Pet Insurance - Pros and Cons
Vet Bills, Dog Theft, Cat Operations & Kennels and Boarding
Feb 14, 2009
Many pet owners underestimate the cost of vet bills, cat operations, dog operations and the cost of kennels and boarding in the event of bad health. Others don't appreciate the dangers or costs associated with animal theft.
Research by Direct Line Pet Insurance found that British dog owners spend in excess of £800 million on vet fees per annum. The average vet bill stands at £154 a year, leaving 22% of pet owners struggling to cover their vet bills.
Advantages of Pet Insurance
- Vet bills. The cost of vet fees could create financial difficulties or even prevent a dog operation or cat operation. According to Tesco pet insurance, one in 10 claims for vet fees are in the region of £750 to £2,500;
- Pet theft. The Missing Pets Bureau found that 38% of those who report their animal missing have actually been the victim of theft. In 2004 a Crufts Champion bitch worth £50,000 was stolen. Pet insurance helps with costs, such as: offering rewards for safe recovery, posters and advertising and even offers financial assistance towards the cost of a new pet should the worst happen;
- Kennels and boarding. Should an owner become ill or be taken to hospital, pet insurance will help with the cost of kennels and boarding;
- Excess. Some pet owners choose an excess meaning that they have to pay x amount towards the cost of a dog operation, kennels and boarding or miscellaneous vet bills. Increasing any excess brings pet insurance premiums down, but also means that a pet owner will need to pay out more when making a claim;
- Peace-of-mind. Making monthly premiums for pet insurance gives a pet owner genuine peace-of-mind. It removes worries about covering the cost of vet bills as a result of a cat operation, dog operation or covering the cost of kennels and boarding.
Disadvantages of Pet Insurance
- Additional monthly bill. Most pet insurance policies will cost between £10 and £20 per month. Always use a pet insurance comparison service to identify the most competitive deals;
- Area of country. A postcode lottery exists. Pet insurance costs nearly 250% more in central London comparative to Plymouth;
- Policy exclusions. Pet insurance policies don't normally cover: specialist dietary needs, dental costs that weren't caused by an accident, euthanasia, neutering, pre-existing medical conditions, vaccinations and preventative treatments;
- Policy commencement. Most pet insurance policies will not pay out within the first 4 weeks;
- Age of pets. Some pet insurance policies don't cover very young or old animals.
Animal owners should seriously consider taking out pet insurance to help with: vet fees, cat operations, dog operations, pet theft and kennels and boarding. A small monthly premium to cover the cost of pet insurance can prevent any unwelcome financial surprises should the worst happen.
Those that found this article useful may also be interested in taking out critical illness insurance or life insurance. Others may be interested in finding practical solutions to credit card debt.
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