Is Pet Insurance Worth The Cost

Is Pet Insurance Worth The Cost

Recent research shows that almost half the pets in the UK are not insured. Most of the uninsured pet owners would borrow off friends or use a credit card to cover the cost.

Pet insurance is one of those things you hope you will never need. If you do elect to buy pet insurance you need to start early as most policies will not cover older pets. Vet bills can be very large; it is worth looking into the cost of some treatments in your area to find out how you could benefit from insurance. The rates vets charge for the same procedure varies from place to place so you will have to do some research.

Pet insurance not only covers the immediate treatment but can also cover kennel fees for periods of recuperation, costs of burial or cremation, rewards for lost or stolen pets, public liability cover if your pet is involved in an accident and even cover the cost of looking after your pet if you go into hospital.

Check the cover provided as most policies cover basics such as standard treatment for illness or accident, medicines, X-rays and anaesthetics. However, policies will not cover routine treatments such as flea control, neutering, worming or vaccinations. Pre existing conditions will be excluded. Some policies impose restrictions for example once a condition has been treated it will be excluded from further treatment, some only allow a set number of claims in a given period or state a financial limit to treatment. Look very carefully at what you get for your money. Obviously a policy charging 4 per month will vary greatly from one costing 60 per month.

There are four main types of cover:

Lifetime - This is usually the most expensive but is worth it if your pet develops a long-term serious illness.

Maximum benefit - provides a maximum pre-arranged amount of cover per given condition. However once the limit is reached the condition will no longer be covered and falls into the category of a pre-existing condition.

Time limited - often referred to as a '12 month' policy. This policy pays a pre-arranged maximum amount for each illness or injury for a period of up to one year. The downside is that if the condition persists for more than one year, you will have to pay for the treatment yourself.

Accident only - this type of cover is restricted to accidental injuries such as those sustained in a car accident. Some policies will cover illnesses which result from an accident.

Be aware that many insurance companies will increase the cost of premiums as your pet gets older. Expect to see an increase once your cat or dog reaches seven years of age. Look at the amount of excess you will be expected to pay when making a claim on the insurance. This can range from 30 to 100. Some policies will restrict you to a network of veterinary practices and others may restrict the geographical area.

Insurance is always a gamble. It is something you buy hoping you will never need it. Those who complain about the cost are usually those who have been lucky enough not to need it. In the end insurance is a business which exists to make money. You need to consider how you would pay for any future ill-health your pet may develop over time. If you do opt for insurance do careful research that you find the policy most suited to your needs.