There’s no doubt about it, if you’re debating whether or not to take out pet insurance – the answer is nearly always a big fat YES! Pet insurance gives you a safety net to fall into if you are sprung with an unexpected vet bill. It is impossible to predict what accidents our pets may get into or what illnesses they may contract, and pet insurance allows us to take a sigh of relief that we can get the treatment that our pets require.

But with the rising cost of living, what is the cheapest pet insurance? And is it cheap for a reason? Let’s delve into the wonderful world of insurance for our furry (or not so furry) friends!

What is pet insurance?

Pet insurance companies help owners to afford treatment for our pets. This can be from emergency surgery to on-going lifetime treatment. As an owner, you will need to take out pet insurance and pay a monthly premium.

By paying this monthly premium, you are essentially covering your pet with an insurance policy, where the insurer can sometimes pay out for an insurance claim for that pet’s treatment, depending on the insurance policy terms and conditions. 

Without pet insurance, the owner will have to take full responsibility in paying their own vet bills and will not be entitled to help from insurance companies, unless insured at the time.

What are the different kinds of pet insurance?

There are two main types of insurance cover that is often available with pet insurance companies, but many insurers provide more. Each has their own benefits. And the cost of the premium will change depending on the type of cover and the insurance provider.

Annual Policy 

An annual policy will renew on an annual basis. The policy will cover a vet bill or unexpected illness for a period of 12 months, however, after this 12 month period has passed, the insurance policy will no longer cover this condition.

For example, if a pet was to be diagnosed as diabetic and required lifelong medication, the insurance policy would only cover that pet for a 12 month period. After this period, the owner would be expected to fund the treatment themselves. 

Lifetime Policy 

A lifetime policy does exactly what it says on the tin. The policy will cover the pet for the entirety of their lifetime – as long as the annual premium (which may change) is paid.

If we look at the same scenario as above with a diabetic pet, the treatment for the pet would be covered for the rest of that pet’s life; the owner would just need to pay their excess that is stated on the policy.

What is the cheapest pet insurance?

As you can imagine, the more benefits that an insurance policy has, the more expensive it is likely to be. With lifetime cover offering the possibility of paying for a condition for the rest of a pet’s life, premiums are likely to be higher in the first place in order to compensate for the risk of the insurance company paying out over a longer period of time.

Annual policies tend to be cheaper and more affordable. This is because the policy will only cover an illness for a 12 month period. After that, it is up to the policyholder to fund that condition themselves.

There are also different amounts of cover that policyholders can choose to be insured up to. Usually, these amounts are between £2,000, £4,000, £6,000 and £12,000 per condition, per year.

If a policyholder wants to be covered up to £12,000, their monthly premium is likely to be higher compared to a policyholder that is covered for £2,000 per year.

On the whole, an annual policy is most likely to be the cheapest option for a pet owner. However, it is important to compare a range of different insurance companies to make sure that you are getting the best deal. 

It may be more worthwhile to compare a lifetime policy at £2,000 per year cover, which could be a similar price to an annual policy.

Is cheaper pet insurance bad?

Cheaper pet insurance is unlikely to provide “bad” cover. However, having pet insurance is better than having no pet insurance at all, unless you have the funds to be able to afford unexpected veterinary treatment. 

It all depends on how much you want to cover your pet for – how much the insurance policy will cover in the event of illness or injury. Of course, some companies will have a “better” reputation than others. But as long as you fully understand the terms of your policy, you won’t be disappointed if it comes to a point where you may need to put in an insurance claim.

Pet insurance with higher premiums are more likely to give the best benefits and a broader cover. It is up to the policyholder as to how much cover they would like to have on their pet.

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Final thoughts

Pet insurance is a vital and valuable tool to be able to afford the cost of veterinary bills. It is important to weigh up all of the different options when it comes to pet insurance to make sure that you’re getting the best deal, but that you fully understand what your pet is covered for.

If you’re on a budget, don’t just settle for the cheapest option that appears on a comparison website. Take your time to understand what you will be covered for and compare cheaper policies to lifetime policies. You may be surprised that prices are only slightly more expensive for a more comprehensive cover.

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