A report from the research group Mintel says that every year, one in three pets needs to go to the vet for something they didn't expect. This means you're more likely to file a claim on your pet insurance than on your car insurance or even your home and contents policy.
The key word here is "unexpected." If you're looking for pet insurance that covers routine care like getting the teeth cleaned, getting vaccinated, or having the nails trimmed, forget it. Policies like that are as rare as hen's teeth. You also won't be able to get insurance for things like spaying or neutering your pet or getting an ID chip. This means that most of the reasons people take their pets to the vet are not covered by insurance.
But it's usually the ones that come out of the blue that cost the most. Changes in veterinary care have made it possible to treat new and more complicated illnesses. But emergency care can be very expensive. Treatment for a cat that didn't make it across the street could easily cost GBP700 or even more. After all, a set of X-rays with anaesthesia could cost GBP400, and a GBP1,000 MRI scan will leave you with no money left over. If Lassie the Labrador tore a ligament, it can now be treated, but at what cost? Wait for it: about GBP1,500! This is a lot of cash!
Since we know that most trips to the vet are not covered by insurance, what do we get for our premiums?
There are three main types of pet insurance policies. The first option puts a cap on how much can be paid out for each condition or event. The second option puts a cap on how much can be paid out in total each year. The third option, which is the cheapest, puts a cap on how much can be paid out for each condition and ends coverage after 12 months of treatment. And for every claim, you'll have to pay a deductible, which is usually between GBP50 and GBP100. Most of these plans give you a set amount of money if your pet dies.
And how much? Well, that depends on what kind of policy you choose, how much of a deductible you want to pay, what kind of pet you have, what breed it is, how old it is, and even your zip code (vets are more expensive in Kensington!). But as a general rule, an expert in the field says that Lassie will cost between GBP50 and GBP500 per year and puss will cost between GBP30 and GBP200 per year.
The best piece of advice is to get an insurance policy when your pet is young. Most pets can be insured as soon as they are 8 weeks old, and the insurance stays in place for the rest of their lives. If your pet is in the middle of its life, say eight or nine years old for a dog, it may be hard to find a policy that is worth it. That's because getting a new policy when your pet is in the middle of his or her life will be expensive, and you won't be able to use it to pay for treatments for any health problems your pet already has.
So, how can you lower the costs? If your pet has an ID chip, you may be able to get a discount, and most places offer discounts for the second and subsequent pets. After that, you just need to look around. Good thing there's the Internet!
The Internet is getting a bigger share of the insurance market, which makes sense because it makes shopping quick, easy, and simple. It's also probably the cheapest place to start looking for insurance for your car, home, and pet. Just let your keyboard do the work.
