As every pet owner will know, accidents and illnesses can strike at any time. One of the best ways to avoid putting yourself in financial difficulty as you pay for treatment is to have pet insurance. Putting a safety net in place gives you peace of mind and ensures you can cover the cost of medication, treatment and surgeries, without worrying about the costs. So, with this in mind, let’s take a look at the key reasons you should consider investing in a good pet insurance policy and how it can protect both your furry friend and your bank balance.
What Can Pet Insurance Cover?
With so many pet insurance policies to choose from, it can seem overwhelming to try and pick the right one for you and your beloved pet. For most policies, your pet will be covered for accidents and emergencies such as broken bones, swallowed objects, cuts, or poisoning. Many pet insurance policies also cover diagnostics, treatments, and medications for both short-term and chronic illnesses, including serious conditions like Cancer and Diabetes.
Some policies include the cost of surgical procedures, whether planned or emergency, and the associated costs of hospital stays, anaesthesia, and aftercare. You can also find comprehensive policies that include diagnostic tests, such as X-rays, MRIs, ultrasounds and blood work, along with ongoing prescribed medication.
It’s important to read the terms and conditions for a policy before you do decide if it’s the right option for you and your furry friend. Some insurers will only cover conditions if your pet develops them after the policy starts, so if your pet already has an ongoing illness or condition, it’s advisable to choose pet insurance from a trusted insurer who can cover pre-existing conditions, such as the lifetime policies from Petgevity. If you have an older cat or dog, this can provide the exact cover you may be looking for, especially with more frequent trips to the vet.
Different Types of Pet Insurance
The most basic form of pet insurance is typically accident-only cover, which pays out a fixed sum for each accidental injury your pet gets. Most policies only cover injuries that have occurred from a single incident, such as broken bones or fractures, rather than soft tissue injuries (such as muscle tears), which may have occurred over time.
You might want to consider time-limited policies, which pay out a fixed sum for each injury or illness your pet gets. The treatment of each illness or injury will only be covered during a set time period (such as 12 months). However, after the time period has finished or the fixed sum has been reached, your pet’s illness or injury won’t be covered for the remaining duration of the time-limited policy.
Lifetime policies are a popular choice if you want comprehensive insurance cover. These policies typically have an annual allowance which your pet will be covered for. Once the cost of your pet’s diagnosis, treatment or medication exceeds this limit, you won’t be given any further payouts for the remainder of that insurance year. In some cases, the insurer will set an allowance for the injury or illness for the following year. You’ll need to renew the policy each year and pay annual or monthly premiums to maintain the ongoing insurance.
What’s Typically Excluded from Pet Insurance?
As you may find when researching, many insurers won’t cover any pre-existing conditions your pet has before the policy starts, including any symptoms or illnesses noted in their medical history. Some may offer partial cover if the condition has been symptom-free for a certain period, so it’s important to check the small print.
Standard pet insurance typically won’t cover routine and preventative care unless you have an additional wellness or routine care package, which means you will have to pay out of pocket for any vaccinations, flea, tick, and worming treatments and dental care, among other expenses. Pet insurance also doesn’t usually cover medical expenses related to pregnancy or breeding, behavioural issues or training.
It’s best to check the terms and conditions of a policy before you sign up for it to make sure it offers the right level of cover you want. Every policy and insurer varies, so it’s a good idea to consider the key cover you want based on your pet and your budget before shopping around for insurance.
How Much Pet Insurance Cover Should I Get?
Unfortunately, statistics suggest that 1 in 3 dogs develop cancer in their lifetime, as per the Royal Veterinary College (RVC). Each species and breed will have its own set of common illnesses and conditions, so it’s important to prepare for the future with the right level of pet insurance. Without this, you could find yourself facing expensive treatment and vet bills, which can put a serious strain on your finances if you don’t have the savings or income to fully cover expenses.
Choosing the right level of pet insurance depends on several key factors, such as your pet’s health history, breed, age, and your current financial situation. It’s very easy to underestimate the cost of vet care, but emergency surgery or ongoing treatment for a chronic illness can quickly run into the thousands. You should ideally look for a policy that reflects realistic potential costs, which is around £5,000 to £15,000 per year.
While it can be tempting to choose a cheaper policy, especially if your pet is fit and healthy, this can mean facing expensive vet bills down the line if your pet develops a serious illness or injury. Lifetime policies with generous limits offer the most reliable protection for long-term health care.
Another key factor to consider is your pet’s breed and age. Certain breeds are more prone to hereditary or congenital conditions, such as flat-nosed animals like Pugs and Bulldogs or Persian cats, which often suffer from respiratory issues. Meanwhile, large breeds are more likely to develop joint issues, such as German Shepherds and Great Danes. Older pets are also more likely to develop illnesses and typically need more comprehensive coverage, so your best bet is to find a policy you can afford monthly that still offers sufficient cover for the most likely health issues your pet may face.
Is Pet Insurance Worth It?
Every pet is unique, and so are their health needs. To help ensure your pet gets the best level of care should they develop an illness or injury, it’s a good idea to have pet insurance in place as soon as possible to help you prepare for the unexpected. The policy you choose should suit your budget, while also offering reliable protection. Make sure to take the time to compare various policies and check the coverage limits, exclusions, and whether the policy includes optional extras like wellness care or dental.
Whether you opt for a basic accident-only plan or a comprehensive lifetime policy, having cover in place means you can focus on your pet’s wellbeing, not the cost of care.
Getting organised now could save you a lot of stress and financial strain further down the line, while also making sure your beloved companion gets the care they deserve.
