Things to Check before Buying Pet Insurance | Personal Finance Views

Thursday, June 18, 2015

Things to Check before Buying Pet Insurance

With vet fees on the rise – Sainsbury’s Bank claims vet fees have been increasing by 12% a year in the UK – taking out an insurance policy for your pets has never been more essential. Like applying any insurance plan, there are a number of things that you should check before buying a pet insurance plan for your pet.

You may love your pets very much, but that’s no reason why you should pay more than you need to in order to ensure they are able to access first-class veterinary care when they need it most.

Pet Insurance

Here are five things to check before you buy insurance for your pets, and yes, it isn’t something that they should be without – how much would you pay in vet fees for your cat or dog if their life was at stake?

1. The level of cover you take out

There are a number of levels of insurance cover that you can opt for, from very basic plans that only cover accidents to comprehensive insurance plans that enable pets to seek preventative care and their owners to fund rewards if they go missing. The more comprehensive the insurance plan the higher the premiums will naturally be.

2. Check how excesses are applied

Excesses affect insurance premiums more than most other factors and with regard to pet insurance, seem to differ depending on the type of pet. 

3. Pre-existing conditions

Like excesses, pre-existing conditions can really affect the premiums paid on insurance policies so be aware of this when comparing plans from competing insurers. Additionally, you also need to understand what a policy would do should your pet require treatment for a pre-existing condition.

4. Premiums for older pets

There isn’t much that you can do about the way insurance premiums rise for older pets, though you can of course shop around and compare rates between competing insurance companies in order to get a good deal. If you stick with the same insurer and don’t make unnecessary claims you may be able to negotiate a little discount.

5. Liability cover for dogs

Taking out liability cover for dogs is essential, even for small dogs. You don’t, however, have to take out liability cover from an insurer as there are often other options available, like the Dogs Trust Membership in the UK which is only £25 per year or just $12.50 if you’re over 60.

Pet insurance is essential – there really is no other way to look at the situation. With the cost of veterinary care increasingly rapidly, there are likely to be many more pets euthanized because their owners didn’t take out insurance for them and can’t pay the often ludicrously high cost of veterinary care. Don’t make the same mistake – take note of the points above to take out an affordable insurance plan for your pet.

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