BVA warns on Pet Insurance cuts
The British Veterinary Association (BVA) has objected to allegations that rising veterinary fees are causing insurers to pull out of the veterinary market. Lloyds TSB and Halifax have both recently left the Pet Insurance market, citing the fact that it was no longer deemed profitable. Although pet insurance claims have risen, the BVA argues that veterinary inflation has remained 'relatively stable' and that the increase reflects improvements in technology and medicines.
Lloyds TSB stopped renewing policies on February 1st 2012, while Halifax stopped on September 24th 2011, leaving more than 50,000 policy holders looking for cover according to some reports. The BVA has recommended that pet owners whose policies are affected should speak to their own vets as soon as possible to discuss existing treatment, alternative treatment options, and future insurance cover.
Commenting, Carl Padgett, President of the BVA, said “This is a huge blow to thousands of responsible owners who have pet insurance but are having it taken away from them through no fault of their own. We advise owners to speak to their vet as soon as possible to discuss the treatment of ongoing conditions and, if necessary, alternative treatment options. Clients may also be eligible for support from one of the animal welfare charities.”
“Rather than blaming veterinary practices for increasing the levels of treatment available, these insurance companies should do everything they can to ensure their policy holders are not left high and dry.”
President of the Society of Practicing Veterinary Surgeons (SPVS) Richard Holborow added “Over recent years many insurance companies have come into the pet insurance market and there is a huge amount of choice for owners. Price comparison websites are not able to distinguish between the many different variables associated with pet insurance so owners should talk to their vet about the right type of policy appropriate for their pet before shopping around.”
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