Taking Out Pet Insurance

Taking Out Pet Insurance

Pet insurance is one of those financial products that people either do not know is out there on the market, or they overlook. Yet pets (cats, dogs, horses, parrots, hamsters...the list is endless!) cost us a huge amount of money each year because, like us, they get sick and broken and need to be repaired-sometimes at whopping costs (because unfortunately there is no NHS for animals...)

Apparently Americans spend more than anyone else on their animals; a small dog will cost you around $5,980 a year, a big dog will cost you $7,800 a year, whilst a Guinea Pig will cost you up to $2,905 (www.visualeconomics.com). Very interesting but more importantly, these estimates represent the enormous costs of animals. Just for the record buy a fish if you do not want to dish out the big bucks as apparently these little mites will only cost you (est) $35 a year.

If you want to protect those furry or scaled-covered members of the family or even yourselves from the financial ruin that can steadily ensue, then acquiring pet insurance could be one of the smartest decisions you make. Pet insurance covers you for the cost of medical treatment that follows when your pet is ill or injured. There are so many good insurers on the market, from big name insurers to small, pet insurance companies. You can do all your research and browsing online and most companies will let you apply online as well.

Insurers vary and whereas some will let you design your own tailor-made, unique package, others will just offer you a standard package. Look out for special offers, discounts and deals which might indicate that you can insure one pet and get another pet insured at a discounted price. The quote you get will depend on what type of pet you are insuring, how old it is, whether it has a medical history and so on but it is probably more cash-wise to insure your pet right from the start, as things can go wrong all the way through an animals life.

Remember, as with all insurance policies, when you make a claim you might need to pay an excess. This varies from provider to provider so it is worth enquiring when you take out your policy what this is. Excess is generally deducted from the amount of cover you have on your policy. Be sure to check the terms and conditions of your policy.