Pet Insurance
Pet insurance policies, like all insurance policies, come with a variety of different features – some of which are standard and some of which come as added ‘luxuries’. All pet insurance policies will cover the medical costs for your cat or dog if they fall ill or are injured but many don’t cover routine visits to the vet, vaccinations or neutering.
Here, we answer some commonly asked questions.
Why do I need pet insurance? Should I not just put some money by instead?
It’s really about peace of mind as much as anything else. An operation could cost thousands of pounds. Yes, you may pay premiums for years without a claim but equally, you could be financially ruined by a pet’s unexpected accident or illness.
Can I save money by buying a basic policy?
Cheaper policies can be fine, as long as you are prepared to supplement them with your savings. The most basic pet insurance policies will often put a time limit on your pet’s condition – usually 12 months – as well as a monetary limit. Once the 12 months are up, your pet’s particular condition is excluded from the policy.
What about insuring older pets?
The older your pet gets, the more the price rises. It’s exactly the same as taking out a private healthcare policy for yourself. On the one hand, if you stay with your current insurer, your premiums may jump sharply when your pet reaches old age.
On the other, if you decide to switch, insurers exclude pre-existing conditions from cover, and some may not take on older pets at all. Ideally, you should choose a policy offering lifelong cover with a suitable cover level while your pet is still young. If you own an older pet, it’s still worth shopping around, but don’t cancel your current policy until you find a new one that fully addresses your pet’s needs.
What about ‘exotic’ pets?
Most mainstream insurance companies will not insure exotic pets so it is worth asking specialist organisations and breeders for advice.
Are there discounts for microchipping?
It is worth asking a variety of companies. Microchipping suggests a sensible attitude and that is rewarded.
What is an accident-only policy? T
hese are policies that cover your pet for accidents only and exclude cover for illnesses from the policy entirely. Although cheaper than other more inclusive policies, they can be a false economy. A recent Which? survey showed that over a two-year period, 70 per cent of claims were for illnesses.
What is a time limit per condition pet insurance policy?
Having some form of pet insurance in place, even if it offers a low level of cover, such as a time-limit per condition nonlifetime cover policy, may still take some of the impact out of an unexpected and expensive vet bill.
Before choosing one of these policies, make sure you’ve run quotes with alternative types (with no time limit) to make sure you aren’t missing out on a better deal. Cost does not always correspond to the cover level. Additionally, other risk factors, such as where you live in the UK – whether you live in an urban or rural area – can make a difference to the price you are quoted.
Additional features can include
Death by accident/illness
Sad as this is, if your dog or cat is a pedigree, it makes sense to be in a position to replace it with the same breed if that is the one that you have fallen in love with. This feature pays out if your pet dies. It is linked to the market value/price paid. Most have an age limit, typically of seven to 10 years for a cat and seven to eight years for a dog, after which insurers will not pay out.
Cover for advertising
This is money for advertising if your pet goes missing and for offering a reward. The payout can range from £250 to £1,000, depending on the company.
Third-party liability (dog policies only)
This is very important as it will cover any damage or injury to a third party. The payout can be up to £2m if your dog injures a third party or damages their property. It also covers legal costs, expenses and the claimant’s expenses.
Overseas travel cover
If you are planning on taking your pet abroad, this is a must. However, read the small print, all providers offer different levels of cover for foreign vets’ bills.
Cattery/kennel fees
This feature will cover your pet’s fees if you are hospitalised and will only usually pay out if there is absolutely no one else to care for your pet.
Dental cover
This will cover dental costs as a result of an accident, though some policies cover illness as well. The cover level may be similar to the overall vet fee level.
Euthanasia and cremation/burial
It is possible to get additional cover to help with the financial burden of these sad possibilities.
Here, we answer some commonly asked questions.
Why do I need pet insurance? Should I not just put some money by instead?
It’s really about peace of mind as much as anything else. An operation could cost thousands of pounds. Yes, you may pay premiums for years without a claim but equally, you could be financially ruined by a pet’s unexpected accident or illness.
Can I save money by buying a basic policy?
Cheaper policies can be fine, as long as you are prepared to supplement them with your savings. The most basic pet insurance policies will often put a time limit on your pet’s condition – usually 12 months – as well as a monetary limit. Once the 12 months are up, your pet’s particular condition is excluded from the policy.
What about insuring older pets?
The older your pet gets, the more the price rises. It’s exactly the same as taking out a private healthcare policy for yourself. On the one hand, if you stay with your current insurer, your premiums may jump sharply when your pet reaches old age.
On the other, if you decide to switch, insurers exclude pre-existing conditions from cover, and some may not take on older pets at all. Ideally, you should choose a policy offering lifelong cover with a suitable cover level while your pet is still young. If you own an older pet, it’s still worth shopping around, but don’t cancel your current policy until you find a new one that fully addresses your pet’s needs.
What about ‘exotic’ pets?
Most mainstream insurance companies will not insure exotic pets so it is worth asking specialist organisations and breeders for advice.
Are there discounts for microchipping?
It is worth asking a variety of companies. Microchipping suggests a sensible attitude and that is rewarded.
What is an accident-only policy? T
hese are policies that cover your pet for accidents only and exclude cover for illnesses from the policy entirely. Although cheaper than other more inclusive policies, they can be a false economy. A recent Which? survey showed that over a two-year period, 70 per cent of claims were for illnesses.
What is a time limit per condition pet insurance policy?
Having some form of pet insurance in place, even if it offers a low level of cover, such as a time-limit per condition nonlifetime cover policy, may still take some of the impact out of an unexpected and expensive vet bill.
Before choosing one of these policies, make sure you’ve run quotes with alternative types (with no time limit) to make sure you aren’t missing out on a better deal. Cost does not always correspond to the cover level. Additionally, other risk factors, such as where you live in the UK – whether you live in an urban or rural area – can make a difference to the price you are quoted.
Additional features can include
Death by accident/illness
Sad as this is, if your dog or cat is a pedigree, it makes sense to be in a position to replace it with the same breed if that is the one that you have fallen in love with. This feature pays out if your pet dies. It is linked to the market value/price paid. Most have an age limit, typically of seven to 10 years for a cat and seven to eight years for a dog, after which insurers will not pay out.
Cover for advertising
This is money for advertising if your pet goes missing and for offering a reward. The payout can range from £250 to £1,000, depending on the company.
Third-party liability (dog policies only)
This is very important as it will cover any damage or injury to a third party. The payout can be up to £2m if your dog injures a third party or damages their property. It also covers legal costs, expenses and the claimant’s expenses.
Overseas travel cover
If you are planning on taking your pet abroad, this is a must. However, read the small print, all providers offer different levels of cover for foreign vets’ bills.
Cattery/kennel fees
This feature will cover your pet’s fees if you are hospitalised and will only usually pay out if there is absolutely no one else to care for your pet.
Dental cover
This will cover dental costs as a result of an accident, though some policies cover illness as well. The cover level may be similar to the overall vet fee level.
Euthanasia and cremation/burial
It is possible to get additional cover to help with the financial burden of these sad possibilities.