Walker Jack Consultants

Vet’s bills can be expensive; therefore it is financially safer to have a pet insurance plan in place to cover the costs of any necessary treatments.  In addition to medical bills, the insurer may cover any costs incurred as a result of looking for a lost or stolen pet or the costs of looking after a pet if its owner goes into hospital.  This all depends on the type of insurance plan. Often insurers will cover for medical treatments for illness but not for vaccinations.  The cost of neutering is not covered.  Most insurance companies will only cover domestic pets such as cats, dogs and horses, but it is advisable to ask if they will cover your pet. Rare pets such as snakes and reptiles may cost more to insure.

There are two types of pet insurance plans that can be purchased, the first being a limited time plan.  A limited time plan only covers a pet for a certain length of time, such as a year and has to be renewed after this period. The second type is a life long plan, which essentially covers a pet for any illnesses throughout the length of its life.  Illnesses will be more frequent later in life and this will increase the price of the insurance as with human insurance policies. 
 
Insurance companies should be registered with the Financial Services Authority (FSA) so make sure this is the case before choosing where to purchase pet insurance.

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Pets provide love and companionship that may seem priceless to any pet-owner, but the reality is that pets do come at a price. Any owner would do whatever it takes to keep their pet healthy and happy, but sometimes this can become a heavy financial burden. Accidents or sudden illnesses can produce hefty vet bills, but pet insurance can ensure that the bills are paid and you can concentrate on getting your pet better.

The most popular insurance policies taken out are for cats and dogs, and pedigree breeds are perhaps the most likely pets to be insured. Pedigrees are expensive to buy and if they are lost, stolen, or die unexpectedly, the owner can claim the purchase price of the pet from an insurer. Secondly, pedigree pets are likely to inherit medical conditions and may need lots of expensive treatment, which pet insurance can cover the cost of. Insurance is also available for different types of pets; horses, rabbits, guinea pigs and exotic animals can all be insured, but it may require more research to find an insurer with the right policy.

Not only does insurance cover the cost of a pet’s medical treatment, it can also cover holiday cancellations if a pet becomes ill, or the expense of the kennels or cattery if the owner were to be taken ill. Different insurers will offer different levels of cover, so spend time choosing the right policy that will suit your needs adequately.

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There are many things to consider when choosing insurance for your pet, and you have several different policy types to choose from.  This is an overview of the main three types:

Annual Policy (or other fixed term)

This is usually the cheapest way to insure your pet.  You renew regularly (usually on a yearly basis) and you can claim on any treatments or other emergencies during that period.  However, there is usually a maximum limit as to how much you can claim per treatment or per health condition.  It is suitable if your pet has only occasional trips to the vet, but not if he/she has a long-term problem requiring ongoing medical care.  Premiums can also become more expensive as your pet gets older.

Condition Capped

With this policy, you pay per medical condition.  For example, if your pet has diabetes, you can claim towards any treatments needed for that particular illness.  However, there is still an upper limit – so the insurer may only pay part of the total costs, leaving you to cover the rest.

Lifetime Cover

With payments spread out into manageable regular amounts, this gives the most comprehensive cover and continues for as long as your pet lives.  At first glance, it is the most expensive type of insurance, but covers all costs up to an annual limit.  In the long-run, it may not be much more expensive than insuring your pet another way – other types of policy become more costly as your pet gets older, and don’t guarantee that all your costs are covered.

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As with any insurance policy, it is important to be absolutely honest on your application form for pet insurance in the same way as would be expected for car and house insurance. If an insurance company feels it has been misled in any way, it is highly unlikely that it will provide financial support when a claim is made.

Obviously a person should give correct name, address and contact details, and this is probably the easiest part of an application. An insurance company will want to know the name of the pet, so ensure this is spelled correctly, its date of birth and what breed it is. Pet owners should ensure they get all these details whether the pet comes from a known breeder, a friend or relative, or from an animal shelter. The latter can prove more difficult, but a good approximate age can be given and, under these circumstances, is usually likely to be accepted.

The past history of the pet’s health, which should include details of vaccinations, should be supplied to the insurer. Again, if that proves difficult then information from a vet who has examined the pet may help, otherwise the insurance policy may cost a little more. Most insurers will require that vaccinations are kept up to date as a condition of the policy.

Finally, an insurance company is likely to ask how much it cost to buy the pet initially, as this may affect the cost of the policy.

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Pet insurance policies vary greatly but there are some standard features to recognise.

 In general, veterinary fees are covered, with some limitations, by all policies.  The extent of cover and the limitations depend on the specific terms of each policy.

Many policies provide cover for the expenses incurred when an animal gets lost, including advertising costs and reward money.  Some animals are eligible for compensation cover, particularly exotic or pedigree breeds.

Liability cover is available with most policies.  This type of cover provides liability payment should your pet cause injury or damage someone else’s property.  This is particularly recommended for dog owners as compensation charges can be extremely high.  As long as reasonable precautions have been taken, liability cover pays any compensation claims made against your pet.

Not all treatments are covered by pet insurance.  Most policies will not cover the cost of routine care, including flea treatments and standard veterinary checkups.  Vaccinations are not covered, as these are deemed optional.  Treatment of pre-existing conditions is generally not covered.  It is important to declare these when taking out a policy.

Most policies have an excess payment clause, so there will always be an amount that you are expected to pay towards the treatment costs before any claim can be sent to the insurers.  Your policy will cover expenses beyond this agreed amount.

The above reflects standard policy cover; details will vary according to policy.  It is wise familiarise yourself with the specific cover details of any policy that you are considering.

