Credit crunch to encourage pet insurance switch

Consulting firm Deloitte just conducted a survey in which 26% of respondents said they planned to rethink their insurance spending in the next 12 months, resulting in a £1.5 billion drop of revenues in the insurance industry.

Customers, worried by the credit crunch and rising costs of living “have less disposable income, so it is understandable that many will look at how they can reduce their spending” says David Rush from Deloitte. It appears that 8% of policyholders will aim to curb their pet insurance spending compared to 12% for travel insurance for instance.

The rise of blogs and forums has given customers more information than any pet insurance company can provide and with comparison sites now on a high profile, it’s much easier to compare policies. If you consider switching provider in order to save money, look for online discounts and compare premiums but don’t compromise on your quality of cover and David Rush to emphasize: “Consumers should think carefully about which types of insurance they most need in a downturn. A short-term saving could cost a lot should an accident occur and adequate insurance cover isn’t maintained.”

The compare pet insurance page helps you shortlist pet insurance providers against a set of criteria: type of cover (12-month, per condition or lifelong), maximum vet fees payable, online discount and minimum excess. Compare now.