Pet Insurance in the UK is a growing market and is the easiest way to budget for any unforeseen veterinary bills.
As a pet owner the choices can be somewhat confusing, but there are three basic types of pet insurance in the UK.
First is what is known as a 12 month cover policy. You are buying 12 months’ worth of cover for accident or illness for your pet. If your pet’s illness goes on for longer than 12 months the company will place an exclusion on that condition and you will not be able to make any further claims for that condition. You will also be unable to go to another insurer (for that condition) as your pet now has what is called a ‘pre-existing’ condition, which any other insurer will also exclude. This is the big difference between car/household insurance and your pet insurance.
The second type of policy is called a Maximum Benefit policy. This type of policy has a financial limit on it, for example £4000, which then has to last for the rest of your pet’s life. Once it is used up you cannot make any further claims.
The third option is called a Lifetime policy. This means that while you are with that insurer if your pet develops a condition the insurer will cover you for the rest of your pet’s life, or for as long as you need veterinary treatment.
All these policies carry an excess. This is the first amount you pay, the same as your household and car insurance. For example the first £100 of the vet’s bill.
You are almost 30% more likely to claim on your pet insurance in any one year than your household insurance and this rises significantly as your pet gets older.
If you are considering insuring your pet always read the small print, ask the company you are considering insuring with for a copy of their terms and conditions. Always make sure you know which type of pet insurance you are buying for your pet.
Pet insurance is about budgeting and peace of mind. Can you afford to be without it?