Readers urged to engage in good pet parenting to keep insurance premiums down
New research by Association of British Insurers (ABI) suggests that external factors are raising pet insurance premiums - such as government’s ‘stealth taxes’, with the standard rate of insurance premium tax (IPT) being doubled from 6% to 12% in less than 18 months. Experts warn that this will continue to rise, leading to some concern regarding the insurance industry’s ability to keep customer premiums affordable.
Whilst this is a genuine concern, that is for the industry to manage through its representations. We believe pet owners should focus on what they can do themselves to keep their pet insurance premiums low. Maintaining good pet health and diet; controlling your pet to decrease the likelihood of fights with other pets; and tagging your pet are all smart moves. Not only will you be doing ‘the right thing’ for your pet’s health - as powerful data becomes more readily accessible by the pet insurance industry, these are the sort of good practices that will start to drive down premiums for the good pet parent, in the long-run.
YouGov research commissioned by Aquarium Software shows that 44 per cent of people asked thought their insurance policy was already overpriced. It is therefore essential for the long-term affordability of pet insurance, that owners take some personal responsibility to ensure good pet parenting, and the industry puts Big Data to most advantageous use.
Mark Colonnese, Director