Each year, on average one pet in three will require veterinary treatment for illness or accident. As treatment becomes more complex and sophisticated, costs inevitably rise, and on many occasions may become a limiting factor.
We naturally think of traumatic surgical events-such as accidents involving broken bones- as the main reason for pet insurance. However, in addition, many medical conditions, such as deep seated skin or ear infections, arthritis and diabetes, (to name but a few!) can often be equally costly to treat in the longer term.
With pet insurance you have the peace of mind, that should your much loved pet become ill, he or she can have the treatment they require, without compromise, and without you having to worry about the cost of treatment.
An additional benefit of pet insurance is third party cover. Should your pet cause a road traffic accident, you could be held liable. In this situation, pet insurance should cover both the treatment of your pet and any third party claims.
Pet Insurance pays the veterinary costs if your pet is ill or has an accident. Some policies also pay out if the pet dies, is lost or stolen.
Policies usually limit the amount they will pay out either by capping the total sum they will pay out in a year, or place a limit per illness or accident, or place a cap per claim with the claim period being limited to a year.
The pet owner will have to make a payment towards any claim.
Pet insurance will not pay for preventative veterinary care (such as vaccinations) or elective veterinary care (such as neutering).
Whilst known as Pet Insurance, insurance is normally only available for cats and dogs. (Specialist insurance is available for horses)
Pet Insurance is available in all developed counties and the precise details of the insurance cover will vary from policy to policy.
Cost of each policy plan is different and you can select the best as per your petsí requirements. Best time to have a pet insurance policy is when your pet is little. You may also insure your pet in the age of 8 weeks but it is very difficult to get maximum coverage after middle age. Getting a new insurance policy in the middle age of your pet is very much expensive because at that time youíll not be able to claim for existing health treatments.
Different companies often use different rating methods to work out the cost of your premiums. Some companies rate according to the species of animal you own, the breed of the animal, its age and where you live.The benefit of this is that you are charged according to your own circumstances.
Other companies make you pay the same as everyone else - even if their animals pose a higher risk than yours.This also means that if there is a rise in claims, the company may put the price up for everyone, rather than just for those who are making the claims.
You should be able to tell roughly how each company charges by the questions they ask you. If they want to know more detail about your pet, you know that you are probably being rated on an individual basis.
Most policy contracts are on an annual basis and the cost of the insurance can usually either be spread over the year by paying monthly or as a one-off annual charge. Sometimes you can save by paying by a particular method, such as by direct debit.
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