Are Many Pets going under?

[TalkingInTheKitchen]

I've had pet insurance with Many Pets for the past 5 years and they've always been quick at handling claims. I put in a claim a month ago and its not even been looked at by their claims handling team. Emails are going unanswered and I've been promised over the phone multiple times that it'll be dealt with the same day yet nothing. I've looked at recent reviews and apparently they suffered a big financial loss and there are many people in a similar position to myself. I'm still paying my (not so small) direct debit and the vets fees, I can't afford both! It's infuriating especially when I need the money I'm owed to pay bills and I'm getting in debt as a result!

I hope not. My cats are entering their twilight years so I could really do without having to find a new insurer.

I doubt it. High inflation has been responsible for many losses in insurance as claim costs went up in all insurance sectors I believe. Plus the pulled out of the Swedish market which will have been costly. I see no reason to assume they are in difficulty.

Definitely open a complaint though regarding your claim. You may be compensated via the ombudsman.

I hope not as I really need lifetime cover for my dog after a leg op.
They were always really good but I emailed them not long after I added my new pup to the policy and it took them 4 weeks to email me back which is very unlike them

I'm shocked by how much they cost since my policy renewed. My dog is only 2. Thinking of ditching them, so to hear their customer service is rubbish pushes me even further in that direction.

They used to be really good when they were Bought by Many, they handled my previous claims quickly. I feel bad as I've recommended them to so many people!

They were crap when I had a claim
Last year took weeks and weeks to settle (it was May it happened and not settled till august) I actually decided not to renew this year and went with petsure instead.

I had to claim earlier this year and they took 3 months!

Oh, I hope not. We've been with them since the beginning of Bought by Many and have 2 cats on a bargain fixed price for life policy (only £10 pm each!) and another one who's 15 so, while in remarkable health for her age (the vet always says that he'd put her at 7-8 if he hadn't seen her every year since she was a kitten) obviously we're not going to get reasonably priced insurance for her anywhere else, so we'll have to hope she doesn't develop an expensive condition.

Googling, it doesn't look good 'According to Companies House filings, for the years ending 31 March 2020 (£16.5m), 2021 (£22m), 2022 (£31m) and 2023 (£42m), the pet insurer has posted a total loss of more than £111m'

https://www.postonline.co.uk/news/7954317/many-pets-ps42m-loss-highlights-issues (the rest of the article is only available to subscribers).

I'm wondering if this sort of thing is another fall out from rising interest rates. Over the last 15 years a lot of businesses have been expanded and propped up by very cheap debt and as it comes up for refinancing, it gets a lot more expensive and suddenly the business is no longer viable. Could also apply to retail and chain restaurants.

I've heard good things about Napo if it helps anyone?
Currently with Many Pets myself, so might be switching if this thread is correct 🫣

Oh crap I’m with them and my hound has a pre existing condition so would prefer not to find a new insurer 😭

Mine has just been paid with a 24 hour turnaround.

My last claim was delayed two months by my vets not getting back to them.

I took out insurance with Many Pets in May when I adopted my two rescue cats. Friends whose pets had been insured with them when they were Bought by Many had recommended them. One of the cats needed investigation of a heart murmur in July (which turned out to be nothing sinister) and I claimed the same day for the vet bill. Many Pets didn’t even open the claim until this week when - after trying to contact them multiple times and not getting a response, and making a formal complaint that they never responded to - I escalated my complaint to the ombudsman.

They have now looked at the claim and said they won’t process it unless I can provide two years of medical history for my cat. They know, because I told them when applying for insurance, that he came from a rescue centre who don’t have details of his previous vet because his owner passed away. There is nothing in the policy terms to say they only process claims where two years of medical history is provided.

I feel absolutely sure they’re going under ….

That's interesting because a work colleague had a woman roundly abuse her because her claim had not been processed. (Interestingly enough it hadn't been processed because the abusive client hadn't done what she had to do, insisting that my colleague had to do that, despite her not wanting to give so much as a name to my colleague. . .)

This sounds worrying. I think i will look into a new insurer for my cat when renewal comes up.

I think there is definitely something going on. I’m in Sweden and have been with them for a year and a half but now they have just been bought by another insurance company and my monthly cost has increased. I will change to someone else now.

So I have had 3 claims this year 🙈 1 took a week to settle ( they paid that once twice and despite me emailing immediately took a week to chase the over payment) then the second one took nearly 3 months to settle but the third one was settled within 24 hours. They did pay up for all of them just took a bit of chasing on one. I think it depends on who handles the claim I guess some are more efficient than others.

They were always very good when I had insurance with them. My cat was ran over and the claim of £5k was paid out very quickly. This was in 2019 I think. Then last year she was diagnosed with a heart murmur and had a cardiologist investigate with tests for £1k and again the claim was quick. Since she’s 14 her premiums were very high; we pay £60 a month for her and our dog; but they tried to recently increase it to £90 a month for both so we moved providers. We still pay £65 a month But considering her age and history it is worth it.

I’ve been waiting since 5/12/23 when vet put claim in direct to Many Pets. It is still in a queue and hasn’t been assigned to a claims handler yet. Not responding to emails. It is for £4000. I’m not happy and will definitely not be renewing with them.

Apart from one instance last year when they took ages to settle ManyPets have been very good for my cat (aged 9 now). Wouldn't know who to go to and have only just renewed in December :-(. We have a lifetime policy wth them.

I had one slow claim last year, but they
paid my most recent claim in 24 hours, I wonder if it is the higher value claims they investigate further, maybe there is a level which can be signed off quickly. Although have had my renewal quote through and it has almost trebled so looking around now

just had email from Many Pets- they have paid now so maybe need to expect a 2-3 month wait. This isn't ideal for a lot of people if it's a large claim.

Hi - did they ever settle your claim? Having a similar issue with a rescue pet & history / proof of their age

Hi - did you manage to get the claim settled? Having a similar issue right now about rescue pets history!

The claim was rejected because of not having two years of history for my cat; I went back to the ombudsman who upheld my complaint and agreed there was nothing in the wording of my policy to say I needed two years of history in order to make a claim. Many Pets have reopened the claim and it’s back at the beginning of the process and not being progressed again - this is now eight months and counting. Cannot wait for the policy term to end in May so I can go elsewhere. Good luck with yours; my top tip is assuming your policy is the same as mine and makes no mention or medical history, fight it all the way and involve the ombudsman if you need to …

Thank you - it’s pretty much the same thing & how can anyone have history for a rescue pet?! Though they are saying to me the shelter in Spain must have done basic checks ….. always thought Many Pets were the go to for rescue pets but maybe that’s why they’ve made huge losses lately?! Trouble is it’s been thousands I had to spend & unless the rescue can prove they weren’t pre-existing ( which I think they probably can’t) I’m not sure how this will go. Nightmare, stressful & I am also having sleepless nights like another poster on this thread 😑