How Pet Insurance Can Save You Heartache

As with any insurance cover, pet insurance can seem like an unnecessary expense to the overly optimistic: another payment each month when the purse strings are tight. However there’s no free National Health Service for our beloved pets, and if kitty Tiddles is victim of a dog attack or Lucky labrador gets knocked down by a hit and run, can you easily put your hand on £100s or £1000s to pay vet bills?

If not how will Tiddles and Lucky fair? Being in a situation where a skilled vet could save your beloved pet  but you can’t meet the bill puts you in a terrible situation: you may have to agree that your pet is put to sleep just because of lack of money.

That’s where pet insurance can literally be a life-saver: think of it as a reasonable monthly fee to pop into a safe place, just waiting there in case your pet ever needs it.

But Will Insurers Pay?

Statistics indicate that in the majority of cases, yes they will. According to the Association of British Insurers (ABI):

• A record £1.8 million is being paid out in pet insurance claims every day as insurers received and paid out more claims in 2016 than ever before – over 2,500 claims every day.
• Cost of the average claim tops £750 for the first time, up from £720 in 2015.

So What Will Pet Insurance Cover?

Some, not all, offer cover for the following:

• Medical expenses, but not for neutering or vaccinations. If possible, ensure that the policy covers for medical expenses incurred by both illness and accident.
• ‘Death by accident or illness’ which means that if your pet dies, you can receive the amount that you paid for him/her. Bear in mind that most policies have an age limit in this instance; typically between 7 and 10 years for a cat and 7 to 8 years for a dog. After then, insurers won’t pay out.
• Costs for advertising. If your pet goes missing, you can claim back the reward given if your pet is found or for the cost of any posters you put up.
• Third-party liability (dog policies only) which means you’re covered for the legal costs, your expenses, plus the claimant’s expenses that can arise if your dog injures a third party or their property. Apparently, cats don’t require third-party cover as legally they are deemed ‘free spirits’ (and if you own a cat, you’ll know ‘free spirit’ is a euphemism for ‘self-absorbed’!)
• Dental cover. Usually only covers for accidents, but there are some policies that cover for illness.
• Kennel and cattery fees. If you’ve no one to look after your pet if you’re hospitalised, this cover will pay the fees for accommodation for your pet. But your hospital stay usually has to be for at least two consecutive days.
• Overseas travel cover. If your pet is abroad and falls ill, is involved in an accident or needs access to vet care, this will provide cover.
• Euthanasia and burial. Some policies may offer to subsidise these costs.

Types Of Pet Insurance

So, not only do we have insurance that covers your pet for different situations, but there are different levels of cover, too. The main types are:

Lifetime Cover

This insurance is the most expensive out of the three main types and covers your pet for any continuing issues that they may have over their lifetime. There are two types of lifetime cover:

• Per condition, per year – which has a maximum limit for each condition, which resets every year
• Annual lifetime cover – has a maximum overall limit that resets every year.

Unless you cancel your policy, both types of policies cover on-going illnesses every year and the limit is set by the insurer.

Non-lifetime Cover

This cover is less comprehensive and therefore less expensive, than lifetime cover. Certain conditions are excluded once you reach the claims limit. There are two main types of non-lifetime insurance:

• Per condition cover – insurers pay a set amount for each condition and the condition is excluded from future payouts once the limit has been reached.
• Time-limit per condition cover – has both a per condition limit and time limit, usually of 12 months, and then the condition is excluded.

Accident-Only

Insurance to cover accidents only, which is the cheapest cover. However, do bear in mind that most pet insurance claims are for illness and if you have this type of cover and your pet gets ill, you won’t be covered.

Insurance For Pre-Existing Conditions?

This is a tricky one. Very few (if any) insurers will insure your pet if he/she has a pre-existing medical condition. If you switch to another insurer, they will probably exclude that condition, so it might be wise to stick with your current provider.

Insurance For Older Pets?

You’ll be paying more to insure an older pet (above seven years typically) each year. This is because, like humans, the older they get, the more likely they are to fall ill, raising the chance of a claim being made.

Preferably, you should select a policy with lifelong cover while your pet is still young. The premiums will be more expensive than other options at the beginning, but you’ll have peace of mind that your pet is covered for most eventualities.

Best Ways To Reduce Insurance Costs

• Get your pet neutered / spayed
• Insure your pet when young and healthy as you’ll have to disclose any existing medical conditions to insurers which hikes up the premium
• Get your pet microchipped
• Accept a higher excess to pay reduced premiums

Why not speak to VetsMediCover and get your pet insured now. 10% discount for arranging your insurance online. Check it out now!

Alternative To Pet Insurance?

You don’t have to take out pet insurance. Many people put money into a separate fund each month in case of any unexpected vet’s bills. This could make sense – if you start when the pet is young and you’re disciplined enough not to touch the money.

However, with already costly (and rising) vet’s bills, it might take a good few years to save up the thousands necessary for an urgent operation or cancer treatment should it be needed. It’s far better to have peace of mind, avoid heartache and take out the insurance policy that suits you and your pet.