Bought by Many pet insurance review

23 min Read Published: 20 Nov 2020

bought by many pet insurance review

In this independent review, we look at Bought by Many’s pet insurance policies including the types of policy available, the level of cover on offer and how much it costs. 

What is Bought by Many? 

Bought by Many has been on a mission to improve pet insurance ever since it was established in 2012, leading to the launch of its own pet insurance policies for dogs and cats in 2017. Bought by Many says that its range of pet insurance policies provide better pet insurance for everyone, made possible by listening to thousands of cat and dog owners to understand what was important to them. It believes in treating customers fairly by not issuing penalties for making a claim and by never charging existing customers more than it would charge a new customer. Bought by Many’s pet insurance policies are underwritten by Great Lakes Insurance SE and it was voted the ‘Most Trusted Pet Insurance Provider’ at the Moneywise customer service awards in 2019. 

Bought by Many pet insurance features 

Below is an overview of some of Bought by Many’s pet insurance features:

  • Multiple policy types
  • Online claims process with 'Snap Claims'
  • No excess option for pets under 9
  • Free video calls with online veterinary service FirstVet 
  • 15% multi-pet discount (for pets on the same policy)
  • Cover for pre-existing conditions 
  • Opportunity to get 20% of your money back if you do not claim

What does Bought by Many pet insurance cover?

Bought by Many offers 6 pet insurance policies for cats and dogs: 

  • Complete - the most comprehensive of the Bought by Many pet insurance policies. It offers up to £15,000 of vet fee cover that renews annually. Bought by Many's Complete policy also offers dental cover as a result of an illness or injury.
  • MoneyBack - this policy offers up to £7,000 of vet fee cover that renews annually. Customers get 20% of the premium back each year if they do not make a claim. According to the Bought by Many website customers who didn't claim in 2018 got an average of £69 back from their policy
  • Regular - this policy also offers up to £7,000 of vet fee cover that renews annually. Customers have the option to select 'no excess' if the pet is aged below 9.
  • Pre-existing - this policy covers pets that have had veterinary advice, treatment or medication in the past. To take a policy pets must remain advice, treatment and medication free for at least 3 months. It provides up to £500 of cover for pre-existing conditions for the first year of the policy, £1,000 for the second year if no claim is made and £7,000 from year 3 onwards if no claims are made. If a customer makes a claim in the first 2 years of the policy, the limit for pre-existing conditions will remain at or drop to £500. New conditions are covered up to £7,000 each year with this policy.
  • Value - this is Bought by Many's cheapest lifetime cover policy which offers £3,000 of veterinary fee cover which renews annually. According to the Bought by Many website you can insure your cat from £4.23 a month and your dog from £7.98 a month with this policy.
  • Liability Only - this policy does not offer any cover for veterinary fees as it only covers you for liability claims against you or your dog. You are covered up to £3million for legal action and there is a £250 excess on this policy.

Lifetime limit pet insurance explained

All of Bought by Many's policies (excluding Liability Only) are Lifetime Yearly limit policies which means that you can claim up to your policy limit each year before the limit resets again the following year. Bought by Many also offers a 15% multi-pet discount for pets insured on the same policy.

Bought by Many has a pre-existing policy that is specifically designed to cover any pre-existing conditions that your pet has and classes it as ‘anything that your pet has received treatment, medication or advice for in the last 24 months’. If your pet has not suffered from the condition in the last 24 months then it is no longer considered a pre-existing condition and is treated as a new condition. Most pet insurance providers that offer pre-existing condition insurance will insist that a pet has been treatment, medication and advice free for 24 months before they will even offer cover, whereas Bought by Many will cover a pet so long as it has been treatment, medication and advice free for 3 months.

Bought by Many policy exclusions

In this section of the review we detail some of the exclusions for a Bought by Many pet insurance policy. It is important that you read these carefully and thoroughly check any exclusion that may be in your policy documents, as not doing so could prevent a claim from being paid. Bought by Many's policy documents also state that you must have your pet seen regularly by a vet for annual vaccination and dental check-ups to ensure your pet remains healthy. Below is a list of the exclusions in a Bought by Many pet insurance policy.