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Pet insurance provides coverage for your pet if it is injured, or ill, and needs treatment at a veterinary surgery.  Pet insurance will also provide compensation if your pet is lost, stolen or dies due to an illness or accident.

Many people are divided in their opinion when it comes to whether or not pet insurance is an essential and justifiable cost.  A few years ago, it was not really considered essential, but in the present age, things have changed.  Some people do not see many differences between insurance for pets and health insurance for family members. 

Arguably, the biggest point that counts against pet insurance is the cost.  If you look at your numbers carefully you may realise that the insurance premium cost you accrue during the lifetime of your pet is unjustifiable.  This may be the case if the chance of having to pay for an expensive treatment for your pet is low.

There are some factors that support opting for pet insurance.  Treatments that were once supposed to work only for humans now also work on and are available for pets.  Pet owners can call for expensive diagnoses using sophisticated equipment.  Some of the tools and procedures used could really incur massive expense. 

If you are a devoted pet owner who would go to any length to save a pet, it is better to pay for pet insurance than having to incur great personal expense, or being faced with a vet’s bill that you cannot afford to pay.

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Pets bring a lot to a home and they become our companions.  However, with the enjoyment that they bring, also comes responsibility, a key part of which is looking after our pet’s health, something that can be costly.  Vet’s bills have been steadily increasing, along with advances in modern veterinarian science.  One way of managing animal health based bills is to take out insurance.  However, pets can live for a long time, decades in some cases.  Pet insurance can be a serious long-term investment and many question its value.

Generally, there are four main categories of cover, cats, dogs, birds and other exotic animals.  Premiums vary, according to a whole host of other factors.  For example, premiums are generally higher for older animals or for more exotic pets.

On average, dogs live for around 12 years, depending on breed, size and other factors.  Therefore, premiums can be paid for over 10 years, assuming you take out cover when the animal is still young.  The average lifespan of your pet will determine the premium amount and the total paid over the animal’s entire lifespan.  As with many types of insurance, there are great deals available online and selecting the most competitive policy is easy as there are websites that offer a comparison service.  However, you need to careful, as some major insurance companies are not listed.  To calculate premiums, you will need to know the species and breed, its age and your local circumstances.  There will be different levels of cover available and it is important to choose the right one for you.

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Pet insurance plans can literally be a lifesaver for new pets, as they offer a wide range of cover.  When deciding which plan to buy, consider all the costs that may need to be covered, including surgery, minor injury, routine check-ups and even dental care.  Advances in veterinary sciences have made ever more procedures available, such as organ transplants or even chemotherapy; however they can be costly.

The key to finding the right pet insurance plan is to check exactly what and what is not covered and bear in mind that this may not be the cheapest one that you find.  There may be flashy ad campaigns, but they may be hiding substandard, difficult-to-claim policies.  The answers lie in the small print and you should take some time to become familiar with the terms and conditions.  Another difference between policies can be the deductibles or excess.  Higher excesses generally mean lower monthly rates, but it could mean your faithful companion might cost more for smaller procedures.  Some plans cover the cost of routine and preventive care, but this may be at a greater monthly premium.  It is worth checking if the extra monthly cost is more economical than one-off payments.  Some plans have age limits, whereby insurers refuse to cover older animals.  Other factors are equally important, such as pre-existing conditions and other exclusions or specific conditions, like parasitic infestations or pregnancy, which may not be covered.

Not all plans are the same and costs vary, as does the level of cover that is provided.  By shopping around and getting a good view of the market, you can often save money and find the cover that is right for you and your pet.

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Everyone will have different needs when it comes to pet insurance.  The type of pet insurance policy that you choose will most likely be determined by the type of pet you have and the amount of veterinary fees you might incur.  However, you will need to decide between a limited time policy and a lifetime option that will cover your pet throughout its life.

Lifetime Pet Cover

Lifetime pet cover is intended to insure your pet for the span of its life.  If you are concerned about your pet possibly developing a long-term or recurring illness, a lifetime pet insurance plan is probably your best bet.  This type of cover is ideal for owners of pedigree animals, as their breeds are commonly associated with chronic ailments.  Because ongoing veterinary fees can add up, a lifetime policy may end up saving you hundreds or thousands of pounds in the long run.

Time-Limited Policies

Time-limited pet policies are usually sold in increments of 12 months.  These pet insurance plans will protect your pet for a limited amount of time and usually only for injury or illness.  Some plans may even cover behavioural treatment and physical therapy.  Most insurers do not have upper age limits for time-limited plans, since they renew each year.  Such plans are ideal for older pets that would otherwise be ineligible for lifetime cover.

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It is always important, when considering or buying insurance, to make sure that you know exactly what is included in and excluded from the policies you look at.  You should also check that any comparisons you make between policies are like for like, in other words they have broadly similar benefits.  This is as true of pet insurance policies as it is of any other types of insurance, although pet insurance does, of course, have its own particular special areas that require detailed examination.

One area that it is especially important to consider is the difference between lifetime and non-lifetime validity, as this will have a major effect on what costs can be claimed under the terms of the policy from one year to the next.  The terms of each insurance policy should therefore be checked so that it is clear under which of these arrangements the cover is to be provided.

Understanding the difference between lifetime and non-lifetime cover is crucial, because it may limit the number of times that a claim can be made for a particular illness.  For example, if your pet is treated for the same illness two years in a row and the term of the insurance is annual, it is likely that under non-lifetime cover, only the first occurrence can be claimed.  This is because non-lifetime validity may mean that any condition for which there is a claim in one insurance period is then removed from the validity of the insurance policy for subsequent periods.

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