We all want to give our pets the best life, so getting the most important aspects of pet ownership right is essential. From choosing what type of diet they will have, to ensuring they are getting the right amount of exercise, and even what their grooming routine will be – these are all vital for their health and wellbeing.
As having a cat or dog can be expensive, you’ll also want to ensure you’re savvy with how you cover all the costs that come with being a pet parent. When it comes to their health, this is where pet insurance can be a huge help. Before you rush to get a policy, you’ll want to consider a few things first – not all policies are the same, so the last thing you want to do is choose one that isn’t right for you, and your pet.
Why Pet Insurance, and What Is It Really?
If you’ve ever had any form of insurance, you’ll know that it’s there just in case something unexpected happens. You may already have other types of insurance, from health to car and home, as well as insurance for when you travel, so why not have this peace of mind for your pet?
The cost of ownership is only increasing, and as many of us have seen from the cost of living in general over the last few years, even basic things we need have gone up in price. Whilst we don’t like to think about things going wrong, especially when it comes to our pet’s health, we all have to prepare as best we can.
Pet insurance is essentially a safety net designed to help protect you from the financial strain of unexpected trips to the vet. It has become a crucial part of pet ownership, given the high costs associated with bringing your pet back to good health. In fact, a record number of pet owners took out insurance to protect their pets in 2023, with data from the Association of British Insurers (ABI) showing an all-time high of 4.4 million people. If you think about how long your pet will be a part of your life (hopefully many, many years), the costs each year can quickly mount up.
Policies do vary widely but generally cover accidents, illnesses, and sometimes behavioural treatment and emergency care amongst others. The most common types include ‘lifetime’ cover, which protects your pet for ongoing conditions throughout their life, and ‘annual’ cover, which needs to be renewed yearly with varying terms. There’s also ‘accident only’, which as you may guess, only covers accidents but not any illnesses.
Carefully choosing a policy is important and will make the difference between paying out hundreds, even thousands each year out of pocket, and being able to claim some of this back
The Advantages of Pet Insurance
Investing in your pet has its advantages. After all, if you’re looking forward to years of fun and companionship for you and your family, you’ll need to look after your cat or dog and have their best interests in mind. They depend on you, so having a good pet insurance policy can ensure their health and well-being is fully covered throughout their life. It can:
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Provide Peace of Mind – You’ll know you can afford the best care for your pet without the stress of unexpected, high vet bills.
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Give You Comprehensive Medical Cover – It will cover a range of treatments including emergency surgeries, chronic conditions such as diabetes or arthritis, dental accidents, MRI/CT scans, and emergency care.
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Provide Added Perks – Some policies include complementary therapy, behavioural treatments, and third-party liability cover if your pet causes harm or damage.
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Protect Your Finances – It helps protect you against the potential high costs of unexpected emergencies, so you won’t have to rely on your savings or take out other forms of credit to pay.
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Provide Lifelong Security – When choosing the right policy, your pet will be covered through various stages of their life, allowing you to focus on enjoying your time together.
There is lots to like about pet insurance when you look at everything the best policies can cover and the costs of treatment you’ll need to pay out for if you didn’t have it. Of course, insurance isn’t free, so what do you need to consider with the cost of a policy?
Considering the Financial Side of Pet Insurance
Premiums can vary significantly with insurance, and this can be for various reasons:
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Breed-Specific Conditions – Some breeds are predisposed to certain health issues. This can potentially increase the cost of coverage with some providers.
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The Age of Your Pet – Insurance for older cats and dogs can often be more expensive, simply because they are more likely to need medical care. Some policies may not cover older pets at all, so you’ll need to read the terms carefully.
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Level of Coverage – Comprehensive plans that cover everything from wellness visits to emergency care are more costly, but they will offer better peace of mind. If you have a cheaper policy that is less comprehensive, you could be left paying more out of pocket.
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Excess Amount – Like all insurance, you can adjust the excess you’re willing to pay if needing to claim. However, some policies will charge a flat fee as well as a percentage-based excess amount. A higher excess may bring your premium down, but you’ll have to pay out more with each claim.
It’s important to think about these costs against the potential savings on future vet bills. Comparing different policies and what they offer will help you find the right balance between cost and coverage. That way, your chosen policy can still stick within your budget and not be too expensive to maintain.
Key Considerations Before Buying a Policy
Choosing the right pet insurance shouldn’t be just about finding the cheapest option. You’ll need careful consideration of everything to ensure you select a policy that best suits your needs and those of your pet.
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Coverage Limits and Deductibles – Carefully check the annual limits, lifetime limits, and per-condition limits, as well as the deductible amounts of policies you find. These will determine how much you will be reimbursed and can significantly affect your out-of-pocket costs.
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Exclusions and Restrictions – Be sure to understand what’s not covered. Insurance doesn’t cover everything, so you need to consider that routine and preventative treatments, vaccinations, neutering and more will still need to be paid for by yourself. Check the policy wording so that you are not caught out when it comes to making a claim.
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Policy Reviews – Check customer reviews of policies and providers, as well as customer feedback. Be sure to only use a reputable and reliable insurer, one that you’ll be confident of getting the best quality service and a simple claim process.
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Check for Multi-Pet Discounts – Many providers offer discounts if you insure more than one pet, which can be cost-effective if you have a multi-pet household.
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Tailored Policies – Consider whether the policy can be tailored to the specific needs of your pet and your financial situation, such as adjustable coverage limits or optional add-ons such as dental illness cover or missing pet cover.
It can be complicated when getting into the fine print of your chosen policy, so look for the key things that matter most to you in terms of coverage and the cost. That way, you can get the best insurance available for you and your budget, as well as for your pet’s health.
If you’d rather not be left in a position where you have to choose between helping your pet and being able to afford the treatment they need, pet insurance becomes an easy choice. Compare policies, look for reputable providers that ideally have lifetime cover options, and you’ll be prepared for the costs of anything unexpected.
Disclosure: This is a featured post.