It is a staggering fact that almost half of all domestic pets need veterinary care each year due to accident or illness. Pet insurance is an important part of responsible pet ownership. Having to make a decision in the face of a pet’s illness can be difficult for pet owners without having the added worry of whether or not treatment can be afforded. Pet insurance allows pet owners and their veterinary surgeon to make the best decision about their pet's care, regardless of the financial implications.
A wide range of insurance plans are now available and these range from budget to very comprehensive. There are also many places to buy a policy, for example at your vet practice, from an insurance broker, over the internet or at your local supermarket.
Whilst the policies may appear to be the same as each other there are some important differences between the products on offer and the pet owner should be aware that the level and type of cover varies significantly. Most pet owners buy pet insurance to protect themselves against unexpected vet fees. This should be your most important consideration as 97-98 per cent of claims are for vet fees.
You should be aware that the majority of pet insurance plans do not cover preventative measures such as vaccinations, flea control, worming, spaying or castrating.
The key difference between pet insurance policies is the way in which vet fee claims are handled. However there are basically three types of policy that are sold in volume:
A ‘lifetime’ policy has a maximum vet fee benefit available each year which is renewed at the end of that year. This means that the pet insurance policy will continue to pay for chronic or ongoing conditions such as arthritis, diabetes and eczema right into the pet’s old age. This is important as over 30 per cent of claims on lifetime policies are for conditions that continue for over 12 months.
A ‘12 month’ policy places a limit on the length of time that any single condition can be claimed for. After 12 months, the insurer will stop paying for that particular condition and it will be excluded from cover. This type of policy is typically much cheaper than a ‘lifetime policy’ but it does not provide the same long-term peace of mind.
A third type of policy exists which places a monetary limit or ‘maximum benefit’ on the amount that can be claimed. This means that the insurance company will only pay up to a set amount for each treatment, regardless of the total cost and does not guarantee long term cover for a dog or cat suffering from an ongoing or recurrent problem.
Here are some tips to help you choose the right type of cover for your pet.
Most of the other benefits in a pet insurance policy should be considered as secondary. However, of the additional benefits, Third Party Liability Cover for dogs is probably the most important. If your dog causes an accident that results in injury or damage to someone else or their property, you could be found legally liable. Third Party Liability Cover will pay the compensation and costs awarded against you and the legal bills.
Other optional benefits may include:
A survey carried out as part of National Vaccination Month revealed that 11 million dogs, cats and rabbits are needlessly left at risk of serious disease, and even death, because they are not vaccinated, yet around a quarter of owners are unaware of any disease risk.
