I have just cancelled my policy with M&S for my 12 year-old cat. I had the policy throughout her life (cf. my cat is pedigreed, neutered, and my policy is ‘premium’ (most expensive type)). For renewal, I was told the premium would go up to £30/month from this month. The increase rate from last year (2016->17) is 60%, and the previous year's increase rate 53% (2015->16). She was diagnosed with an early stage of kidney failure, and I made 2 claims in the last 2 years (got back only about £100 in total).
Using my data, I did a quick simulation calculation, and it looked like the policy would be £116/month when she reached 16! Maybe exaggerated, but I was convinced it wasn’t worth it. It was of course difficult decision as I had been paying so much money already when she was relatively young and healthy (I don’t have a record in the first few years, but roughly, I must have paid about £1800 in the last 12 years). But M&S shamelessly continues to increase the policy rate x15 more than the inflation rate when your pet is ill and you make a claim anyway (if the same kind of increase rates continued, I would have paid about £5600 when she was 16).
The excess applies every year, which isn’t great either.
I will now start saving that £30 into a pot for vet bills. I had another cat insured with M&S, who died of kidney failure 2 years ago. They do have some death-related covers, but my record suggests it was only £174 after excess I got compensated. If anyone is wondering if they should cancel their M&S policy for an elderly cat – do your calculations and think about going without any insurance.