Did you know that the average cost of a pet insurance claim in the UK is £848? That’s according to the latest figures from Statista for the period between 2014 and 2021.
That’s quite a high figure and when you consider the ongoing costs of pet ownership including food, vet check-ups and any treatment they may need, having the budget to cover it all can be difficult. We love our pets, but they can certainly be expensive, which is why being insured from day one can make a difference.
Whilst it is not compulsory to have like insurance on a car, pet insurance can be the difference between being able to cover the costs of regular vet bills and having to dig into your savings to pay for this.
In some cases, it may mean having to choose between doing what’s best for your beloved pet and your finances, which is not ideal.
Whether you have a pet but currently do not have insurance, or you are thinking about getting a pet for the first time, it’s important to understand why it can be a good idea:
The Key Benefits to Consider
Vet care can be expensive – as we’ve highlighted already, vet bills can be expensive to cover across the year, and if your pet becomes ill, it means more frequent trips to the vet and possible treatment to help them recover.
This all comes at a cost, so unless you have an extensive savings pot to rely on, it can quickly add up.
For example, through pet charity Blue Cross, an operation may cost between £150 to £450 depending on the complexity and length, whilst it may cost more than this with different vet clinics.
Insurance provides security – being able to cover the costs of treatment when the unexpected happens and your pet becomes ill or injured, provides peace of mind that your pet will get the attention and help it needs.
If you are unable to afford treatment, it can lead to difficult decisions being made.
Insurance will help you cover the vet bill without having to think about what happens if you can’t.
Third Party Liability
If you own a dog and it becomes involved in an incident where someone else or another animal is injured, or property is damaged, insurance can help cover any legal action that may result from this. Again, this offers peace of mind just in case you find yourself in this situation.
Alternative treatments
Many policies may also include coverage for other things that may become useful including behavioural treatment to assist your pet’s wellbeing and complementary therapy such as acupuncture or hydrotherapy if they become injured. These are all treatments that can be expensive to pay for when you need them.
It gives you options
Pet insurance can also be flexible in the coverage you choose, so many providers have optional extras to create a more comprehensive policy. Whether you need coverage for dental accidents, help if your pet goes missing or is stolen, or travel and holiday cover, you can find providers that have a range of options.
Cover for the unexpected
Just like us humans, our pets are prone to the unexpected from accidents to illnesses. No matter how old they are and how fit and healthy they may seem now, things can change quickly.
Having insurance will mean you won’t have to worry about how to cover the costs of unexpected or emergency treatment when your savings are low, and you don’t have the funds available before your next payday. It will also help to avoid getting into debt to cover treatment too.
Choosing the Best Coverage for Your Pet
There are many insurance providers who can offer pet insurance, so you’ll want to ensure whichever you do decide to go for is right for you and your pet’s needs.
If you’ve not had insurance before, you may be tempted to go for the cheapest option available. Whilst this will save you money on the premium, it may not cover everything you need.
If you have an older pet, you’ll need to consider that they may need more regular check-ups or have a pre-existing condition that requires ongoing treatment. If they are young, whilst seemingly in good health now, they may be a breed more susceptible to certain conditions as they get older.
You know your pet best and the lifestyle they lead, so if they are very active, you’ll need to consider the potential for injury when out for a walk or running around, as well as at home when playing with toys or interacting with you.
Sprains and strains can happen, so a visit to the vet may happen more often than you may have first thought.
Not all policies are the same and generally choosing the cheapest option to save money may end up costing you more in the long run if it doesn’t cover essential things you need.
If you’re looking to get a pet for the first time, it’s a good idea to research the breed and understand common issues they may have. If you are adopting an older pet, you’ll want to know their full history so that you can choose insurance that’s the best fit, such as those without an upper age limit.
Making an Affordable Yet Comprehensive Choice
One of the reasons some pet owners may choose to self-insure (rely on their savings) is because they may feel getting good coverage is expensive. Like all insurance, there are ranges of cover you can choose which will affect how much your premium will be.
Going for the cheapest option may leave gaps in your coverage, so it’s important to compare the policies you find and consider a few things.
If you have more than one pet, you may be able to choose multi-pet insurance that covers them all with one policy rather than having individual ones. This can help you save money overall and make claiming much simpler.
The vet fee limit available can differ between policies, so ideally you’ll want to find a good balance between the limit you get each year and the monthly or annual cost. It is usually cheaper to pay annually than monthly, but only choose this if it is convenient for you.
The amount you choose for excess will affect the total premium. This is the amount you’ll pay when making a claim, so adjusting this can make the total more affordable.
If you’re looking at lifetime coverage where you renew each year, you may find some pet insurance policies have no compulsory excess to pay and no upper age limit, giving further peace of mind you are covered if your pet becomes ill.
If you choose to add an excess to a policy, this can lower your premium, so look for providers that provide this option rather than make it compulsory.
Getting Peace of Mind You’re Covered, Just In Case
Ultimately, the reason to get pet insurance is to ensure you do not need to worry about how you will pay for potentially expensive vet bills when the unexpected happens.
Owning a pet is something that will hopefully bring you and your family joy for many years, but underestimating the costs during this time, especially if they become injured or ill, can leave you needing financial help.
Insurance brings this when choosing the right policy. Remember, it will not cover everything such as neutering, vaccinations or preventative treatments like flea and worming, but it will cover emergency care and vet fees for many issues.
If getting the help your pet needs is important to you, you’ll be glad you have a good insurance policy to rely on.
