Why Every Pet Owner Needs Insurance
Our pets are our world, a welcome furry face at the end of a long day. As they mean so much to us, they are in many ways like children, an important part of the family. This means their well-being becomes a top priority for every pet owner, something that can easily become expensive once you start to look at all costs together.
Despite many of us knowing this responsibility, it can still be a surprise just how much of a strain pet ownership can be on our finances, especially when unprepared. From the cost of food to unexpected vet visits, before you know it, you could be facing a hefty bill. This is where pet insurance can make all the difference, and whilst not legally necessary like having insurance for your car, it will help to shield your finances when managing unforeseen costs. It also ensures that your pet receives the necessary care without you having to compromise on the quality simply because your budget didn’t allow it.
Below, we’ll explore the benefits of having the right kind of pet insurance whilst staying within your budget. Hopefully, you will never have to decide between your pet’s well-being and the financial implications, so let’s first look at the cost of pet healthcare.
The Cost of Pet Healthcare
Vet care is expensive, there’s no getting around it, so being financially prepared is very important when deciding to become a pet owner.
Think for a minute about what you would do when met with a worst-case scenario – say your four-legged friend becomes ill or injured, they would most likely need vet treatment. Would you rely on your savings to cover the costs, or even rely on credit? For some of us, this can be easier said than done, and if using credit, you would still need to pay this back. Without pet insurance that covers vet fees including dental accidents and emergency care, these costs must be met out-of-pocket, which can be a financial burden when unexpected.
It’s not just emergency care that comes with a cost, as routine procedures such as vaccinations or dental work can run into hundreds of pounds, while more complex treatments like surgery or chronic illness management can easily spiral into thousands. According to Dr Scott Miller, a veterinarian writing for insurance provider Petsure, consultation fees can start from £20 upwards, whilst emergency vet appointments can cost from £200 upwards. Even an overnight stay with a drip treatment can start from £300, so having these costs as a one-off or even regularly can quickly add up.
Benefits of Pet Insurance
Having pet insurance is one of the best ways to help you prepare for these costs. Depending on the type of policy you choose, you could fully cover vet bills across the year for many different types of conditions. You may still need to pay for the bill on the day, but you’ll have peace of mind you’ll be able to claim on your insurance policy.
Coverage of high-cost treatments – Whether it’s an accident, illness, or emergency surgery, pet insurance can cover a significant portion of the bill, depending on the policy. This can include everything from diagnostic tests and medications to overnight stays and specialist care.
More Reliable Than Self-Insuring – Some pet owners would rather put aside a monthly amount into savings than pay a monthly insurance premium, however, depending on how much you do save, this may still not cover the full costs. Treatments are becoming more advanced and expensive, so pet insurance will avoid the issue of not having enough to cover treatment.
Covers More Than Just Vet Fees – Whilst the cost of vet visits is a primary advantage of insurance, many policies also cover other treatment and care options. Some offer flexibility in seeing a specialist in behavioral treatment or complementary therapy for their overall well-being. You’d also be able to get third-party liability, so you would be covered for any legal action, for example, if your dog injured someone else or another pet. Many policies have optional add-ons so you can create a personalized policy.
Overall peace of mind – it can be a worrying time when your pet needs to visit the vet, especially if it’s due to injury or illness. Pet insurance gives you one less thing to worry about, knowing that the costs can be significantly covered. If you’ve chosen a policy with a high upper vet fee limit, you’ll know that you can cover even the most expensive treatments. Not having this cover can mean having to make heartbreaking decisions simply because you can’t afford the care your pet needs. Instead of worrying about the financial burden, you can focus on what’s best for your pet’s health.
Choosing the Right Pet Insurance
When you consider that the cost of veterinary and other services for pets totaled over £7.2 billion last year, you can see the considerable costs pet owners have to cover. This is where choosing the right pet insurance is important as if you choose the cheapest cover possible, you may not be fully covered.
Policies vary widely, with some covering only accidents and illnesses, while others may include wellness cover and preventive care. It’s important to understand what is and isn’t covered with the policy you choose, particularly regarding any pre-existing conditions, hereditary issues, and any breed-specific exclusions. Some policies may have a limit on the age of your pet, whilst others have no upper age limits and consider all pre-existing conditions, ideal if you have an older pet you want to cover.
Excess fees and premiums will also vary and come into your decision. A higher excess can lower your monthly payment, but you’ll pay more out-of-pocket when you claim. A lower excess increases your monthly amount but reduces the cost when seeking treatment. Finding the right balance based on your financial situation and your pet’s health is key. Generally, like all insurance, it can work out cheaper to pay annually rather than monthly premiums, but this is only convenient if you can afford to do so.
Check you’re using a reputable insurance provider too. Reading reviews will give you valuable insights to help your decision so that you can compare different policies and how easy it is to make a claim. Consider any additional benefits or special features offered, such as multi-pet discounts or coverage for dental care. By thoroughly comparing these features, you can choose a pet insurance policy that offers the best protection for your pet while aligning with your budget.
Make The Best Choice For Your Pets
In an ideal world where money is no object, affording pet care would be simple. However, the reality is, that most of us need to budget accordingly, and that’s where pet insurance becomes invaluable for owners. Look at it as an investment in your furry/feathered/scaly friend and it begins to make sense.
The costs of looking after your pet can be considerable, so take away the doubt over how you can afford treatment and find an insurance policy that is both affordable and comprehensive. Your peace of mind and your pet’s well-being will be glad you did on your next vet visit.
