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Inside this Article
Pet Insurance
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Whilst pet insurance is not compulsory in the
UK, there are many policies that are available at a cheap premium.
If you own a pet, they will, at some time in their lives, end up
at the vet.
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The cost of vets' fees has been increasing by 11% a
year as medical advances which keep your pet healthier and happier
for longer enter the financial chain.
Vets estimate that 60% of
pet owners make a claim at least once per year. Pet insurance
for your dog, cat or other animal is not expensive, monthly
payments can start as little as £6 for a cat, £10 for a dog and
£5 for a rabbit, depending on age, policy type and the insurer
you choose.
Should
You Insure Your Pet?
If you value your pet and would pay for it's care,
then you should at least weigh up the costs and potential
benefits of a suitable pet insurance policy. Most policies
will also cover a number of additional expenses besides
standard vet treatment such as:
- the cost of advertising if your pet is lost
- the cost of damage caused by your pet
- recovery costs if your pet is lost
- boarding costs if you have to stay in
hospital
- burial cover if your pet dies while covered.
Some other factors you should consider
are the age and current health of your pet
as these can affect the premium you'll pay. Another
important consideration is the breed of your dog,
as some can be prone to certain conditions which
require longer term or lifetime treatment.
Pet Insurance - Ask the Experts
The major animal charities in the UK consider pet
insurance to be an integral part of responsible
pet ownership. The RSPCA estimates that 40% of the
cost of owning a dog or a cat is in unforeseen vets'
fees. Our four legged friends are often prone to
getting into scraps and scrapes as well as being
susceptible to illnesses like diabetes, skin
disorders, and kidney problems. In fact, estimates
show that one in three animals owners will claim on
their insurance every twelve months.
Pet Insurance - Reducing the
Premium
You can significantly reduce your premium if you insure
your pet from a young age. The older the pet the
more necessary it will become to have insurance
cover in place. No owner of a faithful pet wants to be
faced by a vet's estimate for necessary treatment to
prolong life that they cannot afford. Dependent on
your insurer, once your pet has had a condition for
which they have been successfully treated your pet
will be covered for life as long as you renew your
policy with the same insurer each year. The new
premium should not be affected by the claim you have
made, so the cost of your pet insurance should
not rise year on year. Discounts are sometimes
available if you are insuring more than one pet. It's
also worth finding out whether there is any reduction
in premium for pensioners.
What Does Pet
Insurance Cover?
Pet insurance covers pet owners against the
cost of vets' fees and can help ease the cost of
caring for an animal when accidents or sickness take
their toll. The premium you choose to pay will
determine the level of cover your pet will receive.
Insurance for pets
should be available for dogs, cats, rabbits, horses
and hamsters. You should also be able to get insurance
for exotic animals such as reptiles, snakes, fish
and birds, although you may need to find a specialist
insurer for this.
- Injury or Illness: you should expect up to £6,000
worth of cover for each and every injury or
illness. This covers the cost of consultations,
x-rays, surgery, medication - even alternative
therapies such as acupuncture and homeopathy.
- Boarding Fees: you should expect up to £600 in
boarding fees if your pet is hospitalised for more
than 4 days.
- Lost or Stolen: up to £600 towards the purchase
price of your pet if it gets lost, stolen or
killed in an accident.
- Death: up to £600 towards the purchase price of
your pet if it dies of an illness before reaching
11 years old.
- Liability and Accidental Damage: up to £1million
public liability and accidental damage if your pet
causes an accident or damages someone's property.
- Holiday cancellation: if your pet requires
emergency service with 14 days of departure.
- Transport costs: if your pet is referred to
another veterinary practice.
- Personal Accident: if you have to take time off
work after being bitten by your pet.
Pet Insurance Tips
Pet insurance is becoming
increasingly popular but do you really need it?
You could self insure your pet by saving a regular
monthly amount instead of paying premiums to an
insurance company. If your pet needs treatment, there
are funds available to help. If you don't, the money
just rolls up gaining interest and is always yours.
However, self insurance should only be considered in
limited circumstances and for pets that are unlikely
to cause injury or accident to others which could
result in legal action. If a dog, directly or
indirectly, injures another pet or even injures a
person, you could be faced with hefty medical bills at
best. At worst you could be on the receiving end of
court action and substantial legal expenses.
So, for most pets, insurance is a prudent choice but
are all policies the same? This page explains the key
points to consider when choosing between them, and a
few pitfalls to avoid as well.
Top Tips For
Choosing Pet Insurance
- Compare the price
- Consider the policy excess
- Are you getting lifelong cover?
- Think about other benefits
- Read the small print
Pet Insurance -
Compare The Price
Obviously, the cost of pet insurance is an
important consideration. But different insurers have
different ways of setting the price, so always get a
quote for your specific circumstances to compare
between insurers.
Pet Insurance -
Consider The
Excess
There are a number of ways some providers save
themselves money when it comes to paying out claims.
One of these is by including a high excess on their
policies.
The excess is the amount that you have to pay each
time you have to claim for a certain condition, so
choosing a cheaper product with a higher excess could
actually end up costing you money.
Pet Insurance -
Are You Getting
Lifelong Cover
You should check carefully what you are being
offered by pet insurers and understand clearly what
they mean by "lifelong cover". Understanding
lifelong cover can be complicated, but here are a few
simple guidelines on the types of cover generally
available...
Pet Insurance -
Time capped cover
Some plans (often at the cheaper end of the
spectrum) will only cover a condition for the first
year you claim.
Example: If your pet developed arthritis, you might be
able to claim up to £2,000 for the first year's
treatment, but no more. You would then have to cover
the cost of treatment every year yourself, for the
rest of your pet's life.
Pet Insurance -
Financially
capped cover
Some insurers call their financially capped cover
'lifelong cover'. In this case, an insurer will pay
out each year, but only up to a fixed total amount for
each condition. After that, they will stop paying.
Example: If your pet developed diabetes and you had a
policy that was financially capped at £3,500, you may
need to claim £2,000 in the first year. By year two,
the amount you can claim for treatment of the diabetes
is now just £1,500. After this, you would have to pay
for the treatment for the rest of your pet's life.
Pet Insurance -
Lifelong cover
The best pet insurance is cover that pays for
treatment up to a certain amount, every year, for as
long as your pet needs treatment.
Example: If your pet were to develop epilepsy and your
policy covers up to £3,000 every year, you could
claim for treatment up to this limit each year for the
rest of your pet's life.
Pet Insurance -
Think About Other
Benefits
Although veterinary fee cover is the key element of
pet insurance, most insurers offer a range of
additional benefits. These can include cover for:
- The cost of advertising and reward to recover
your pet should it go missing;
- The cost of looking after your pet if you have
to stay in hospital;
- The purchase price of your pet if it is lost or
passes away;
- The cost of your pet causing damage for which
you are legally liable.
- There are many more benefits available aside
from these, so read through the full list of
benefits to make sure the cover you have is right
for you.
Is Your Cat or Dog
Too Old for Cheap Pet Insurance?
Most of us tend to suffer more frequent health
problems as we age, and the same is true of our pets.
Just as we might have to pay more for health cover the
older we get, premiums for pet insurance can also
increase substantially.
In most cases, you can expect to start paying
significantly more for insurance once your pet reaches
eight or nine years old. And in fact, many insurers
simply don’t insure pets over this age unless
they’re renewing an existing policy. Insurers that
do cover older cats and dogs tend to quote much higher
rates.
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