A Bought by Many pet insurance policy excludes cover for the following: 

  • Dogs listed in the Dangerous Dogs Act 1991 as well as the Czech Wolfdog, Saarloos Wolfhound or other Wolf hybrids
  • Pets used for guarding, racing, fighting or coursing
  • Pets under 4 weeks old
  • Behavioural conditions that require more than 6 months’ treatment (you are covered for the first 6 months) 
  • Claims submitted more than 12 months after the accident or illness occurred 
  • Preventative treatments or treatments not prescribed by a vet 
  • Pre-existing conditions unless you have a pre-existing policy (please see above for Bought by Many's definition of a pre-existing condition)
  • Conditions that your pet has received treatment for in the last 3 months 
  • Legal action against you by family members or someone you live with
  • Instances where rules, regulations or laws have been broken 
  • Legal action involving business, work or employees 
  • Any claim where you have not complied with the Pet Travel Scheme 
  • Claims that occur after more than 90 days abroad 
  • Any illness that your pet showed signs of before travelling 
  • If your pet has not been missing for more than 48 hours 
  • Rewards for a lost or stolen pet to anyone from your family or anyone who lives with you
  • If your pet was lost or stolen whilst someone was being paid to look after it 
  • If your pet dies from illness and is over the age of 9 
  • Pet minding due to a pre-planned hospital visit (cover only includes unplanned medical visits) 

Waiting period

If you are opening a new policy with Bought by Many then there are some restrictions for the first 14 days of the policy. If you are renewing your policy or you were previously insured with another provider these restrictions do not apply: 

  • No claim will be paid for an accident treated within 48 hours of opening the policy 
  • If your pet passes away due to illness within 14 days of opening the policy 
  • If your pet requires any treatment within 14 days of opening the policy

If you add a pet to an existing policy with Bought by Many then these waiting periods apply to the pet that is being added. 

Bought by Many policy types

Bought by Many has 6 policies to choose from. Below is a comparison table that summarises the key differences between the policies and then further down the article we explain each policy in more detail. If you take out a Bought by Many pet insurance policy and then wish to cancel the policy you can do so within the 14-day cooling-off period and will get a full refund. After this if you decide to cancel, Bought by Many will refund the unused portion of the pet insurance policy, unless you have made a claim. 

Complete Moneyback Regular Pre-existing Value Liability only
Amount of vet fee cover £15,000 £7,000 £7,000 £7,000 £3,000
Excess amount £69/£99 £69/£99 £0/£69/£99 £99 £69/£99 £250
Complementary treatment cover £2,500 £1,000 £1,000 £1,000 £500
Cover for pre-existing conditions
tick
Cover for dental problems Accident and Illness Accident only Accident only Accident only Accident only
Cover for pregnancy complications (first pregnancy only)
Legal cover £3 million £2 million £2 million £2 million £1 million £3million
Travelling abroad* £2,500 £1,000 £1,000 £1,000
Lost or stolen* £6,000 £1,500 £1,500 £1,500
£200 for advertising and reward only
Euthanasia £150 £150 £150 £150 £150
Death from illness or injury* £6,000 £1,500 £1,500 £1,500
Pet minding in an emergency £2,000 £1,500 £1,500 £1,500 £100

*An optional extra for some policies 

(Complementary cover is cover for conditions such as hydrotherapy, physiotherapy etc) 

Bought by Many Complete policy summary 

Bought by Many’s Complete pet insurance policy is its most comprehensive pet insurance policy.

Bought by Many Complete policy: 

  • The most comprehensive cover available
  • £69/£99 excess is paid once a year if you claim
  • £15,000 cover for veterinary bills 
  • £2,500 cover for complementary vet treatment such as hydrotherapy, physiotherapy, osteopathy or homeotherapy 
  • Dental cover for accidents and illness

Bought by Many MoneyBack policy summary 

Bought by Many’s MoneyBack pet insurance policy provides money back every year if you do not make a claim for the duration of the policy. According to Bought by Many’s website customers received an average of £69 back on this policy in 2018. 

