The saying goes that a dog is ‘man’s best friend’ – and as a nation we’re pretty fond of our cats, rabbits, hamsters and other pets too. Yet most pet owners simply aren’t aware of the strain their pets are putting on their finances.
According to PetPlan, one of the UK’s leading pet insurance companies, a dog owner will incur an average expense of 14,750 pounds over a twelve year life span. Cat owners are only slightly better off – 14,230 pounds spent on average. This includes food, vaccinations, medical costs and other essentials associated with owning a pet.
The main issue is that we simply don’t know whether our pet will live a healthy, trouble-free life and never have an accident, or whether it will have a serious accident or develop a chronic condition that requires long-term and expensive treatment. Veterinary science has developed in leaps and bounds in recent years, with increasingly sophisticated technology on offer for animals, to treat previously fatal conditions such as kidney failure and cancer – and of course such treatments come at a hefty price. This is where pet insurance steps in to reduce the financial risk you face by owning a pet.
The Best Way to Compare Pet Insurance
It is estimated that 98 percent of pet insurance claims are for veterinary fees. What’s more, 34 percent of policyholders make a claim every single year – so don’t simply think that pet insurance is a ‘just in case’ policy that requires little attention from yourself.
Each pet insurance policy you compare will be slightly different and the levels of cover and benefits included will be reflected in the premium you’re expected to pay. Look out for not just the monthly or annual cost, but any exclusions and clauses – it’s also best not to pile on unnecessary items of cover you’re never going to need and always compare like-for-like pet insurance policy’s to ensure you’re not being misled.
Then, when you have your best options, check the cover on offer and always read the small print. Exclusions commonly relate to partial diseases or conditions or any pre-existing conditions the pet may have. You should also compare clauses and statements regarding lifetime treatment costs and limited period treatment cover (where the insurer may only pay for the first 12 months of treatment). When you start to look for the best pet insurance for your animal, start with an online tool which allows you to compare [http://uk.insurancewide.com/insurance/pet/] different options.
If you do your research, you could secure a plan that will potentially save you hundreds of pounds in the long-run – and the heart-wrenching decisions to put your much loved pet down if they develop a disease you just can’t afford to have treated.
