International Insurance

Posts Tagged ‘Pet’

You may have come across this article because you’re wondering whether you should buy insurance for your pet or not. This is something a lot of pet owners will think about at some point in a pet’s life and I’ll try and give you some help with your decision.

There are many reasons you may not want to take out pet insurance. You may for example think your pet will be healthy most of the time and so come to the conclusion that it isn’t worth it. The most common reason for thinking you won’t take out pet insurance is due to cost, right? I mean you would no doubt have insurance if it didn’t cost a thing, why wouldn’t you?

So let’s look at the cost then. In the UK you can get pet insurance for as little as 3.98 GBP (based on a cat). This is 47.76 GBP per year. When you compare this annual figure with veterinary costs you might be surprised:

Dental surgery on a cat: 233 GBP
Overnight stay £273
Treatment for a cat that’s been in a road accident: 547 GBP. Even a consultation can cost up to 40 GBP. It can all add up, especially if you have to make several visits on a single illness or injury.

As you can see these costs are for cats. For dogs certain procedures can cost a lot more than the cat equivalent.

The Advantages

The advantages are pretty obvious. If your pet falls ill or has an accident you won’t pay the full bill. You can rest easy that you will be able to give your pet the best treatment and it won’t depend on whether you have enough money. The cost of cover can pale into insignificance when veterinary fees are taken into account – even if you don’t claim for a couple of years.

The Disadvantages

There is a monthly outgoing cost that doesn’t stop when your pet doesn’t have any health problems at all. So it can seem like you are paying for nothing. Also you’ll need to ensure you have suitable insurance cover. You don’t want to think you can claim for something and then be disappointed when in fact your policy doesn’t include that cover.

Also keep in mind the excess you’re willing to pay, as this will affect the price you’ll pay for the policy.

The Decision

As the pet owner only you can decide if pet insurance is right for you. You may want to take the risk that goes with being uninsured. That means you’ll have to foot the bill if anything should happen to your little loved one. That’s a perfectly reasonable decision to come to.

On the other hand you may be someone who wants the peace of mind that comes with knowing you are covered when something does happen. You may also think “why would I want to be in a position where I can’t afford treatment for my pet.”

Having any insurance policy in place gives you peace of mind, and having one for your pet is no different. You can pay premiums and not make a claim for ages, like two-thirds of policy-holders, but when disaster strikes and you run up enormous veterinary bills you’ll be glad you have it.

How about a basic policy – although basic policies will cost the least, the cover will be minimal. Not only will they pay out a limited amount, but there will be a time limit on the claim, usually a year, and once that time has passed, that particular condition will no longer be covered.

What’s in a name? – one insurer’s “Gold” or “Premium” policy is not likely to be identical to another’s, even with the same name. Names likes these are just marketing ploys to attract you and you need to check the content of the policy carefully. At the other end of the scale, one insurer’s “Budget” policy may be better than another’s “Platinum” scheme, despite the name.

Older pets – premiums for older pets generally rise every year, giving their owners a dilemma. Your current insurer may charge vastly increased premiums when your pet reaches old age. But, on switching, you may find pre-existing conditions excluded from a cheaper policy, and some insurers may not cover older pets anyway.

So you have to choose whether to pay the higher premium with your existing insurer, or pay for a new policy which doesn’t offer adequate cover, or not insure your pet at all. Needless to say this choice comes at a time when the animal is most likely to incur veterinary costs.

Ideally, you should insure your pet while it is young and choose a policy with a high level of cover. But don’t cancel insurance on an older pet without first finding a new policy that offers sufficient cover.

What about the exotics – some of the main insurers will cover exotic pets such as reptiles but you may have to find a more specialist company. You should be able to get advice from the person you bought it from or from other owners. There may also be an association for enthusiasts of the species which you could contact.

