Is Pet Insurance Worth It

Life comes with uncertainties and it’s no different for our beloved pets, you can’t predict how or when one will be unwell or injured and that’s the first reason pet owners consider insurance. It’s to save them from the unexpected, potentially high bills should something unfortunate happen to a furry companion. But it there more to it then this?

What is covered by a pet insurance policy?

The actual cover offered by an insurance broker, as with any form of insurance can differ quite largely between insurers, some will add lots of smaller extras, some may focus on just the main vet bills, some will offer different levels of cover on their own just to make it more confusing. The main benefits of pet cover can include, but are not limited to the below:

  1. Veterinary fees from accidents or illnesses
  2. Hereditary, congenital or chronic conditions
  3. Dental care
  4. Behavioural issues
  5. Prescription medication, food & supplements
  6. Third party liability

We would always advise you to check any potential policy terms and conditions to see exactly what is and isn’t covered before taking out a policy. Insurers focus their insurance products at different areas of the market and what one offers, another may not

How much are vet bills?

The data: the ABI * confirmed that £799,000,000 worth of pet insurance claims were processed during 2020 throughout the UK, with around 978,000 claims in total with 75% of these dog insurance claims.

The average cost of a claim was around £800 although there are instances where one off operations to something like a fractured leg can cost thousands of pounds. It is estimated that around 30% of dog owners, and 15% of cat owners have insurance cover for their animals.

So is pet insurance worth it?

Whether covering your pet is right for you or not is down to your personal circumstances. Can you afford a one off bill or would the monthly money be better spent elsewhere, these are two of the main questions to ask yourself.

There is of course no NHS for animals and vet bills are getting more expensive, not cheaper at the moment and having a pet insurance policy protecting your cat or dog ensures that you won’t be met with a large bill for an unexpected injury or illness.

* Source: https://www.abi.org.uk/news/news-articles/2021/04/petected-during-the-pandemic-pet-insurers-handled-claims-worth-the-equivalent-of-2-.2-million-every-day-in-2020-according-to-latest-abi-figures/