Immediate action needed on pet insurance
Tuesday, 05 Apr 2005 16:23
Waiting until after you need to make a claim to review pet insurance is too long, Sainsbury's has said
Consumers must be careful when switching pet insurance, Sainsbury's Bank has said today, as many problems could be excluded from new policies.
The majority of insurers will exclude pre-existing conditions, Sainsbury's warns, meaning once something has been claimed for on one policy it is hard to claim for it again on another.
The insurer recommends that people review their policies as soon as possible to make sure they are not caught out should they find their existing policy is providing inadequate cover later on.
"Around 90 per cent of pet insurance claims are for veterinary treatment so it is imperative that owners have adequate cover. Some policies, for example, stop paying for treatment after 12 months, regardless of whether the dog or cat needs further care," said David Pickett, Sainsbury's Bank pet insurance manager.
"Pet owners should ensure that they have good quality cover from the very beginning, removing the need to switch providers," he added.
The cost of veterinary treatment is rising with medical advances, and Sainsbury's Bank believes many pet insurance providers may not have increased their cover accordingly.
"Unfortunately pet owners often only realise their policy's failings when they come to claim. Reviewing your policy and comparing the cover with other products and switching if necessary should be done as soon as possible before it's too late," Mr Pickett said.
Research out today by Saga Pet Insurance has pointed out that 32 per cent of cat owners and 14 per cent of dog owners would be forced to consider putting their pet down if it needed treatment costing £1,500 or more.
And with quality cover available from under £7 a month for dogs and less than £3 for cats, Saga points out that cover does not cost the earth.
Andrew Goodsell, chief executive of Saga Pet Insurance, said: "Many pet owners see pet insurance as something that they cannot afford, but in reality it is something that no-one need be without. Pets can get into all sorts of scrapes and bills can be high - for example, treating a dog's broken leg can cost £1,000."