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The bank suddenly withdrew cover for pet owners in October last year, despite marketing the policies as 'lifetime' plans. Since most policies will not cover an animal with a pre-existing condition, those whose pet had developed a condition since taking up their Lloyds policies were left unable to find insurance from other providers.
However, under pressure from the Financial Ombudsman, which criticised the marketing of the policies and Lloyds' decision to withdraw from the pet insurance market, a campaign against the bank led by Dogs Today and a sizeable helping of bad press, Lloyds has now decided to offer new policies to 4,000 owners.
According to the Daily Telegraph, a spokesman for the bank said thousands of customers who bought pet insurance from either the Halifax, which also withdrew cover in August last year, or Lloyds TSB, would receive a letter reinstating their policies.
The spokesman added that the bank would be prepared to discuss the option of possible compensation with those who preferred not to renew their policies with Lloyds.
However, the insurance would not be available to new customers.
A spokesperson told the Telegraph: "We are writing to all of our Halifax and Lloyds TSB pet insurance customers who have pets with pre-existing medical conditions to confirm that we are aiming to offer them a completely new policy.
"This is a complex process that will take us time to work through, but we're doing everything we can to move this forward as quickly as possible."
Lloyds advised that those who need to make a claim before the policies have been reinstated should contact the bank.
What do you think? Are pet insurance policies worth the premium? Leave your comments below...