurance companies which quoted the same premium. However others charged as much as 53% more for South London.

We got quotes for 1-year-olds and 4-year-olds. On average the quotes for the 4-year-olds were 10% higher than those for the 1-year-olds although we did find a number of insurers who charged the same for both.

Conclusion

As we hope survey clearly demonstrates pet insurance premiums vary widely. Nor do we believe “you get what you pay for”. There are policies out there which offer poor cover and high prices… and vice versa!!

We would therefore strongly recommend that you research pet insurance carefully to identify the policies which meet your needs.. both cover wise and budget wise! Naturally we hope you find Pet Insurance Surveys UK helpful in conducting your research.

Pet Insurance Surveys UK

Pet Insurance Surveys UK is an independent website dedicated to helping you find the best policy for your pets. Here you will find unbiased detailed information about almost all the 205 policies currently available in the UK plus detailed written reviews of more than 100 policies. We do not sell any pet insurance policies nor do we receive any commission from any insurance company!

Upcoming Surveys

Breed Surveys: Labrador Retrievers, Golden Retrievers, English Springer Spaniels, Cocker Spaniels, German Shepherd Dogs, Border Collies, Staffordshire Bull Terriers, Cavalier King Charles Spaniels, Yorkshire Terriers, Miniature Schnauzers and Pugs!

Other Surveys: Pet Insurance for Crossbreed and Mongrels, Insuring Border collies vs Working Sheepdogs

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Survey Details

You can find out more about our survey sample and the information we used to obtain quotes here.

Checkout a Policy

Disclaimer

Please note that pet insurance terms often change. Whilst we will do our best to keep this website up to date you must check with the appropriate insurer before making any decisions. If you find any mistakes on this website please do let us know so we can correct it for the benefit of future visitors. Many thanks!

 
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