With an ever increasing desire for people to own pets during lockdown, should we not make sure we protect the ones we love so much with Pet Insurance?
Unlike home and car insurance, Pet Insurance is not compulsory but should that make a difference?
We make sure our inanimate objects such as our car and house are insured, so wouldn’t it be wise to afford the same respect for something that we love so much. It especially makes sense if you live life, like most, month to month without any spare cash flow. If your pet was suddenly taken ill and the cost of recovery was £1000’s.. would you be able to afford it? The majority of us wouldn’t but we would find a way. Credit card, using money saved for something else, borrowing from a friend or family, but this can then spiral out of control. A simpler solution is to make sure you take out Pet Insurance which can start for as little as £10 a month for peace of mind to protect the one/ones you love and to act as a safety net to help protection you against the unexpected costs.
Did you know that according to the Association of British Insurance (ABI), Pet insurance policies paid out a record £785 million in 2018 and with an average claim of around £800, you certainly need to think about pet insurance, however, there are a few things to consider first.
Type of pet insurance cover available from BPFS
Lifetime: This is the most comprehensive type of cover you can buy. You will pay a premium every year during your pet’s life and the insurer will have to keep covering you regardless of age or any existing conditions (subject to conditions) but your annual premium is likely to increase as your pet gets older.
Annual: You pay for 12 months’ worth of cover on a rolling basis which will then give you the option to switch to a cheaper policy each year. This kind of policy costs less, but might offer less comprehensive cover and generally will not cover pre-existing conditions. Also as your pet gets older you will struggle to find insurance or it will be far more expensive.
Accident only: The most basic and cheapest level of option available which covers accidents (such as your dog being hit by a car), but not illnesses. According to Which? 70% of all pet insurance claims are for illness, not accidents.
Things to think about
Pet’s Age – Pet insurance for older animals is harder to find as older animals are more likely to require treatment. Some insurers will only let you take out a new policy if your pet is under 9 years of age – younger for some certain special breeds. The Best time to buy Pet Insurance is to buy a policy when they are young
Pre-existing conditions – This means that you are aware of a condition that your pet already has and this is something you must declare when trying to buy Pet Insurance for your pet otherwise any claims you try to make will not be covered. However, it’s very unlikely that you will get any cover for the pre-existing condition.
Switching policy – The rules around pre-existing conditions make switching policies more difficult. If you’re on an annual or lifetime policy, the main reason you would want to swap would be because your premium has increased. However, the main reason your premium would increase is because you would have made a claim and if you’ve made a claim you might struggle to get another insurer to take you, or cover you for any treatment relating to the existing condition.
Excesses – An excess is an amount of a claim that you agree to pay yourself up front. Some insurers ask for a percentage-based excess as well as a flat fee.This is known as a ‘co-insurance excess’ and could get very expensive if you’re paying big vet’s bills. So, look for a policy that charges just one excess fee of £50 to £100. Also, avoid policies that increase the excess amount as your pet gets older, unless you would prefer a higher excess fee in return for cheaper premiums.
Can you save money on pet insurance?
You can slightly reduce the costs of your Pet Insurance with the following suggestions.
- Higher excess can also reduce your pet insurance premiums
- Microchipping your dog has been a legal requirement since 6 April 2016, however, you might save some money by microchipping your cat.
- Having your pet spayed or neutered could reduce premiums as it reduces the risks associated with breeding and pregnancy.
- Multi-pet insurance – some providers offer this if you have more than one animal
We’re here for you and your pet(s). We offer simple, no nonsense quotes from on of the best providers in the country and we’re proud of the options available so dive on in and get your extended family protected: HEAD HERE TO GET A QUOTE