Is Pet Insurance Worth It?
There are many different costs that pet owners face to keep their pets healthy and happy. One of the most expensive costs over a pet’s lifetime will usually be vet fees, which is why many pet owners opt to take out a pet insurance policy.
According to the Association of British Insurers, the average pet insurance claim is upwards of £750, so those who choose not to take out pet insurance, are taking a risk and would need to pay unexpected vet bills out of their own pocket. Pet insurance is not a legal requirement in the UK but with the high costs of vet fees, many people prefer the security of knowing they are covered for medical bills in the event of an illness or accident.
What types of pet insurance are there?
There are four main types of pet insurance available:
Lifetime – You pay a premium every year and your insurer must continue insuring your pet, even if they are diagnosed with a condition or illness. The premiums usually increase as your pet gets older and will generally require vet treatments more frequently.
Annual – With an annual policy you have the option to switch insurers each year to find a cheaper policy, but this type of cover will usually not include treatment for pre-existing conditions.
Accident only – This is the cheapest insurance option and only covers injuries, not illnesses.
Maximum benefit – This type of insurance gives pet owners a fixed sum for each illness or injury throughout the policy term.
How much does pet insurance cost?
Insurance premiums are based on how high the risk is for the insurers in terms of paying out for claims. When you get your pet insurance quote, you will need to answer lots of questions to provide details for the insurers to assess the level of risk. It is important that medical conditions are disclosed or your policy could be deemed invalid in the event of a claim.
The premium will be influenced by:
- Your pet’s age and breed
- Their medical history
- How much excess you are prepared to pay
- The maximum amount of cover
- Whether your pet has been spayed/neutered
To reduce your premiums, you can take out a larger excess, which is the payment that you will make towards any claim. Typically, the standard excess will be £50 or £100 but by opting to pay more than that, you can bring the premium down.
Some insurance policies will have a lower maximum cover amount, which can also allow you to obtain a cheaper policy.
Factors to consider
Some breeds are more susceptible to certain medical conditions, which will make the premiums more expensive but there is a much higher chance that you will face vet bills. If you are considering bringing a new dog into your home, you should research the breed first.
You should also be aware of the health problems associated with ‘puppy farming’ which is a major concern and it can be difficult to identify whether a dog has been bred under these circumstances.
To conclude, if you do not take out pet insurance, there is a risk that you could end up paying large pet bills, so the decision comes down to whether you are prepared to take that chance and can afford unexpected large vet bills.
