Insurance startup Bought By Many has launched three new pet insurance products designed to fill gaps in insurance available to UK pet owners.Insurance startup Bought By Many has launched three new pet insurance products designed to fill gaps in insurance available to UK pet owners.

Bought By Many is a company which, until now, has been using technology and data to find the best value insurance cover for pet owners whose needs are not being met. It claims to have helped 265,000 members to get better deals from existing pet insurance providers in this way.

However, in response to 40,000 pieces of customer feedback, it has now launched its own policies.

The company says that common frustrations with existing policies included: premiums that jump after the first year of cover and continue to increase over the life of a pet; customers receiving no benefit from pet insurance if they do not need to claim; and not being able to switch pet insurers and maintain cover for a pre-existing medical condition.

As a result, Bought By Many has launched three new insurance products which it says include features that no other insurer currently offers:

  • Fixed For Life - £20,000 of cover over the course of a pet’s life, at a price that is guaranteed never to go up, even if a customer claims
  • Money Back - Customers will have 20% of their pet insurance premium paid back for every year they do not claim 
  • Pre-existing - The only pet insurance policy that includes cover for a pet’s existing medical conditions straight away, enabling switching in a market that has previously trapped consumers with the same insurer

The company also offers 'Value', 'Regular', and 'Complete' conventional pet insurance products. These, it says, also respond to member feedback – for example, by offering the option of a zero excess or dental cover on certain policies.

Bought By Many has also launched a low-cost Liability Only policy for dog owners that starts at £10 a year.

Steven Mendel, Co-founder and CEO of Bought By Many said: "When we started Bought By Many, we wanted to transform the customer experience of insurance, helping people find the right cover for their unique needs. Our social and digital model allowed us to gather a unique set of data that showed consumers see significant gaps in the insurance currently available for cat and dog owners. These insights led to us creating our own pet insurance product range."

PS: Whilst you're here, take a moment to see our latest job opportunities for vets.