Pet Insurance

Veterinary costs are likely to be the highest expense you will incur as a pet owner, after feeding your pets.

However healthy your pet is now, an accident or serious illness could strike at any time, facing you with vet bills which can run into thousands of dollars. Unfortunately, there is no public health system for pets, meaning that owners are often forced to make the decision to have their pet put to sleep simply because they cannot afford treatment.

A few points to consider when choosing an insurer:

• When comparing quotes make sure you know exactly what you are covered for. There will probably be an upper limit - the maximum payout the insurance will provide. Check what this applies to - each pet health invoice, each illness or injury, annual expenditure or life time expenditure? Bear in mind that some illnesses, such as cancer, can require ongoing treatment over several years.
• Like private health cover for humans, some plans will often have an 'excess' - an amount you will need to pay of a vet bill before the insurance kicks in, whereas others may only cover you for a percentage. So you'll need to work out which suits you - generally you should find that the higher the 'excess', the lower the premium, all other features being equal. Think about whether you are happy to pay most of your smaller vet bills but just have the insurance in case of a serious illness or injury which is expensive to treat?
• Is there a qualifying period before you can make a claim? Often you will find that the qualifying period applies to illness but not to injuries.
• How quickly will the company reiumburse your claim?
• It may be worth researching on the internet to find any reviews about the company you are considering using to see what others' experiences are with them.
• Be aware that pre-existing conditions may not be covered, or in some cases even suspected pre-existing conditions noted by your vet.
• Will the premiums increase each year and are they related to the pet's age?
• If you do purchase insurance, make sure you are aware of any changes that occur when the policy is renewed. For example, will premiums go up each year as the pet ages, or will the cover diminish? You may not wish to switch providers later after your pet has developed a condition as it will then be considered 'pre-existing' by the new insurer.
• Check they are registered with the Insurance Ombudsman by searching here. If you do have any problems with an insurer, for example a claim being denied unfairly, that you can then approach the Insurance Ombudsman to help settle the matter.

...and probably most importantly...read the fine print before you sign up! It could save much heart ache later.