Do you ever spend a moment staring out the window, contemplating how much less rich and colourful our lives would be without our beloved pets? Whether they’re welcoming us home from work, wagging their tails appreciatively, or simply prowling the perimeters of our bed, waiting for our guard to be down so they can jump in, our pets bring so much joy to life.
But this lifelong commitment between pet and owner isn’t all plain sailing. Between the cuddles and companionship, there are also, sadly, moments of stress and worry regarding their health. In fact, it’s not only your pet’s health that becomes a concern; the cost of treating them can also cause a fair amount of worry, with the cost of veterinary treatment in 2024 now so high that a formal market investigation has just been launched by the Competition and Markets Authority.
For peace of mind and protection, it’s therefore sensible to have all bases covered where your pet’s welfare and wellbeing is concerned. But how exactly does pet insurance work? Let’s throw the proverbial stick into the sky and see where it lands…
Peace Of Mind
Just like any other type of insurance, pet insurance is designed to provide you with peace of mind that if the worst were to happen, you’d be able to get the best care for your pet, no expenses spared.
Let’s put things mildly; pets can be pretty inquisitive, getting themselves into all kinds of scrapes and adventures. And though that spirit is something that we love about them, it can also get our pets into trouble if they eat something that they shouldn’t or injure themselves while satisfying their natural instincts to explore.
The truth is that no matter how hard you try to keep your pet safe, there’s always going to be a risk. As they say, ‘’if you love someone, set them free, but only if you’ve first got covered by insurance’’.
A Diverse Range Of Protection
Getting a pet insurance plan offers peace of mind and diverse protection. When you have the right pet insurance policy, it means that you don’t have to worry about dipping into your emergency fund or your holiday savings if your pet is sick or injured.
And fortunately, there are quite a diverse range of pet insurance policies available to suit your animal’s unique needs.
In the UK, pet insurance generally covers any veterinary care, but some policies will also help if your pet gets lost or is stolen, or if the cheeky rascal damages yours or someone else’s property. The most popular type of pet insurance is a lifetime policy, which covers your pet indefinitely, but with limits placed annually.
Alternatively, you can choose your policy on a ‘per condition, per year cover’ basis. Here, claims are given a maximum amount owing to each medical condition or issue your pet suffers from (or causes). It’s worth mentioning that it can be quite rare for pet insurance to cover any pre-existing medical conditions your pet might be suffering from (more of that in a moment).
Finally, an ‘accident only’ policy is available, which doesn’t cover illnesses, but rather, only injuries sustained by your pet in the usual rough and tumble of the day.
Pre-Existing Conditions Coverage
Though we mentioned that pre-existing conditions are rarely covered, there are some cases where this isn’t the case.
While a pre-existing health condition could lead to higher insurance premiums for your pet since their risk is higher, there are several companies that offer policies specially designed for pets who already have health problems or hereditary conditions.
If your pet has a pre-existing health condition, experts recommend getting them insured as early as possible.
A Sense Of Security In The Face Of Rising Vet Bills
If you have had to take your pet to the vet recently, you might have noticed that the cost of check-ups and basic procedures is rising. What’s more, the cost of emergency visits, surgery and treatment for serious illnesses have reached record highs in recent years.
In fact, an emergency vet visit could set you back thousands of pounds if you don’t have insurance, which is why it’s so important to get a policy to protect you and your pet. If you don’t have insurance and cannot afford the vet bills, your pet will not be able to receive the medical care that they need – it’s just not worth the risk.
Considering the average premium of pet insurance in England is just £372, it likely represents a worthwhile investment to get your pet covered.
Third Party Liabilities
Anyone with a hyperactive pet knows that they can cause some damage – seemingly without warning and certainly not deliberately – and the last thing you want is to be personally liable to pay damages if your pet causes havoc in a neighbour’s garden or bites a stranger while believing they need to protect you.
While you endeavour to organise training to correct these behaviours, in the meantime, pet insurance can be there to cover you financially if you end up having to pay out because of something that your pet has done.
Help Find A Missing Pet
An animal going missing is a nightmare for many pet owners, and can lead to sleepless nights aplenty. It does happen, however, and, as such, it’s best to be prepared for this eventuality.
Many pet insurance companies cover the cost of advertising your missing pet and letting people in your area know to look out for them, whether they have escaped the garden in a moment of misplaced confidence or have been stolen from you. Your pet insurance can also cover the cost of providing a financial reward to anybody who can reunite you with your pet to provide incentive to local people to be alert. Many pet insurance companies also work closely with pet tracking companies to provide clients with devices that you can use to track your pet’s location if they go missing. Now that’s peace of mind.
So, How Does Pet Insurance Actually Work?
Navigating the world of pet insurance can seem like a daunting task, but understanding the basics is key to making an informed decision for your furry friend’s wellbeing.
In the UK, the process of insuring your pet operates on a fairly straightforward principle: it’s there to help you manage the cost of unexpected veterinary bills, ensuring that your pet can receive the care they need without putting undue financial strain on you.
Choosing The Right Policy
When you decide to take out pet insurance, you’ll typically have a range of policies to choose from:
- Lifetime Cover: This is the most comprehensive type of policy. It covers your pet for ongoing conditions throughout their life, up to a set amount each year, as long as the insurance policy is renewed annually without a break.
- Maximum Benefit Policies: These offer a fixed amount of money for each illness or injury which will no longer be covered once the limit is reached.
- Time-Limited Policies: These cover conditions for a certain period (usually 12 months) from the onset of each condition, after which the condition is excluded.
- Accident Only Policies: The most basic and typically the cheapest option, covering your pet only if they have an accident.
The Process Of Making A Claim
If your pet falls ill or has an accident, you would take them to the vet as usual. After treatment, you would make a claim to your insurance company to reimburse the costs. Here’s how it typically works:
- Receive Treatment: Take your pet to the vet for diagnosis and treatment. Remember to let your vet know that you have pet insurance.
- Claim Form: Obtain a claim form from your insurance provider. Some providers offer online submission, while others require a hard copy.
- Vet’s Role: Your vet will need to complete part of the form, detailing the treatment provided and the costs involved.
- Submit Your Claim: Send the completed claim form along with any receipts or invoices to your insurance provider.
- Reimbursement: Once your claim is processed and approved, the insurance company will reimburse you for the covered costs, minus any excess that you’re required to pay. This excess is the amount you agreed to contribute towards the claim when you took out the policy.
Exclusions & Considerations
It’s important to be aware of common exclusions in pet insurance policies:
- Pre-existing conditions: Illnesses or injuries your pet had before you took out the policy are typically not covered.
- Routine check-ups and preventative care: Vaccinations, spaying/neutering, and flea control are generally not covered.
- Waiting periods: There is usually a waiting period from the start of the policy before you can make a claim.
The Importance Of Timely Coverage
It’s advisable to insure your pet while they’re still young and healthy, as this minimises the likelihood of exclusions due to pre-existing conditions. Moreover, some insurers offer ‘cover for life’, ensuring that your pet is protected even as they age, provided you renew the policy annually without a break.
The Bottom Line
So many of us cherish our pets as a member of the family. But with the cost of vet bills on the rise, pet insurance is essential to ensure that your pet gets the care that they need, when they need it.
To keep your pup fit and healthy to mitigate those trips to the vet, check out our tips for falling back in love with dog walking. We’ll see you in the park!