Pet Insurance - Things To Consider
In the UK we care dearly for our pets. They are especially important to single people as company. However, if you have inadequate pet insurance you could end up paying very dearly for the fees of a vet if your animal needs some sort of treatment. There are different forms of pet insurance products covering dogs, cats, horses, rabbits or exotic pets.
A particularly important part of pet insurance is the contribution it makes towards vet's fees. Providers are different in the way treatment is covered so you need to check what the policy offers in terms of cover and whether that is sufficient before you sign up.
Some policies have limits on the length of cover or cost of treatment for particular conditions, and these are often cheaper than policies that offer indefinite cover. These types of limited cover policies can be fine for people who have most concerns about the cost of vet’s bills for an accident or serious injury. These life condition policies are meant to provide cover for the treatment of long-term conditions such as eczema or arthritis, and they do provide continuous pay for as long as the treatment is required as long as the premiums are paid, of course.
Most pet insurers offer third party liability cover, thereby giving you financial protection if in some way the actions of your animal cause damage to another individual or someone else's property. Also, most policies offer compensation for a pet's loss or death. This might be a specific amount or, for more expensive pets - e.g. exotic pets or pedigree dogs - the insurer will probably pay out for the animals' current market value or equivalent purchase amount.
There may also be help in a policy for covering costs for advertising for a lost pet, compensation for a cancelled holiday if a pet is ill, or boarding fees for a pet if the owner has to go to hospital. You might also find a component of the insurance for pet travel available as an addition to the regular policy.
When you take out the insurance you should disclose any existing medical condition that your pet might have to the insurer and check whether that will be covered by the policy. Also, you should check whether there any pet age restrictions that apply. Some insurers do not cover pets over a specified age, but might offer 'older' pet insurance with similar policies - at additional cost.
There tend not to be any no claims discounts available on pet insurance policies, so there is no benefit in not making a claim if your pet needs treatment, as the number of claims you make is not likely to affect your premium amounts. Some insurers do, however, offer multi-pet discounts for more than one animal insured on a single policy.
You should check not only the cost of the insurance, but also what is covered as this can vary widely from one provider to another, but you should be able to get just the cover you need for your pet.
Published on October 30, 2007
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