Pet insurance – can it save you money?

We all need to make savings, but you might find that cutting pet insurance cover could actually be a false economy.

If you own one of Britain’s eight million dogs or eight million cats, you probably know how expensive pet care can be.

Why should you consider getting pet insurance?

An important question to perhaps ask yourself is: if your dog or cat became ill and you weren’t covered, could you afford to foot the bill? If the answer is no, then insuring your pet is probably a good idea.

It’s worth noting that most insurers will offer the option to spread your payments monthly, with some even offering discounts for buying online or for insuring more than one pet. It’s a good idea to check policy terms and conditions before you buy or renew a policy, as the cheapest may not always be the best.

What are the main things to consider?

The key to pet insurance is making sure your pet gets the medical treatment it needs, not just what you can afford. The most important factor for most owners to consider is probably vet fees.

Think carefully about which options you need. Consider where you live and your and your pet’s lifestyle and whether you might ever need to claim for additional benefits.

The cost of cover also depends on the type of pet you have. The larger your dog, the more expensive it could be. Age limits may also apply, on top of any excess you must pay. Pedigree animals like Labradors, Boxers and Golden Retrievers are generally the most expensive dogs to cover.

What are the main features of most policies?

• Vet fees – Can help pay for treatment if your pet falls ill or is injured – the level of cover and conditions will differ depending on the provider.

• Third party liability cover - Most policies will offer cover of up to £1 million as standard, which could protect you financially if your pet were to cause an accident.

• Missing pets – Could help to pay for advertising and rewards if your pet is lost or stolen.

Comprehensive policies will provide even more features, which could include:

• Accidental damage – Could cover you for damage your pet may cause to someone else’s property.

• Boarding fees - Could help pay for cattery or kennel fees if you were hospitalised and couldn’t find anyone else to look after your pet.

• Trip cancellation – Can help with accommodation and travel expenses if you have to cancel your trip or return home early because your pet has fallen ill or been injured.

All cover is subject to the individual provider’s terms and conditions.

Also worth remembering…Pet insurance does not include payment for: regular vaccinations, boosters, wormers, nail clipping or neutering. You should budget around £420 per year to cover these yourself.