Bought by Many MoneyBack policy: 

  • Rewards 20% money back if you do not claim 
  • £69/£99 excess is paid once a year if you claim
  • £7,000 cover for veterinary bills 
  • £1,000 cover for complementary vet treatment such as hydrotherapy, physiotherapy, osteopathy or homeotherapy 
  • Accident only dental cover 

Bought by Many Regular policy summary 

Bought by Many’s Regular pet insurance policy offers the option for no excess if your pet is under the age of 9. 

Bought by Many Regular policy: 

  • No excess option for pets under the age of 9
  • £0/£69/£99 excess is paid once a year if you claim
  • £7,000 cover for veterinary bills 
  • £1,000 cover for complementary vet treatment such as hydrotherapy, physiotherapy, osteopathy or homeotherapy 
  • Accident only dental cover 

Bought by Many Pre-existing policy summary 

Bought by Many’s Pre-existing pet insurance policy covers for pre-existing medical conditions, even if they have occurred in the last 24 months. In order to claim, pets must be treatment, medication and advice free for 3 months. The policy will cover pre-existing conditions up to £500 for the first year if you do not claim and £1,000 for the following year if you do not claim. This then increases to the annual limit of £7,000 thereafter. 

Bought by Many Pre-existing policy: 

  • Pre-existing condition cover (subject to T&C’s)
  • If you do not claim you are covered up to £500 for pre-existing conditions for year one raising to £1,000 for year two
  • £7,000 cover for veterinary bills after year 3 if no claims have been made
  • If you do claim in the first 2 years your pre-existing cover will remain at £500 each year for the duration of the policy 
  • No cover for pre-existing conditions that have occurred three months prior to opening a policy 
  • £99 excess is paid once a year if you claim for new conditions or on each claim for a pre-existing condition
  • £7,000 of cover for any new conditions developed
  • £1,000 cover for complementary vet treatment such as hydrotherapy, physiotherapy, osteopathy or homeotherapy 
  • Accident only dental cover 

Bought by Many Value policy summary 

Bought by Many’s Value pet insurance policy is its cheapest pet insurance but it still offers a good range of cover. 

Bought by Many Value policy: 

  • Bought by Money’s cheapest cover for vet fees 
  • £69/£99 excess is paid once a year if you claim
  • £3,000 cover for veterinary bills 
  • £500 cover for complementary vet treatment such as hydrotherapy, physiotherapy, osteopathy or homeotherapy 
  • Accident only dental cover 

Bought by Many Liability only policy summary 

Bought by Many’s Liability Only pet insurance policy is available for dogs only (cats do not need to be covered for public liability insurance). 

Bought by Many Liability only policy: 

  • No cover for veterinary treatment 
  • Cover for legal costs against you if your pet has injured someone or damaged their property 
  • £3 million public liability cover 
  • £250 excess per claim 

How to make a claim with Bought by Many pet insurance

Bought by Many launched a claims process called 'Snap Claims' which is an online claims process that doesn’t require you to fill out any claims forms. However, you can still claim over the phone if you prefer. To increase your chances of a claim being paid you must ensure that your pet has an annual check-up, an annual dental check-up and regular vaccinations. If you do not follow this then Bought by Many may refuse to pay out your claim. 

If you need to make a claim you can do so by following these steps:

  1. Log in to your online account
  2. Within the ‘My quotes and policies’ section click on ‘Make a claim’ and select the policy you wish to claim on 
  3. Complete the questions to explain what you are claiming for, the vet you received treatment at and the amount you would like to claim for 
  4. Follow the claim as it proceeds and receive updates via text and email

It is worth noting that any pets over the age of 9 have a fixed excess of £99 which is payable once a year should you claim. There is also a 20% co-payment which means you must pay 20% of each claim.

