Pet Insurance

As a nation of animal lovers we take great pride in looking after our feline and canine friends, often treating them with as much love and attention as any other family member. But, no matter how much pampering we lavish on our pets statistics show that one in three will require some sort of veterinary treatment in any given year. For many pet owners these unexpected vets bills can easily swell their monthly expenditure to breaking point. Worse still, if the situation arises where the pet has ongoing treatment then these fees suddenly become a regular drain on finances.

Rather than face these unexpected bills many pet owners are now preferring to protect their finances and pets by taking out insurance to cover them. Until quite recently pet insurance was riddled with exclusions and clauses making choosing one a mind numbing task. But things have changed, and purchasing pet insurance is now much easier because the policies are far more transparent and user-friendly.

To help you understand a little more about this kind of insurance we will briefly explain the basics you will normally find in the average pet insurance policy.

The four most important things to consider when choosing pet insurance are:

Medical benefits

Taking out a policy with ample medical benefit is vital. Most pet insurance does allow for generous yearly payouts on claims, but it's always best to check the policy details and the limit of medical fees you're actually covered for.

Limitations

Some pet insurance will have limitations written in the small print. These can quite often include time limits on when you can claim. For example, a policy could limit claim duration to a year rather than a specified financial level. If this is the case then owning a pet with a long term medical condition like Diabetes could pose a problem.

Life Long Cover

Look for pet insurance that you can renew year after year, even in the event of you making several claims. Some pet insurance will allow cover for life while others may stipulate a maximum age of 8- 10 years. A lot of pets now live well into their teenage years, so pet insurance with age limits like this could potentially leave you without cover for a very long time.

Liability

As with all insurance policies there are usually a number of differences to be found between the various insurance companies, so finding one that meets your needs is best done by comparison. You will generally find, though, that most insurers will offer some kind of liability in their pet insurance. Liability cover protects you in cases where your pet or animal has caused damage to property or, worse still, another person. In these unfortunate circumstances it will assist you financially in any legal proceedings if the injured party claims for damages against you.

Pet Insurance Benefits

Another commonly found benefit in Pet Insurance is 'Expenditure for advertising or reward'. For example, if a pet strays or is lost it can be quite devastating for the owner. Often an advert in a local paper is one of the first things owners consider to help relocate their lost pet, but newspaper advertising is by no means a cheap option. Combine this with the expense of a reward sometimes offered for the safe return of the pet and you can start to see why this is such a nice additional benefit to have.

Most pet insurance will allow a certain amount for boarding costs, but in all likelihood there will be some degree of variation depending on the insurance company. Cover for kenneling can be a massive reassurance for an owner if, for example, they were taken ill and had to spend time in hospital then this would pay for any kennel or cattery costs for the pet's safekeeping. On the other hand, say if the pet was suddenly taken ill forcing a holiday cancellation, there may be some cover in the insurance to provide compensation for this as well.

Multiple Pet Discount

If you're looking to insure more than one pet it's often worth asking about multiple pet discounts. Pet Insurance providers will sometimes offer reductions on policies if you insure more than one pet with them.

Finally, if you keep exotic animals as pets there are companies that will offer pet insurance for all kinds of animal. Although, a little harder to find, insurance companies do realise that exotic pets or birds are at particular risk of being stolen, and quite often rare pets are considerably valuable too. The insurance cover for these types of animal are just as easy to buy, and usually give the same level of cover that any ordinary pet insurance is likely to offer.