Pet Insurance - Can You Afford Not To Have It?

Although pets can enhance your life, they can also cost you a fortune in vet's bills if something goes wrong.  However, many pet owners don't bother taking out insurance, assuming that any bills they have will be affordable.  Pet insurance is not generally expensive and the peace of mind it can provide is priceless.  Here's a quick guide on how to choose the best pet insurance policy.

Self-insurance

Relying on your savings to cover vet's bills is termed 'self-insurance'.  This is really only a sensible option if you have unlimited funds at your disposal, as vet bills can run into many thousands of dollars, especially if your pet contracts a lifelong condition that will require many years of ongoing medication and treatment.

The other issue with self-insurance is that it doesn't provide you with third party liability cover.  This means that if your dog were to injure someone, for example, and the third party sued you for damages, you wouldn't have any insurance to cover you.

Types of pet insurance cover

There are a number of different options when it comes to covering your pet. 

These start with the most basic annual cover, which covers your pet for the cost of treatment for short-term illnesses, minor surgical procedures, and one-off accidents or injuries.  It also contains an element of personal liability cover.

Mid-level cover is slightly more expensive and essentially covers the same as the basic level, although there is no time limit applicable.  The most expensive form of comprehensive lifelong cover includes everything covered by the first two levels, but also covers your pet in the event that it contracts a long-term condition.  Each level of cover has a slightly increased annual claims limit.

Note that, whichever type of cover you choose, you'll need to pay an excess figure prior to receiving any pay-out from the insurer.

Before you sign on the dotted line, remember to ask your insurance broker to check for the following:

• Are pre-existing conditions excluded?
• Is holiday cancellation included in the event that your pet is sick and you have to cancel your holiday?
• Are recovery costs included in the event that your pet strays?
• Does the policy cover public liability insurance?

In conclusion

If you have a pet, it's sensible to take out insurance to cover third party liability and vet's fees as a bare minimum.  Have a chat with an insurance broker in your area to find out what's available and to make sure that you get the best deal.