Pet insurance: Compare quotes and cover
Pet insurance: Protecting your pets
Pet insurance is mainly available for dogs, cats, and horses, but you can also take out specialist policies for more exotic or unusual animals such as snakes or reptiles.
For a premium paid monthly or annually you can buy an insurance policy which will pay the costs incurred should your beloved pet suffer an accident, sickness or if it is lost or stolen. Some policies will pay out compensation should you have to cancel a holiday because of your pet.
Your average pet insurance policy, however, will cover the following:
- Costs of treatment
should your pet have an accident- Vets fees
– costs of treatment if your pet becomes ill or needs an operation- Death benefit
- Boarding fees
- Advertising
if your pet goes missing, and the cost of a reward- Theft or straying
- Third party liability
– the costs of damage to other people or property caused by your pet- Personal injury
– if you need to take time off work because your pet has harmed you
Most insurers will not offer pet insurance until the animal in question is over a certain age – usually a few months' old. Boarding fees are usually covered if there is an emergency, such as the owner has to stay in hospital.
There are lots of factors which can affect premiums. Pedigree dogs and cats will be more expensive to insure than cross breeds and the older an animal is, the more you will have to fork out for pet insurance. Vets fees are more expensive in London and the south-east, so your postcode will also be taken into consideration.
Reasons to have pet insurance
The costs of vets' bills are rising fast as medicine develops and as people become increasingly attentive to their pet's health needs. Meanwhile the RSPCA estimates 50 per cent of UK pets will need medical treatment in a year at an average cost of £220. This figure has the potential to soar if certain complex procedures are required. For people who have a deep savings pot, an unexpected cost of a vet's bill might not be too much of a problem. For all others it can create a huge dent in the budget. With pet insurance rates beginning at £7 a month getting a basic policy could pay-off if you have an animal you expect will require treatment at some point.
How to buy pet insurance
Many mainstream insurers have pet insurance plans, highlighting the popularity of protecting pets in the UK.
You can apply for these directly with the insurer or by visiting a price comparison website to assess the best deals. There are a range of specialist pet insurers and charities, such as the RSPCA, which also sell insurance. In fact the RSPCA promises 20 per cent of the cost will go towards the charity's work. Supermarkets such as Tesco and Adsa are offering competitive pet insurance deals.
Pitfalls
As mentioned, premiums vary according to a pet's age and where it lives. It's worth getting your pet insured at the earliest age possible to reduce costs. You can also reduce the cost by considering carefully what you need cover for. Would you, realistically, offer a reward should your pet go missing?
Don't give false information in a bid to lower your premium. It's advisable to disclose your pet's full medical history when taking out a policy, otherwise your claim might be rejected if the insurer sees a vet's report which reveals it had long-running problems.
Many insurers have annual pay-out limits, and only shell out a maximum amount each year. Some also have limits for each condition your pet might suffer. The yearly limits offer the best deals as they will pay out for the entire stretch that condition is suffered. But with the per-condition limit the insurer can stop paying for treatment if your pet develops an illness that needs constant treatment.