Pet Insurance Factsheet

Summary
Pet insurance can save money, but always check what your policy covers. This article explains.

Pet Insurance Factsheet

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The more usual family pets such as cats and dogs are easily insured, but more exotic species like reptiles can also be covered by a specialist provider. Many well known insurance companies offer pet insurance and you can even pick up leaflets in your local supermarket.

In general, pet insurance not only covers medical expenses, but also legal expenses, for example if your dog bit a delivery man, or advertising a lost pet and paying a reward for its return. For a higher premium you could purchase insurance to cover you if you had to cancel a holiday due to your pet being ill.

What pet insurance does not cover are the normal costs of pet ownership, such as vaccinations or spaying or neutering operations.

When you request a quote for pet insurance, the area you live in as well as the age and breed of your pet will all have a bearing on the cost. Naturally a pedigree animal is more expensive to insure than your average mutt. This is partly because the pedigree animal costs more in the first place and partly because it doesn't have as good health prospects or the longer life-expectancy of less well-bred mongrels. Many policies would pay out if your pet died or was stolen and this of course would be reflected in the premium you pay.

As with humans the older the body the more likely it is to need medical treatment. So, as in human insurance the older your pet is the higher the cost of insurance. Many companies will not insurance dogs older than eight or nine and cats over ten years of age. You may be able to get your existing insurer to continue to cover an older pet although you may well have to pay more in premiums.

Costs can vary widely from as little as five pounds a month so several hundred pounds a year, so you need to shop around.

Read the small print and know exactly what you are getting before your sign up for a policy.

Know the limit of cover available, and what the excess is – that's the amount you pay before the insurance pays out. Be aware that some insurance companies charge a fixed sum while others charge a percentage of the claim.

Also note that some policies cover veterinary costs for a limited period only, for example one year, so you could be left with hefty bills to pay if Fido needed on-going treatment.

Worth checking if you plan to travel is whether your pet would be insured for the cost of emergency treatment abroad.

To make a claim obtain a claims form from your insurance company, fill it in and get the vet to sign it if required. He or she will be accustomed to the process so there shouldn't be any problem. Attach any receipts for treatment and send it to the company within the period of time stated.

If a third party is involved you must contact the insurance company in the first instance as they will deal with them direct.