Pets are part of our family, so when a beloved furry friend suffers a mishap like illness or an injury, it can be upsetting and, unfortunately, extremely expensive.
Vet bills can quickly add up, which is why having pet insurance is crucial to help ease the pressure on your finances. Here are the 4 key things you need to know…
What does pet insurance cover?
When you take out a pet insurance policy, some features come as standard:
Kennel and cattery fees (if your pet requires a recovery stay)
Cover for vet fees and medical treatments
Liability cover
Advertising costs and rewards
But, insurance companies won’t pay out for everything, so make sure you check the small print to see what exemptions there are before you pick your policy.
The types of pet insurance
When you’re shopping around for pet insurance, there are a few different cover options available.
Per condition
Also known as ‘maximum benefit cover’, per condition policies allocate a fixed amount of money to treat an individual illness or injury.
Time-limited
This type of policy insures your pet for a specific time, usually 12 months, to cover any accidents or short-term illnesses.
Accident only
This covers vet bills if your pet is injured in an accident. It’s the cheapest type of pet insurance in the short term but doesn’t cover any illness.
What is a lifetime cover?
Lifetime pet insurance can be the most expensive level of cover because it offers the most comprehensive protection.
If you wish for your dog or cat to be covered for a wide range of illnesses and injuries throughout their life, lifetime cover can be the best solution. A lifetime policy is essentially designed to cover any chronic or recurring condition during the pet’s lifetime.
There are two types of lifetime cover:
Annual limit per condition
Condition limit
Many insurers state that your pet must be at least eight weeks old before you can start a policy. Many cats and dogs over eight years are classed as older pets.
As always, it is worth reading the terms and conditions of any pet insurance policy that you are looking to take out. Some of the premium lifetime policies may have multi-pet discounts, third party liability and travel insurance included within the price.
How much does it cost?
As of May 2020, pet insurance for a cat younger than five years old costs on average £116 a year. For dogs aged below five expect to pay roughly £225 a year.
Insurers may charge you more to spread the cost of your pet insurance over monthly payments. This can often work out cheaper to pay for a policy upfront annually. The cost of pet insurance will be determined by the policy type but will also vary depending on the type and breed of your pet, its age and any existing medical conditions.
If you have any questions or you would like to discuss your financial planning further, get in touch with a member of our team today who will be happy to talk you through any questions.