The benefits and costs explained
In the current economic climate many owners either stop paying for pet insurance or reduce their level of cover in order to reduce their premium. Whilst this may be a great way to free up a small amount of cash each month, have you ever considered what you would do if then faced with a huge vets bill?
What does pet insurance cover?
Standard pet insurance usually offers the following benefits:
Vets fees cover - This ranges from £2500 cover per year for all vets fees right up to £10,000 per condition depending on the level of cover you require and the premium you are prepared to pay.
Theft or straying - Most policies will give you £500 should your pet go missing which you can put towards posters and a reward to try and find them.
Additional benefits offered by some companies include:
Homeopathic remedies or complementary therapy
Travel abroad
Holiday cancellation if your pet is ill
Third party damage
What is the cost of pet insurance?
The cost of a pet insurance policy varies depending on the type of animal you have, the age of the animal, the excess you are prepared to pay and the level of cover you require. The following list shows some of the typical quotes we received*:
Cat Insurance:
All these quotes were for a 5 year old male moggy. We were quoted the following prices.:
Tesco - £7.23 per month - £4000 vets cover per condition
Petplan - £10.93 per month - £4000 vets cover per year
More than - £7.24 per month - £7000 vets cover per condition
Dog Insurance:
All these quotes were for a 5 year old male crossbreed. We were quoted the following prices:
Tesco - £12.34 per month - £4000 vets cover per condition
Petplan - £18.48 per month - £4000 vets cover per condition
More than - £12.33 per month - £7000 vets cover per condition
*Please note that quotes may vary depending on address. There are more providers of pet insurance than we listed.
These monthly costs are tiny compared to the cost of many common veterinary conditions.
Why should I take out pet insurance?
If your pet is healthy you might be tempted to give pet insurance a miss. However many medical conditions can strike at any age and usually have major cost implications. Plus with cats there is always the risk of injury through fighting with other cats or worst case if they are hit by a car.
The monthly costs of pet insurance are tiny compared to the cost of many common veterinary conditions and provides peace of mind to the owner as you know that whatever happens, you can afford to treat your pet.
What if my pet is old?
Unfortunately if your cat or dog is over 7 years of age, many insurers will not cover them for illness. However most insurers will still cover your pet in case of an accident or if they are lost or stolen. Some companies will still continue to cover your pet for illness past this age as long as you take out the cover before the pets 7th birthday and continue to pay the premiums
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"There is no third party only insurance for pets available in the UK. It is important to persuade MP\'s to introduce it as a compulsion for all cat/dog owners. To fail to do so leaves owners vulnerable to be sued for injury/damage to others."
dmilburn@orange.net
"By switching insurers, I have discovered that some pet insurers are being used by several agents and that by transferring from a well-known supermarket's pet insurance to an insurance broker, I have saved around 30% of the premium for identical cover"
Heather Alibakir