Is anything free? – if you receive either housing or council tax benefit you may qualify for help towards costs of treatment for a pet. Get advice from the SSPCA if you live in Scotland, or from the USPCA in Northern Ireland.

Animal charities RSPCA and PDSA will ask you to take a means-test before offering financial help with treatment. If you receive means-tested state benefits your pet will be eligible for treatment at any of the four animal hospitals in London and Grimsby run by The Blue Cross. They will ask you for a donation, however little you can afford.

How about a discount for micro-chipping? – you may be able to get a discount if your pet is micro-chipped, so remember to ask when you call for a quotation. Ask your vet about the process if you want your pet micro-chipped.

Recommendations – vets are not licensed to provide advice about pet insurance and should not make recommendations to their clients. Despite this, a recent survey of 287 vets showed that 50 per cent did just that. You can pick up various leaflets in vets’ practices, but do use the internet to find the best insurance for your pet.

Keeping an animal as a pet means adopting it as part —practically a member, if not really a member— of the family. Your children pet it, you talk to it, you care for it and you love it, especially if your pet is a dog or cat that can also reciprocate with love for you. It is therefore natural for you to fret and worry if your pet gets sick, hurt or otherwise unhealthy.

What happens, then, if your pet suddenly gets hurt or falls ill, and you don’t have the budget for its hospitalization or treatment at the time? Will you nevertheless take it to the vet, hoping to find him a compassionate professional, who can ‘advance’ you the cost of medical treatment? Or would you just accept the inevitable –whatever it is— result of your pet’s injury or ailment? To avoid such scenario, the answer is pet insurance.

Why Insure your Pet?

Whether you accept it or not, your pet is an investment. You probably bought it from a pet shop or a kennel if it is a dog. You provided it with food, water, shelter, and plenty of attention. In return you expect to derive pleasure and reciprocal attention from it. It may, of course, simply be psychic in terms of fulfillment but fulfillment nevertheless. Therefore it follows that you hope to receive such fulfillment from your pet as long as you can.

But pets, like humans, are also subject to ailments, accidents, and hurt. In such instances they also need medical treatment and attention, but it does not follow that you can always support such need. The need may come suddenly and unexpectedly, that you may not be ready for it. Therefore, as you insure your loved ones you should think of insuring your loved pet or pets to provide it with a continuous opportunity to reciprocate the love and affection you bestowed on it.

Insurance coverage

Pet insurance, just like normal insurance for humans, also underwent a series of development phases. After the barrier of non-acceptability was hurdled, the extent of insurable coverage also grew in a series of spurts. Today, after many decades, pet insurance has evolved into an insurance industry sector with its own rules, regulations, levels, standards and requirements. Pet insurance has come of age.

Like any other kind of life insurance, pet insurance basically covers health and hospitalization, veterinary care and medicine, and life and accident insurance in varying combinations of cover, depending on many different factors. These factors may include, among others, pet species and other specifics (if a dog or cat, for example, breed, age, and whether its master is a family or an individual), living and other domestic conditions, and level of care normally bestowed by its owner. Some might even consider the economic stratum the owner belongs to as a significant factor in determining the appropriate insurance cover for the pet.

Insurance Particulars

As stated above, insurance coverage of pets vary with companies in terms of coverage and eligibility requirements. Some pet insurance companies will not cover animals not certified by their veterinarian as ‘normal’, ‘stable’, or ‘controlled’, those prone to certain ailments or diseases, ‘old’ pets, and the terminally ill. Other companies, notably those insuring pets of high-profile owners such as the rich and the famous, may even require authenticated and certified pedigree papers, but the coverage amounts may also be astronomical and incredibly large.

Premium payments also depend on the capacity to pay and desired or agreed on terms. Some may be monthly, semi-annually or annually, and may cover regularly scheduled check-ups, standard or special preventive medication, vaccination, grooming, and other wellness requirements. Group insurance options are also available, often at rates lower than individual costs, as well as accident insurance, which may specify coverage terms.