Insuring your pet is part of being a responsible pet owner. Buying the right policy gives you peace of mind with the knowledge that funds are available for unexpected veterinary fees. As we all know how expensive good veterinary treatment is, it’s worth considering likely scenarios and how much they could cost? This will help you pick a policy with the right amount of cover for you, so you don’t under or over insure. The process of choosing the right level of cover involves a little risk assessment!
Pet insurance companies realize that a reasonably modest amount of cover suits some pet owners, keeping the premiums down, whilst still providing protection. In fact, some owners may think twice about putting a pet though too much treatment or surgery, even if the money is available.
Insurance companies are also aware that some owners are prepared to go ‘all the way’ if their pet needed treatment - whatever the cost. If you fall into this group, you may choose to pay a higher premium, for a larger pool of money available, should you need it, for vet bills.
Companies providing pet insurance offer a choice of levels of cover to suit a range of peoples’ needs. Healthy Pets have been providing pet insurance since 1996, currently offering a Bronze policy with £1,000 of veterinary fees per illness, Silver with £3,000 and Gold with £5,000.
As your pet’s treatment may not complete within a 12-month period, you are best choosing a policy that allows you to carry the claim over to the next year. Also be aware that some companies charge an excess each year, if the claim runs over several years. Choose a policy where there is no limit on the number of conditions you can claim for during the duration of the policy. Also check that your premium will not increase if you make a claim.
Of course the amount of cover your policy gives you has an effect on the premium. When choosing your policy, consider the chance your pet could develop an on-going condition, needing treatment for many years, think how much that could cost? Also consider the risk of an accident, which could require an expensive, but essential operation, how much could that cost?
Particularly if you are insuring more than one pet, balancing an affordable premium with adequate veterinary cover is the name of the game. If you start to look around, it may seem like a minefield out there with the explosion of companies offering pet insurance. Take a little time to look at the policies available from a range of companies. The main benefits will be clearly stated in the company’s marketing, with fine details in the terms and conditions. This is an industry authorised and regulated by the Financial Services Authority, meaning that all information is readily available to you.
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