Show
The cost of pet insurance will vary between insurers and can depend on a range of factors. These can include (but are not limited to): the type of policy; age of your pet; your pet’s health; claims or treatment history; where you live; purchase price; the breed of your pet; and if it is male or female. Claims costs and the amount vets charge for treatment can also impact premiums. In general, towns and cities vets’ charges can be higher than in rural areas and premiums reflect this. Claims costs have risen in recent years due to the advancement, complexity and increased number of treatments available to owners with pet insurance. Age can be a significant factor in the price of a pet insurance policy. As pets get older the premium will likely increase because, like humans, there is more risk they will be ill. Most insurance providers will not offer insurance to pets less than eight weeks old. As your pet gets older, pet insurance may be more difficult to find as some companies will not offer new insurance above a certain age. If you take out insurance when your pet is young the insurance policy can usually continue with the same provider as your pet gets older. It is really important that you budget for premiums to increase as the pet gets older and the risk increases. The insurance for pedigree or more exotic pets, such as reptiles, can be more expensive. This is based on claims experience, with crossbreeds usually less likely to suffer from the inherited medical conditions that individual pedigree breeds can experience. For dogs, the breed will also affect the size of the pet, which may have an impact on cost of vet fees.
Most pet insurance policies have an amount of money you pay towards the cost of the claim, called the excess. An excess can apply to any section of cover, most commonly the veterinary fees and third party liability sections. Excesses on veterinary fees can vary considerably so it is important to check how much these are and how they are applied. An excess can be a fixed amount you pay per claim or it can be a percentage of the final treatment costs. Usually excesses apply to the cost of treatment of each illness or injury, some apply once and others apply to the treatment received each year. Having a higher excess can reduce the cost of the overall premium. Policy terms may change as pets get older, and you may have to pay a contribution towards a claim, in addition to the fixed excess. The percentage amount is often called a ‘co-insurance’ excess. The percentage of co-insurance can vary from policy to policy but is typically 10% or 20%. While co-insurance is often applied by the insurer at inception of your policy or at renewal, you can opt for these types of excesses voluntarily as they can reduce the cost of the overall premium.
What does pet insurance do?
These are policies that help you cover the cost of veterinary treatment and medical expenses when a pet gets injured or becomes ill. The policies available can vary significantly in cost, what they cover and what they don’t include. The more comprehensive policies cover:
If you’re unsure if pet insurance is worth it, consider how you would deal with an unexpected bill. Costs can vary depending on the treatment and where you are, but it can go into the hundreds and often thousands of pounds. You’ll need to balance this with the cost of your premiums and the likelihood that you’ll make a claim. Whether pet insurance is worth taking out depends on several different factors. For example:
Older animals can cost more to insure, but are often more likely to need medical attention.
Most policies are taken out for cats and dogs, and it’s easy to find insurers for these animals. You can also get insurance for smaller mammals, such as gerbils, rabbits and hamsters. But their shorter lifespans mean it’s not necessarily good value. Exotic pets, such as lizards, snakes and parrots, are harder to insure as there aren’t many companies offering this service. But it’s worth shopping around.
This is a valid alternative, but you need a lot of discipline to make sure that money is always available, particularly if you’re covering expensive, ongoing care.
For example, pedigree dogs and cats can be more susceptible to congenital diseases and hereditary conditions. They’re also more likely to be stolen. Similarly, certain breeds are more vulnerable to specific problems – for example, larger dogs are more likely to suffer from joint problems.
What can pet insurance cover?
Like other forms of insurance, pet insurance policies can vary widely. The cover available can be broken down into costs associated with vet bills, and the items included on top of those.
These can be unexpected and often expensive. Covering them is the main reason people take out pet insurance. Check your policy carefully to understand exactly what can be claimed for, how much you’ll get and for how long. Some treatments that can be covered are listed below:
What else can be included
Types of pet insurance cover
There are four main types of pet insurance – Lifetime, Annual (or time limited), Accident only and Maximum benefit.
This is the most comprehensive type of cover you can get. You pay premiums every year during your pet’s life, and the insurer will have to keep covering you – regardless of age or any existing conditions (subject to conditions). As your pet gets older, your premiums are likely to increase.
You pay for 12 months’ worth of cover on a rolling basis. This gives you the option to switch to a cheaper policy each year. This kind of policy costs less, but might offer less comprehensive cover and generally will not cover pre-existing conditions. You’ll also struggle to find insurance as your pet gets older.
The most basic and cheapest level of cover available. It covers accidents (such as your dog being hit by a car), but not illnesses.
Also known as ‘per condition’, this cover provides a fixed sum to treat each illness or injury for as long as the policy remains in force.
Pet insurance can be relatively expensive, so it’s worth shopping around for the best deal. Comparison websites are a good place to start. But they don’t all cover the whole market. So use a few different sites to make sure you don’t miss any good deals.
Several retailers sell pet insurance, and you can also buy it direct from insurers. Among the specialists in this market are Petplan and Healthy Pets. You might be able to get the first four or five weeks of insurance for free, under a deal that many breeders now offer. If you have an exotic pet that you’re struggling to find insurance for, a broker might be able to help.
Five things to think about when you’re buying pet insurance
Cover for older dogs and cats is harder to find, as they're more likely to need treatment. Some insurers will only let you take out a new policy if your pet is under eight or nine years of age, or even younger for some special breeds. Buying a lifetime policy when they’re young might not be the cheapest option, but it guarantees your pet is always covered – even for long-term illnesses.
2. Be honest about their medical history
You must declare any pre-existing conditions when trying to get insurance for your pet. Otherwise, the policy might be void and your claim rejected. If your pet does have a pre-existing condition, you might still be able to find a deal – but you probably won’t get any cover for the pre-existing condition.
This is the amount of a claim that you agree to pay up front. Some insurers ask for a percentage-based excess as well as a flat fee. This is known as a ‘co-insurance excess’ and could get very expensive if you’re paying big vet’s bills. So look for a policy that charges just one excess fee of £50 to £100. Also, avoid policies that increase the excess amount as your pet gets older – unless you would prefer a higher excess fee in return for cheaper premiums.
4. Check the maximum cover for vets’ fees
The maximum amount of cover that different types of policies provide for vet bills is usually:
5. Can you cut how much your pet insurance costs?
Microchipping your dog has been a legal requirement since 6 April 2016. However, you might save some money by microchipping your cat. Having your pet spayed or neutered can also reduce premiums, as it eliminates the risks associated with breeding and pregnancy. If you have more than one pet, you could take out multi-pet insurance. This gives you a discount for any subsequent animals put on the policy.
Was this information useful? Thank you for your feedback. |