Our pets are part of the family, and we want the best for them, but unfortunately, animals don’t have access to the kind of health care that we humans do. Vet’s fees can be quite costly; in 2022, the ABI reported pet insurance payouts reached a record £1 billion, the highest on record by its members, while the average pet insurance premium was £327, up a marginal 1% from 2021.
Pet insurance can help protect against unexpected costs; for example, by covering the cost of treatment if your pet is ill, or in an accident. Some pet insurance policies may also pay out when your pet dies or is lost or stolen.
But how high up is it on your list of priorities when you’re thinking about getting a pet? With the ongoing cost-of-living crisis, and certain breeds of dog costing upwards of £1,000 to buy, before you’ve even factored in food, equipment etc, it’s easy to see why many people think it’s not a necessary expense. It’s quite easy to think that the worst will never happen to you. But whether you’re a new pet parent, or you can’t remember a time when your furry friend didn’t have their own chair, factoring in the unexpected is a crucial part of pet ownership.
Here at The Insurance Emporium we’re aware that insurance can be quite confusing; what is Maximum Benefit? And what does excess mean? So we’ve put together a brief summary of the benefits of pet insurance, and the different kinds of cover available.
WHAT IF YOU DON’T HAVE PET INSURANCE?
If you’re wondering whether pet insurance is worth it, try thinking about what would happen if you had an unexpected bill.
Vet’s bills can vary depending on many factors, such as the breed and where you live, but they can run to hundreds, even thousands of pounds.
It doesn’t take much to push the cost up; your pet being taken ill on a Sunday, for example, and needing an emergency vet, and there’s a lot to be said for being able to make a decision about their treatment based on what they need, and not what it’s going to cost.
*All data has been collected inhouse on live policies from 01.03.23 – 29.02.24
- Common conditions – You never know what’s round the corner, but we had a look at some of the most common conditions claimed for (using our internal claims data between March ‘23 and February ‘24) and there are a few things to consider. For dogs, Growths, Cysts and Tumours come top, with an average claim cost of £728, with Endocrine and Exocrine disorders the most claimed for conditions for cats.
- Breed-specific claims – the average claim for a small mongrel is £426, compared to an average annual premium of £56, while the average claim for the good old moggie is £414, compared to an average annual premium of around £47.
- Public Liability – what would you do if you were out with your dog and it was involved in an incident where someone got injured, or there was damage to some property? Public liability is your legal liability to others for compensation and costs arising out of your ownership of your dog.
- Self-insuring – this is where you regularly set some money aside to pay for vet bills, and while it can help, veterinary costs can easily end up being much higher. For example, hip dysplasia treatment can cost over £7,000, and there are lots of hidden costs involved with treating your pet including treatment, overnight stays, x-rays and other investigations.
WHAT TO CONSIDER BEFORE TAKING OUT INSURANCE
There are a lot of things that can have an impact on your insurance premium, such as the breed of your pet and where you live, so here are a few things to think about before taking out insurance:
- Breed – your pet could cost more to insure if it’s a pedigree, and most insurers have a list of excluded breeds that are exempt from cover such as those on the government’s dangerous dogs list.
- Age – this could also affect your premium. Older pets can cost more to insure as they’re more prone to injury and illness; cats and dogs are usually classed as ‘older’ when they’re over the age of eight.
- Excess – this is the fixed amount you agree to pay if you make a claim; paying a higher excess usually lowers your premium.
- Time Limited/Maximum Benefit – your policy could come with an annual or condition–based limit. Make sure to check your policy wording so you fully understand your cover.
- Pre-existing conditions – most insurers won’t cover these, so you need to check the terms of your policy; if a pre-existing condition isn’t disclosed when you take out your policy, it could invalidate it when you try to make a claim.
DIFFERENT TYPES OF PET INSURANCE EXPLAINED
- Accident Only – your pet is only covered for injuries caused by accidents, and not illnesses.
- Public Liability Only – for if your dog injures someone or damages their property. It usually includes legal costs and claimants’ expenses.
- Time Limited – this covers illness or accidents for up to 365 days from the date they show clinical signs.
- Maximum Benefit – this covers accidents and illnesses up to the fixed-cost limit, no matter how long it takes to reach that limit.
- Lifetime – this covers accident and illnesses throughout your pet’s life, as long as your premiums are up to date.
- Senior Pet – cats and dogs over the age of eight are usually classed as an ‘older’ or ‘senior’ pet. Some senior pet policies can include cover for physical therapy treatments such as hydrotherapy and acupuncture, providing you’ve chosen a policy that includes veterinary fees, but remember to read the policy wording for details of any limitations.
WHAT ELSE CAN PET INSURANCE COVER?
- Death of Pet
- Boarding & Kennel Fees (under certain circumstances)
- Holiday Cancellation (under certain circumstances)
- Loss By Theft or Straying
- Advertising & Reward
- Accidental Damage
- Personal Accident
Remember to always check the details of your policy.
While none of us can see into the future and predict if or when our beloved pets will need treatment at some point, having a suitable pet insurance policy in place could give some light relief if you’re faced with an unexpected bill for an injury or illness, and you can focus on helping them get better.
Our policies are designed to be flexible, because we know that no two pets are the same and we have a range of different cover levels that you can tweak further. We hate jargon just as much as you do so why not give us a call to find out more today.
All content provided on this blog is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. We will not be liable for any loss, injury, or damage arising from the display or use of this information. This policy is subject to change at any time.
We offer a variety of cover levels, so please check the policy cover suits your needs before purchasing. For your protection, please ensure you read the Insurance Product Information Document (IPID) and policy wording, for information on policy exclusions and limitations.
