It is estimated that more than ninety percent of pets require emergency treatment at some point in their lives. So, is it better to pay the costs when an illness or injury occurs, or is it best to take out pet insurance? The following information will allow you to determine whether pet insurance is worth it or not.
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What Is Pet Insurance?
Pet insurance protects you against the expense of treating your pet should he or she be injured or suffer from an illness. By having insurance in place, it will save you from unexpected, and potentially high, costs. There are various coverage options available from many different insurance companies in the United Kingdom. Depending on the type of cover you select, pet insurance can assist with treatments like dental care, hereditary conditions, and the loss or theft of your pet.
Many well-known insurers like Direct Line, More Than and LV offer some pet insurance options. There are also insurance companies that specialise in pets, such as Animal Friends, Petplan and Healthy Paws. This Healthy Paws review highlights the company is one of the best pet insurers out there. Many others agree. Healthy Paws is the only pet insurer that combines high-value lifetime benefits with an annual deductible. This means you only need to pay a flat yearly deductible for your pay-outs to begin (rather than worrying about deductibles for each incident.)
Types of Pet Insurance
There are three main types of pet insurance policies you could get. These are:
- Lifetime: This is a fully-comprehensive type of insurance. You will pay premiums each year.
- Annual: This type allows you to pay every year on a rolling basis, which gives you more flexibility. However, this policy may offer less comprehensive cover.
- Accident Only: This is the cheapest and most basic level of protection. It covers accidents but not illnesses.
Weigh Up the Costs
When considering whether pet coverage is worth it, you need to weigh up the cost of taking out the insurance against the expense of individual vet bills. How much bill costs are is dependent on the specific type of treatment provided and the region in which you live. However, according to the Association of British Insurers, the average claim is around £750. That can be a considerable amount to pay if you are not expecting it and you have no emergency fund set aside.
Other Things to Consider
Before you decide whether it is worth taking out pet insurance, you need to consider various things regarding your particular pet. Does your pet have a pre-existing condition? If so, it may be challenging to find an insurer that provides treatment for that condition. Perhaps your pet has a long-term health problem or even joint problems. If this is the case, only a lifetime policy may cover it. Also, you need to consider the age of your pet, as that can often affect the cost of your premium. Older pets usually cost more to insure. If you have a pedigree breed, it can also be more expensive to insure.
Is it worth it?
Is pet insurance worth it? Statistics suggest that it will save you money in the long run. Taking out an insurance policy allows you to spread the cost rather than suddenly having to find a few hundred pounds for a treatment when your pet becomes ill or injured. It also gives you peace of mind that your beloved pet will be looked after when problems arise. However, only you can decide whether pet insurance is worth investing in or not.