Bought by Many says that your claim may go through quicker if you can provide an itemised breakdown (such as a receipt) of the treatment your pet has received along with an up to date account of your pet’s health for the past 2 years. If you do not have this information to hand, Bought by Many will contact your vet on your behalf. 

Bought by Many is happy to pay you or your vet directly but it is best to check with your vet that they accept payments from insurers first. 

How much does Bought by Many pet insurance cost?

How much pet insurance costs largely depends on the type, age and breed of the pet you wish to insure. Below I have compared the cost of insurance for an 18-month, 5-year-old and 10-year old cat and dog. The case studies I have used are as follows:

  • Dog - Pedigree, Labrador, Male, Neutered, 18 months old, 5 years old, 10 years old
  • Cat - Moggy, Male, Neutered, 18 months old, 5 years old, 10 years old 

The below monthly quotes are generated based on a London Borough address. For the purpose of the quotes, the purchase price of the dog was £1,000 and the cat was £100. I noticed that when I changed the address to a location about an hour away from London the monthly cost reduced by about up to £10 a month in some instances. This shows that where you live can affect how much you pay for your pet insurance. 

Complete Moneyback Regular Pre-existing Value Liability only (dogs only)
Excess* £99.00 £99.00 £99.00 £99 £99.00 £250
18-month old dog (pedigree) £41.65 £34.51 £31.01 £57.88 £26.25 £14.32
5-year-old dog (pedigree) £56.24 £46.61 £41.89 £78.18 £35.44 £14.32
10-year-old dog £127.06 £105.32 £94.65 £176.62 £80.09 £14.32
18-month old cat (moggy) £26.27 £22.32 £20.56 £37.71 £17.24 N/A
5-year-old cat (moggy) £26.12 £22.18 £20.43 £37.14 £17.13 N/A
10-year-old cat £38.71 £32.87 £30.28 £66.56 £25.39 N/A

*There is a choice of £69 excess for Complete, Moneyback, Regular and Value policies. A Regular policy also has the option of no excess. All quotes in this table were based on £99 excess

Bought by Many customer reviews

Bought by Many is rated as 'Average' on Trustpilot with a score of 3.5 stars out of 5 from over 600 reviews. 71% rate the provider as excellent citing a quick claims process, with some payments being received within 7 days and the ability to save money on vet bills by using the virtual FirstVet service. 21% of users rate Bought by Many as bad with most users complaining of increases in their premium when it comes to renewal and more recently some customers experienced a delay in claims being paid. 

Bought by Many pros and cons 

Pros

  • Multiple policies to suit your needs 
  • Online claims process 
  • Free virtual video calls 
  • 15% multi-pet discount 
  • Cover for pre-existing conditions 
  • Money back if you don’t claim (if choosing the MoneyBack plan)
  • Option for no excess if your pet is under 9 (if choosing the Regular plan) 
  • If you decide to cancel you can get a refund for the unused portion of the policy if you have not claimed

Cons

  • Have to pay 20% towards each claim for pets over the age of 9 
  • Exclusions to the policy which aren't obvious unless you read the policy wording 
  • Does not pay out for your pets death if your pet is over the age of 9 and dies from an illness

Summary 

Bought by Many has a vast number of pet insurance policies with a policy that should meet every pet owner's needs. The online claims process removes the laborious task of filling out claims forms and chasing vets and having an online account means you have easy access to your policy documents at all times. The virtual vet video calls - free for Bought by Many customers - is an exciting addition to a pet insurance policy that could save you money on vet bills in the long term. 

It is however worth bearing in mind that Bought by Many will not pay out for the death of any pets over the age of 9 that die from an illness. It does however say that any costs incurred for an illness prior to the pet's death will be covered as normal.

Overall, I think that Bought by Many is good value for money as it offers extensive cover at a lower cost in comparison to other providers, particularly as all policies offer lifetime cover for your pet. 

 

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