PET INSURANCE - AS IMPORTANT AS THEIR BED

 

Most of you think that your precious pet's bed is one of the most basic essentials, but what about protecting your dog or cat against unpredictable injuries or illnesses? This is where pet insurance comes in.

For a relatively small outlay you can obtain a wide range of protection benefits. Pet insurance is largely available for cats and dogs, but some specialist insurers also offer policies for exotic animals as well as birds, horses and rabbits.

Pet owners can choose to pay premiums monthly or annually; and, depending on the policy you take out, this can cover your pet against veterinary bills for injuries and illnesses, loss or theft of your pet, third party damages and more. Indeed policies can vary widely between insurers, but the main features you should look for include the following:

- Vet fees: Look to see if there is a limit per claim and remember major surgery can cost thousands. There may be an annual limit or a limit per condition and your pet will not receive treatments for ongoing conditions beyond the policy's term unless you take out lifetime cover and renew the policy each year. Also look to see if your pet is covered for complementary treatments and therapies.

- Third party liability: You could be legally responsible if your dog causes an accident such as a third party injury or damage to their property. This covers that eventuality. Owners are not responsible for damage caused by cats as they are deemed 'free spirits' by the courts.

- Death benefit: Some policies will pay out if your pet dies due to an accident or illness, subject to conditions.

- Theft/loss: Cover may be provided for theft or loss of an animal including help towards the cost of advertising and rewards.

- Boarding fees: If you are hospitalised or incapacitated many policies will cover boarding costs for your pet.

- Holiday cover: Many policies will provide cover if you need to cancel or return early from a holiday because a pet is ill or injured in an accident.

Along with the level of cover, it is also important to understand the limitations of the policy.

- Know your start-date: Cover for your pet will not usually start for a specific period after you take the insurance out - typically around six weeks.

- Restrictions due to any pre-existing condition: Most companies will insure the pet however, the cover will exclude your pets pre-existing condition.

- Older pets: Older pets are typically classed by pet insurance companies as cats and dogs aged eight years old and over. Cover is available for older pets but at a higher premium cost due to the greater risk of illness.

- Terms of payment: Before committing to an insurance deal check the terms of payment carefully to suit your finances. For example, payments may be categorised as 'calendar' or 'lunar' - calendar payments mean 12 equal instalments, while lunar payments are taken in every 28 days which means 13 payments over a year.

- Excesses: The excess is the amount which the policyholder pays towards the claim. Check the small print of the policy as some insurers may increase the excess based on the type of claim.

The easiest way to find a suitable policy is to use a price comparison website, where you can compare prices and the benefits offered quickly and easily. Always remember that the cheapest option may not be the best for your pet so compare cover features as well as quotes and examine the terms and conditions of each policy carefully.