Rising Vets Costs Make Pet Insurance A smart Move
In Great Britan 1 in 2 of every house has a pet, but fewer than one in five have taken out pet insurance to cover veterinary fees.If you are one of the uninsured pet owners, veterinary costs,which can account for up to 90 percent of all insurance claims, are escalating at around 15% per annum.This could well be the time to protect yourself from a hefty bill.
There are more than 200 insurers offering cover for dogs and cats, ranging from the market leader PetPlan to well known brands such as Argos, Marks and Spencer,Churchill and Direct Line
(If you have a rabbit, guinea pig or chinchilla you can purchase cover with Pet Protect. But if you own a somewhat more unusual pet, Exotic Direct offers individually-priced insurance for animals ranging from tarantulas, pythons,monkeys to Vietnamese pot-bellied pigs. Almost anything!Almost anything could be insured.
When insuring your pet, the cost will depend on the type of pet, its age and pedigree, the level of cover, your address and the insurance company. As a general rule pedigree breeds are usually more expensive to insure than ordinary or heinz 57 variety animals. The reason being that pedigree breeds have a tendancy to be less healthy and can live shorter lives.
And if you live in a town or city you will probably pay more. Vets fees are higher than the national average in places like London and the south-east, therefore cover can cost more. However. premiums can still be tolerable, starting at as little as £6 a month for a dog and four pounds 35 pence a month for a cat.
But be cautious of incredibly cheap premiums. The levels of cover vary widely between policies and basically you pay for what you get. So look around and carefully study the levels of cover offered before you buy.
Vets fees are the most important part of the cover. So if possible you should purchase a policy that covers you for severalquite a few thousand pounds worth of veterinary fees each year. The policy should include hospitalisation, surgery and treatment following illness or accident.
The owners of dogs should also look for plans which offer third-party liability cover. Some plans offer one million pounds cover and some can go up to 2 million. This covers damage or injury or damage your dog may wreak onproperty or people. Keep in mind that,you are legally liable if, say, your dog attacks the postman. Cat owner do not need third-party liability as they cannot be held responsible for their cats actions.
An insurance policy will not normally cover your pet during its first eight weeks of life, or when they get older. A few but not all, polices refuse to accept dogs older than eight or nine years and cats older than ten. But if you already have cover when your pet becomes that age, your insurance company should continue to offer protection, however you can expect your premiums to escalate significantly.
With most insurers, you will have to pay an excess of up to fifty pound per claim. But with several plans this increases for older pets.
The majority of pet plans will exclude any medical problem that already exists when you first take a policy out. But a few will also restrict the payment of a continuing claim to 1 year. consequently, if your pet requires a long treatment for arthritis, eczema or diabetes, for example, after the 1st year you will have to shell out for the bill entirely yourself. There are some policies that will meet continuing claims, so keep an eye out for those but their premiums will be a higher price.
Also remember that it is important to keep your pets inoculations up to date. Your insurance will not payout for an illness that could have been avoided by vaccination.
Well then is pet insurance worth it? We think so.We certainly think so.You may be lucky and have a pet that remains fit and well up and till the last, but that is very unusual. A third of all insurance plans average a claim each year. And the vets costs can run up thousands of pounds. Once you’ve paid your money you avoid any of the risks.|
This article has been written for publication by Brokers Online. Brokers Online offers uk residents access to many different kinds of financial products including life assurance and cheap loans.
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