Pet insurance: Protecting your pet in the credit crunch
As household incomes are squeezed, families are struggling to provide for every member - including pets.
With an average UK vet bill of £309.28 and potentially rising to as much as £10,000 for ongoing conditions, treatment for an illness or injury could be out of reach for some.
According to shocking statistics from Sainsbury's Finance, more than half (51 per cent) of vets have had to put a cat or a dog to sleep in the past five years because the owner could not afford their pet's medical treatment.
People love their pets and will often put their needs ahead of their own, the RSPCA says.
But planning ahead by taking out an insurance policy could help avoid any pain for you and your pet.
"We would always recommend pet insurance," says spokesperson Calie Woozley.
"It can be very difficult to pay for vet bills, especially at a time like this."
The RSPCA offers its own policy through Axa PPP, which donates 20 per cent of the premium towards funding the charity's work.
"A major things that can be useful in pet insurance policies is covering vet bills, but also for the costs of recovering lost and stolen pets," Ms Woozley says.
Another benefit is boarding costs.
"If you fall ill yourself and have to spend time in hospital, getting money towards boarding costs can get you out of a real hole," Ms Woozley advises.
RSPCA pet insurance can provide up to £6,500 per condition with Gold cover, or £3,000 per condition with Silver cover, as well as financial assistance of up to £750 with Gold cover, or £250 with Silver cover to help recover your pet.
Boarding cover is up to £100 a week, to a maximum of £750 with Gold cover, or £50 per week to a maximum of £250 with Silver cover.
According to research from Sainsbury's Finance, a shocking 1.6 million people have had to put down at least one pet dog or cat over the past five years because they could not afford the cost of their veterinary bills.
Sam Merrs, a spokesperson for the insurer, said: "There is no NHS for pets. In the case of a road traffic accident, if your dog has a broken leg it can cost up to £1,500 to get treatment.
"While insurance may be only a small monthly outgoing, you may not be able to meet a large one-off payment."
Apart from veterinary bills, pet insurance can also cover several other costs associated with pet ownership.
Sainsbury's will provide compensation if you have to cancel a holiday due to a pet illness, cover the costs of getting your pet back if it goes missing, and includes dental cover.
The policy also includes third-party insurance of up to £2 million.
"A lot of people would not be covered if their dog attacked another dog - or a person," Mr Merrs adds.
Sainsbury's offers two tiers of cover - a cheaper option offering £3,000 of cover for 12 months and a more expensive option offering £7,500 per condition. The insurer is also offering three months' free cover and an online discount.
Mr Merrs also advises getting your insurance as early as possible, as insurers will only cover conditions that appear after you bought the policy.
"Most insurers insist minimum eight weeks old is the lowest limit," says Simon Coughlin, spokesperson for Marks & Spencer, which provides insurance under M&S Money.
M&S offers lifetime cover on its two policies, with up to £7,000 for vets' fees a year with Premier cover and up to £4,000 a year with Standard cover.
Mr Coughlin said: "If you become worried about your pet's health you have access to Vetfone.
"It's a 24-hour freephone advice line manned by qualified veterinary nurses who can give you immediate advice on your pet's condition.
"And, as an M&S Pet Insurance customer, you can benefit from a five per cent saving at Bestpet Pharmacy. With this online pharmacy you can order repeat prescriptions, purchase discounted prescribed and non-prescribed drugs such as worming tablets, pet food and dietary pet food, all of which are then delivered to your door."
With vets' fees increasing every year, there is clearly a good reason to consider taking out insurance for your pet, particularly if you have a purebred dog or cat, which tend to suffer from chronic health problems throughout their life.
If you do take out a policy, make sure you consider the small print. With some of the cheaper policies, bear in mind that conditions may only be covered for a year and to a lower value. If you do have a purebred pet, it may be better to take out life cover, which does not have a time limit.
Although most insurers will offer the basics, such as vets' fees and emergency boarding, there are a wide variety of additional benefits available, so it is worth comparing these as well as prices to get the best value.
Sarah Routledge
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