Got yourself a good insurance policy for your pet? If not, you could be missing out on comprehensive coverage that makes paying for vet fees and treatment that much easier. Whilst having a cat or dog is already a big financial commitment even when things are good and they are healthy, the costs when things go wrong can suddenly start to increase.
So, if you haven’t already got pet insurance, below are a few reasons why it may be time to reconsider. If money was no object, then of course many pet owners would ‘self-insure’ without the worry of not being able to pay the vet. However, the reality is, not everyone has this luxury.
The RSPCA’s Kindness Index Report 2024 found that 78% of pet owners said it’s become more expensive to look after their pet in the last year, whilst 9% have stopped insuring their pets altogether. The question is, if the unexpected were to happen, would you be able to afford the care your pet needs?
The Cost Benefits of Pet Insurance
It’s not nice to think about things going wrong and not being able to afford to care for your furry friend, but unfortunately, going to the vet is sometimes both necessary and costly. A pet insurance policy that covers accidents and injuries is a potential safety net for your finances, whilst it will also avoid you having to make a difficult decision on whether to help your cat or dog get the treatment they need. Hopefully, if your dog is in good health and generally safe you can avoid a worst-case scenario, but as all pet owners know, accidents and the unexpected can and do happen.
If you have pet insurance, it allows you to budget for pet care expenses through regular monthly or annual premiums rather than having to manage sudden, large vet bills from your savings or other forms of credit. For many, this makes financial planning for the unexpected more manageable. It also helps policyholders claim back the majority, if not all, of your pet’s vet costs after paying the agreed excess.
When you consider surgeries, medications, and even emergency treatments can cost thousands of pounds, being able to cover these costs without issue is something many pet owners would gladly want. In 2023, the average pet insurance claim was £668, which is nearly 50% higher than the cost of the average policy, according to the latest data from the Association of British Insurers (ABI).
What Are Some Additional Benefits of Pet Insurance?
It’s not just accidents and illnesses that a good policy can cover, as many providers offer other additional benefits as well as optional extras to make your pet insurance even more comprehensive. These not only look out for your pet’s health, but also their overall well-being.
Complementary Treatments – Increasingly, you’ll find policies that include coverage for other types of treatment such as acupuncture, hydrotherapy, and chiropractic care. These can be particularly beneficial if you have a pet with a chronic or pre-existing condition, as well as those recovering from major surgery, helping them get back to regular health faster.
Travel Cover – Yes, if you’re someone who loves to travel with their pet, some policies include travel and holiday cover as an optional add-on. This can help cover emergency vet care whilst abroad, as well as trip cancellation if you had to return home because of your pet becoming ill.
Behavioural Treatment – If there are concerns around your pet’s temperament and behaviour, getting expert help can be expensive. That’s why some policies will offer coverage for behavioural sessions and therapies that focus on your pet’s mental and emotional well-being.
Third Party Liability – Specifically for dog owners, being able to cover costs due to unforeseen circumstances such as if someone were to become injured by your dog or their property is damaged. As you can imagine, the legal costs can be extremely high, so this type of coverage can provide peace of mind.
There are even more additional benefits that you may find from different providers that can help you build a policy that covers (almost) everything, so it is worth looking out for different add-ons that can give you even greater value for money with a policy.
Choosing the Right Policy To Save You Money
If you want to save money on potentially expensive vet bills, you’ll need to take the time to research different providers and policies and be sure whichever you choose is the right fit for you and your beloved family member. Choose a policy based only on the low cost, and it can mean having gaps in coverage and being left unable to claim. Here’s how to select the most suitable policy:
What Are Your Pet’s Needs? – Think about the age of your pet, the breed, and if they have any existing health conditions. These 3 things can influence how likely they will need specific treatment in the future, so a policy needs to tick all the boxes related to your pet’s needs.
Double Check The Details – Look at what each policy covers in terms of the types of illnesses and accidents and whether anything related to pre-existing conditions is covered. Compare the coverage and be sure nothing is missing that is essential for your pet’s unique needs. If any of the wording is confusing or vague, don’t hesitate to contact the provider to explain.
Take Notice of Policy Limits – Pay attention to annual and lifetime limits, as these will be how much the insurer will cover over the policy period such as annually. Don’t underestimate the costs of treatment when checking the limits as even seemingly small and straightforward treatments can cost more than you think. For example, a dog treated for poisoning after eating a mince pie cost nearly £400 according to the ABI, whilst a young cat who suffered a broken tibia that needed surgery cost nearly £2000 to repair. If your policy limit is too small, it may not go very far. Check with your local vet so that you can get an idea of average costs.
Compare Excess – How much you need to pay when making a claim will vary, so be sure to compare what the excess fee will be, or if a co-payment is required. A lower excess can mean paying a higher premium overall, but does mean less out-of-pocket expense per vet visit. However, if you can pay a higher excess, this can keep the overall cost down. Choose which is the most cost-effective for you. Also, check whether the policy increases the excess as your pet gets older and instead look for lifetime policies that don’t do this.
Pet Insurance Can Be Confusing, But You’re Not Alone
Don’t worry if you feel there’s lots of information to remember when selecting the ideal pet insurance – many people will feel the same! There are lots of differences between providers and different policies, so if you are unsure of anything, it’s best to seek advice before signing anything. Speaking to the insurance provider can help to clear up any confusion with policy terms and conditions, whilst also speaking to your vet can give you a better idea of what a comprehensive policy needs to include for your pet.
If you have more than one pet, be sure to take advantage of multi-pet discounts and don’t forget to look at the optional add-ons too – they can make your chosen policy even better and help to save you money on out-of-pocket expenses where relevant for your pet.
