The Association of British Insurers (ABI), has reported that a record £706 million was paid out in pet insurance claims in 2016. This is the equivalent of £1.8 million every day. Nevertheless, the ABI estimates that more than half of pet owners – 70% of dogs and 85% of cats – simply aren’t covered. With rising costs of veterinary bills and medical procedures – the average claim was £750 – pet insurance is essential, but there are many things to keep in mind when choosing the correct policy to cover your pets in the North-East.
Pet Ownership Costs Are Routinely Underestimated
According to the Pet Food Manufacturers Association, there are approximately 57 millions pets in the UK. The NE England is the most dog-friendly region of the country with more than 30% of its residents owning a dog. Most people treat their pets as members of the family and with the rise of pet ownership, it’s been increasingly necessary to think about the costs involved in maintaining an animal in the house. While many think it is about £500 total, the real cost over a lifetime can actually go as high as £33,000. Besides food, cleaning products and other fixed expenses, the most overlooked cost of pet ownership is healthcare.
Veterinary Bills Can Easily Snowball
There is no NHS for pets, so without insurance all the payments fall on the owner and it can become quite expensive to have your pet treated – even for basic conditions. Veterinary bills in the North-East are usually £300 for a simple visit and more than £10,000 for surgeries or something serious such as cancer.
Does Pedigree Pay?
Regarding dogs, some medical conditions are pretty common in those with pedigree, while crossbreed and mutts are normally less affected. Therefore, you have to take this into account when you consider what the chosen policy covers and, especially, for how long.
The three most popular dog breeds in the North East, according to the numbers registered within the Kennel Club, are labrador retriever, English Cocker Spaniel and French Bulldog. Each one of them has their own predispositions and different characteristics, so it’s a good idea to research them all.
How To Choose A Pet Insurance Policy
A well chosen pet insurance policy can be the difference between paying hundreds and thousands of dollars.
There are four main types of insurance policies with increasing prices and coverages – additionally, complex options can be added to each one.
They are accident only, time-limited, maximum benefit and lifetime.
- Accident Only – as the name would suggest, covers only accidents. It’s usually the most budget-friendly but it won’t be useful if your pet develops any medical conditions. This may make this policy end up being the most expensive in the long run, so it’s not indicated to dog breeds and other pets that tend to develop genetic conditions.
- Time-Limited Policy – this covers fees up to a maximum value, such as £1,000 or £1,500, during a period of 12 months. After that time ends the condition becomes excluded from the policy – even if it is renewed – and you have to pay for the rest of treatment. This policy is a step up from the accident only, but due to the time restriction – which can end before you reach the maximum value covered – it’s still cheap compared to the others.
- Maximum Benefit – this also has a maximum value, but there is no time limit on when you can claim it. This makes this policy balanced between budget and coverage options and it should probably be the go to insurance policy for most pet owners.
- Lifetime policy – gives the owner a maximum amount for year which will be renewed annually as long as the policy stays active. This kind of policy is the most indicated for pedigree dogs and has the most coverage of them all. It’s also the most expensive but the perks are usually worth the cost, especially considering ongoing medical conditions.
The Best Time to Insure
Also, since almost all companies exclude pre-existing conditions from coverage, the best time to insure your pet is when it’s young and healthy. It is recommended then to renew the policy through the years as it ages, even if the premiums increase.
Microchipping is already a necessity by law and vaccinating is essential to the health of any pet – especially considering the recent parvovirus outbreaks in other areas of the North – but neutering and spaying are also recommended to decrease the costs of insurance and pet ownership in general, and both of them also contribute to the wellbeing of the pet in general.
With the rise in pet insurance claims and increasing veterinary costs, it’s paramount that you decide what kind of insurance policy and which options best suit the needs of your pet. You also need to take a good look on all the insurance charges, with special attention to excess and co-insurance fees.