Pet insurance and its benefits
Insuring your car is a legal necessity, while failing to insure a home and its contents is almost unthinkable – but what about our pets? Many owners overlook pet insurance believing it to be an unnecessary expense, but it could actually help you save money and get vital treatments for your pet during its time of need.
What is pet insurance?
Getting the best available health care for your pet if it suffers an illness or injury is important – however, it can also be expensive. Due to advances in veterinary medicine and the use of more sophisticated equipment, pets can now be treated for problems that would otherwise have gone unidentified, but this does come at a price with vet bills often notoriously high.
However, pet insurance provides peace of mind against these spiralling fees. Depending on the policy you take out, it may also allow you to explore all of the treatment options available.
There are three types of cover available:
- Cover for a set period: These are policies that will only cover a pet for a set period – usually 12 months. This means that if the pet is in the middle of treatment when the term ends, it will no longer be covered.
- Cover limit per condition: This will pay a certain amount per condition and thereafter the contribution towards the treatment ends.
- Lifetime policies: This provides a cover limit per condition, per year – so as long as the policy is renewed your pet will continue to receive treatments for ongoing conditions.
What are the benefits of pet insurance?
The primary purpose of pet insurance is to provide support with vet fees – however, do not assume that all policies are the same. Some policies are more extensive than others and may provide complementary therapies such as hydrotherapy and acupuncture while others may cover the provision of a special diet should one be recommended by a vet.
In addition, there may be a number of additional benefits available, depending on the policy, including:
- Death benefit: Some policies will pay out if a pet dies through illness or accident, subject to conditions. This is generally recommended to those who have invested a lot of money in their pet – such as if they own a pedigree dog or an exotic animal. You may also be able to get cover for cremation costs in selected circumstances.
- Holiday cover: If your pet falls ill while you are on holiday, you may want to cut the holiday short and return home. A pet insurance policy with holiday cover may help towards the cost of travel and accommodation expenses.
- Kennel and cattery fees: If you require hospital treatment as an in-patient, then some pet insurance policies will cover kennel/cattery fees to ensure your pet is well looked after in emergency situations.
- Missing pet cover: Should your pet be lost or stolen, some insurance companies will help towards the cost of advertising and even towards a reward.
- Pet travel scheme: An increasing number of pet owners enjoy taking their pet away on holiday with them thanks to the Government’s Pet Travel Scheme which allows cats, dogs and ferrets to travel without the need for quarantine as long as certain conditions are met. Pet insurance can be particularly valuable if you’re taking your pet overseas by helping with the cost of any vet fees that may be necessary while you are away.
- Third party liability: Should your dog damage someone else’s property or injure someone then you will usually be liable to cover the costs. However, many pet insurance policies provide third party liability cover to help towards these expenses. Bear in mind that third party cover is not necessary if you own a cat as owners are not deemed responsible for their actions as they are ‘free spirits’.
Is there anything else to consider?
When shopping around for pet insurance, the cover and cost of the policy may be your primary concerns, but don’t overlook the following:
- Age: Cats and dogs, typically above the age of eight, are usually deemed ‘older pets’ by insurance companies. Depending on the policy you might have to make additional contributions towards a claim based on the pet’s age.
- Excess: An excess is your contribution towards a claim – so if you made a successful claim for £500 and your policy carries a £100 excess, then you would pay £100 and the insurance company would pay the remaining £400.
- Pre-existing conditions: Most pet insurance companies will exclude any pre-existing conditions from the cover they offer.
Where can you find a competitive deal?
As with any form of insurance, shopping around is the key to finding a competitive deal. There are now comparison websites that allow you to compare pet insurance policies like-for-like. Just remember to look beyond the price of the policy alone and also consider what you’re getting for your money.
