If you are a pet parent, you probably know how difficult it can be to look after your furry friend sometimes. 🐶 The sleepless nights at home during house training, illness and lengthy vet bills. Most pet parents (especially when they get their first pet) tend to feel distressed because of this. Have you been through this with your pet? 🤔 If yes, is there a way you can prevent having to pay out of pocket for all of this?
Short answer, yes! Numerous health insurance companies now provide comprehensive policies for your pets. These policies offer coverage that is similar to most property insurance policies. A pet insurance policy reimburses you for certain costs related to your pet’s healthcare. This reimbursement can cover 80-100% of an unexpected vet bill once your deductible is met.
Premium prices and rates of reimbursement for pet insurance policies can depend on the following factors:
📏 size (height and weight) 🐾 breed 🔞 age (compared to life expectancy) 📍 location (where you live) ⌛ term/length of the insurance policy
But how do you decide on the right pet insurance policy? 🐩 Here are a few factors that you can consider.
Choosing the right policy
Pet insurance policies offer three broad types of coverages :
- Accidents only
While it is usually a good idea to insure domestic animals like cats and dogs for their entire lifetime, the same doesn’t apply to other pets. Reptiles, birds, etc. usually have short lifetimes, making it impractical to pay for lifetime coverage. Annual/ accidental coverages are generally more viable options here.
(Note: An accidental coverage can only be used for accidental injuries caused by collisions, falls, etc.)
Healthcare provider options
Unlike most human health insurance policies, pet insurance allows you to freely pick your healthcare provider in most cases. Therefore, it is a good idea to check if your policy allows you to select your regular veterinarian clinic as your healthcare provider.
Your pet’s medical history
Insurance companies review your pet’s medical history to judge their overall physical health. As a customer, you can use it to decide on your coverage options. If your pet tends to get sick for extended periods, it might be a good idea to pick a policy with cattery and kennel fees coverage. This special lump sum is usually paid to you if your pet spends more than four consecutive days at the cattery or kennel. 🏥
Maximum vets’ fees
Most pet insurance policies have a limit to how much they pay you for a single claim. Reviewing your past bills at the vet can help you decide what one-time limit option you should go for.
Pet insurance providers
These are just a few pet insurance options, take a look and see if one of these could be best for you and your best friend! 🐶🐱🐴🐮🐹🐦🐸
Waggel offers a comprehensive pet insurance policy that includes a dynamic payout depending on the type of claim. Their policy entitles customers to a maximum cover of £10,000 for vet fees, a maximum cover of £1.000 for dental treatment, a maximum cover of £1,000 for loss or theft, and a maximum cover of £2,000,000 for third party liability.
Similar to Waggel, Sainsbury’s policies offer a maximum cover of £10,000 for vet fees. The company also provides 24x7 online/call-based vet services and additional discounts for multi-pet covers.
BoughtByMany offers different custom insurance covers for cats and dogs. The company has a partnership with FirstVet to provide 24x7 vet services over video calls. BoughtByMany currently offers policies with up to £15,000 of lifetime vet-free cover.
Petplan offers various insurance policies that cover the cost of all medical treatment and diagnostic tests for cats, dogs, and rabbits. They’ve insured over 1.3 million pets, making them one of the most experienced pet insurers in the UK.
Choosing the right insurance policy for your pet could be confusing. But just like with life insurance we recommend finding the best fit. Make a list of your pet’s problems, frequency of illnesses, and the average cost of treatment. This list may help you while comparing various insurance companies, and hopefully, you will find a company that caters to all your pet’s needs.