What’s the Deal With Pet Insurance?

Pet insurance is there to protect your cat or dog – and your wallet. The truth is, no matter how proactive you are about your pet’s wellbeing, accidents happen: your cat could develop a coconut-sized hairball, your pup could tear their ACL on a walk, or – worse still – your pet could be diagnosed with cancer. In any case, you shouldn’t have to hesitate to make the right call when your pet’s life is on the line. Here’s everything you need to know about pet insurance for when your dog or cat needs more than TLC.

So, what is pet insurance?

Pet insurance will foot a percentage of your pet’s medical bills; the specific percentage will depend on your plan. Keep track of your receipts and records because some policies require that you pay a vet upfront, then submit paperwork to be reimbursed. Once you’ve filed a claim, the insurance company will typically ask your vet for details on the diagnosis and treatment plan, then reimburse you (minus the excess) if the procedure is covered.

What does pet insurance cover?

Not all policies are created equal. As a baseline, coverage usually includes accidents, emergencies, hospitalisations and illnesses. Beyond that, it’s very much a shop around situation. Some plans cover wellness exams, pet vaccinations and other preventive care, such as dental cleanings. Others offer extra coverage (at a cost) for alternative medicine like physical therapy and acupuncture. We recommend reading the fine print.

Many, but not all pet insurance plans won’t cover pre-existing conditions. You won’t be blacklisted from taking out a policy for your pet, but care tied to that specific condition will come out of your wallet. For this reason, it’s a smart move to sign up for pet insurance while they’re still the picture of health.

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How much will I have to pay?

Costs depend on which company and what plan you choose. According to Compare the Market, the average annual pet insurance is £120, and a slighter higher £139 for dogs. Premiums tend to increase with a pet’s age, and some insurance providers won’t offer new lifetime policies once your pet reaches a certain age – typically around eight for dogs and 10 for cats.

Your excess, ie how much you pay before benefits kick in, can also vary considerably, so it’s worth shopping around. And if there’s more than one animal in your household, keep your eyes open for plans that offer multi-pet discounts on premiums.

How do I shop around?

How many reviews did you read before splurging on your Peloton? Doing your due diligence (research, reading reviews, asking your vet for their recommendations) is a good start. If the options seem endless, Compare the Market is a useful tool for comparing plans side-by-side and getting quotes, while Pet Insurance Review offers honest reviews from real pet parents.

So, does this even apply to me?

New pet parent? Then yes, and you can quote me. If you’re a new dog parent, also consider your pup’s breed as many – especially purebreds – are predisposed to hereditary health conditions that you’ll want to cover before they become pre-existing conditions.) Even elderly pets and those with pre-existing conditions can benefit. If some premiums are out of your price range, check out ‘accident only’ plans, which will generally set you back less.

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Some people are fortunate in that they have the resources, or the willingness, to go into debt for their pet’s care if necessary. They are, in effect, opting for self-insurance. Others, perhaps without extra resources or who just want to sleep better at night, prefer paying a monthly pet insurance premium in the hope that it will cover expensive vet bills down the road.

It’s heartbreaking that dogs and cats are surrendered to rescue centres because their parents are unable to afford pet-care costs. Insuring your pet will give you the peace of mind that when you receive an estimate for your pet’s critical care, you can take care of it right away. It also means your vet can do their job. “It’s really discouraging to work through cases when people just can’t pay,” says Dr John Iovino. “If insurance allows them to move forward with diagnostics and treatment, then I’m happy because I can actually do something for their pet,” he adds. “If you want to 100 percent guarantee that you’re going to do as much as you can for your pet’s health – financially – then you need an insurance plan.”