Pet insurance can be a confusing and frustrating topic of conversation amongst pet owners and veterinarians. Purchasing pet insurance is recommended so that if your pet becomes ill or has an accident, the provider can cover the veterinary costs for treatment and accidents. However, finding the right insurance to suit your pet’s needs must also be cost-effective for you.
How has pet insurance changed recently?
In the last 5 years, pet ownership has increased dramatically with nearly half of the UK’s population now owning a pet. This has coincided with the UK economy taking a hit due to Brexit, the cost-of-living crisis, and inflation, leading to rising veterinary costs.
Compared to twenty and even ten years ago, advancements in technology and research have significantly improved pet care services within the veterinary industry. We are now able to diagnose and treat our pets quicker and safer than ever, but this tends to come at a higher cost. Pet insurance helps owners afford these new advancements for their pets. To meet the increasing demand for pet ownership, the insurance provider market has also grown. However, not all policies hold the same value. Finding the highest quality pet insurance at the best price helps to balance coverage with affordability.
Why should you insure your pet?
Whilst we hate to think that anything bad would ever happen to our beloved pets, things do go wrong. Thanks to the NHS, most of us are blissfully unaware of the cost of common medical procedures in humans. This can produce quite a shock to pet owners when veterinary bills end up going into the thousands. Therefore, it is always best to expect the unexpected and provide your pet with the best cover you can afford.
What exactly is ‘good’ insurance?
Sufficient coverage
This is arguably the most important aspect of finding good insurance. Sufficient coverage is what will prevent you from having to spend your own money to cover the remaining veterinary bills. Various policies will cover different combinations of conditions and circumstances, such as accidents, genetic conditions, illness, medication, alternative treatments such as hydrotherapy, hospitalisation, and even routine care. Good coverage will consist of as many of these as possible.
The most comprehensive option is finding lifetime cover. Whilst this option tends to be more expensive, it could save you thousands if your pet develops a chronic condition that requires ongoing treatment.
The policy will also state the amount of money that your pet is insured up to. Repairing a broken leg can easily cost more than £5000 at a referral centre with specialists, including emergency consultation, hospitalisation, medication, the surgery itself, aftercare, and much more. Some policies even have separate cover limits per condition, which enables you to cover the treatment for several ongoing issues at a time.
Clearly outlined policies
Reading the small print of a policy can be daunting. Providers that offer clear, concise, and transparent policy documents typically have less to hide, meaning you are less likely to get caught out by future loopholes or hidden costs. A good policy should state what is and isn’t covered, without leaving room for subjective interpretation. Vague terms are a big red flag!
Customer service and support
A good insurance provider will aim to make your claim process as easy as possible. Whilst it is in their best interest to profit from selling insurance policies, good customer service is better for them in the long run. Having access to supportive agents can minimise the stress you are likely to be experiencing when your pet is unwell.
Certain service features usually demonstrate a good level of service, including:
- Offering 24/7 support
- Positive customer reviews online
- Online and telephone support services are available
- Option to speak with a human agent instead of just an online bot
Reimbursement / direct claims
Providers that offer direct claims are generally recommended. Direct claims save you from having to be the middleman when handling a pet insurance claim. Your insurance provider will directly liaise with your veterinary practice to process and pay the outstanding veterinary bill.
What are the issues with cheap insurance?
There are certain things to ask when looking at the cheaper insurance policies available.
- What conditions are going to be covered? Common but expensive procedures, such as dental treatment and behavioural therapy, are often overlooked in cheaper policies.
- How much are you covered up to? Cheaper policies tend to have a lower cover limit.
- How much is the excess fee? Some cheaper policies charge a higher excess fee, which can surprise some owners.
- Are there likely to be any hidden fees? Some insurance providers will charge you for changing address! Look out for this in the small print.
- Are there any exclusions relevant to your pet? There is little point in paying less for cover that excludes your pet’s needs.
- What are the reviews saying with regard to customer service and support? There is often no smoke without fire, so avoid cheap policies with poor reviews.
- What are the average claim approval and reimbursement times? Slow reimbursement times will keep you out of pocket for longer.
Paying a bit more for your monthly premium can work out cheaper in the long run if it helps to avoid getting caught out by any of the issues raised by the questions above.
How to choose the best insurance
The vast number of pet insurance providers available can make selecting the best insurance an intimidating task. Unfortunately, this is not something vets are responsible for supporting you with. This is where price comparison sites can play a helpful role in finding long-term value by comparing pet insurance quotes. Providers also tend to offer various policy grades e.g. bronze, silver, and gold, which will increase in price but offer more with regards to cover and support.
Here are some other useful tips to help you choose the best insurance for your pet.
- Insure your pet as soon as you get them. No one anticipates their 10-week-old puppy breaking a leg, but sadly it happens more often than you realise.
- Research the breed – Different breeds have a higher risk for certain conditions so make sure any breed-specific conditions are covered in your policy. For example, King Charles Cavalier Spaniels are at high risk for heart disease from a young age. Ensuring your insurance policy covers them for this condition will guarantee the provider will payout for any relevant treatment.
- Consider their stage of life – Is your pet reaching their senior years? Do you plan on breeding from them? Some insurance policies will exclude age-related conditions and breeding-related costs from their cover.
- Check for other exclusions – Common exclusions include pre-existing conditions and routine care, including vaccinations and worming treatment.
Whilst good insurance can enable effective treatment, it is worth considering how much treatment you would be happy to put your pet through. This may influence the level of cover you choose for your pets.
Conclusion
The main take home message is that there is no point paying for a policy that does not cover you or your pet’s needs! In the long term, it will be worth paying more for better coverage. Of course, personal financial circumstances can impact this. This is where price comparison sites are useful to find the best value coverage possible to save you money. There is always the chance that your pet will be lucky, and you will never need to claim on your insurance. However, a good insurance policy could save you well over £10,000 if something catastrophic happens. Whatever you decide to pay, just make sure you are aware of the cover included and of any potential loopholes. If you decide not to insure your pet, it is a good idea to put away some money each month to try and cover any unexpected veterinary costs in the future.
It is important to remember that your insurance policy is not your vet’s responsibility! Based on their experience, they may be able to recommend reliable providers, but they are not expected to liaise with the provider over denied claims. Insurance providers and veterinary practices are separate businesses with conflicting interests, so it is your responsibility to source good quality insurance and check the policy details to ensure your pet is sufficiently covered. Some practices have dedicated members of non-clinical staff that deal with insurance claims, and whom may be able to help you with any queries.
Further Reading:
Is Pet Health Insurance Able to Improve Veterinary Care? Why Pet Health Insurance for Dogs and Cats Has Limits: An Ethical Consideration on Pet Health Insurance – PMC The Impact of Pet Health Insurance on Dog Owners’ Spending for Veterinary Services – PMC
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