A recent report highlights growing concerns among UK pet owners regarding the rising cost of pet insurance, with many feeling that premiums are too high and providers are failing to offer sufficient value for money.
The study, conducted by customer retention experts Propello, analysed over 2,500 Trustpilot reviews from UK pet owners, focusing on customer sentiment towards five of the top pet insurance providers in the country.
The report, titled Paws & Perceptions: Consumer Sentiment Study of Top UK Pet Insurers, sheds light on the factors affecting customer satisfaction, including the cost of premiums, the claims process, customer service, and empathy. It also aims to guide pet owners in making informed decisions about insurance while offering recommendations to insurers on improving their services.
Cost of Pet Insurance Deterring Many Owners
The report reveals that a third of UK pet owners cite the cost of pet insurance policies as the main reason they do not have coverage. The average pet insurance policy now costs around £270 per year, which many owners feel is too high, especially as premiums often increase as pets age. Despite this, the pet insurance market is growing, driven by rising veterinary costs. In 2023, the UK pet insurance market was worth an estimated £1.27 billion.
As veterinary treatments become more expensive, pet insurance is seen as increasingly necessary, but the perception of high costs is a major barrier for many owners. The study also identifies a lack of communication and perceived value-adds from providers as contributing factors to customer dissatisfaction.
Key Findings: Customer Sentiment Towards Leading Pet Insurers
The Paws & Perceptions report provides detailed insights into how pet owners feel about some of the top pet insurance providers in the UK. The five insurers reviewed in the report are VetSure, Petplan, Waggel, ManyPets, and Animal Friends, with customer feedback varying across key aspects like claims handling and customer support.
- VetSure ranked highest in overall customer satisfaction, with many reviewers praising its efficient claims process and partnerships with veterinary practices, which made the process smoother for policyholders.
- Petplan was noted for offering comprehensive coverage and care but received criticism for its significant premium increases as pets age, which some customers found frustrating.
- Waggel, a favourite among tech-savvy pet owners, was appreciated for its digital-first approach. However, it faced complaints regarding its claims process, with some customers finding it difficult to navigate.
- ManyPets was recognised for offering flexible policies, allowing pet owners to tailor coverage to their needs, but reviews were mixed when it came to premium hikes, with some customers expressing dissatisfaction.
- Animal Friends received positive feedback for its straightforward claims process, but like others, faced complaints about rising premiums, particularly for older pets.
Recommendations for Pet Insurers
The report not only addresses pet owner concerns but also offers guidance to insurance providers on how they can better align with customer expectations. In an increasingly competitive market, insurers are encouraged to improve communication with policyholders, ensure transparency in premium adjustments, and provide better value through tailored coverage options.
As the demand for pet insurance continues to grow, driven by the rising costs of veterinary care, insurers will need to address these concerns to retain and attract customers.
