Is pet insurance worth it?

5th February 2019by Joanna White

Determining whether pet insurance is worth it is down to your own personal preference; there isn’t really one answer for every person and their pet.

When it comes to deciding whether pet insurance is worth it, you must consider many factors that can help to make your decision. Pets are a beloved and integral part of any household; therefore, their safety and care should always be paramount.

However, in some cases, many people would argue that pet insurance isn’t always worth the money. Look at the guide below for some tips on pet insurance to help you make up your mind.

What you need to know – is pet insurance worth it?

Pet insurance is an invaluable type of insurance to have as it protects you from extortionate costs of treating your pets if they incur an illness or suffer from an accident. Veterinary bills can often rack up to the hundreds for just one treatment or surgery cost; whereas the average annual cost of pet insurance is around £287.

Of course, it depends on the level of cover and the type of policy you have, but pet insurance can cover you and your pet for a whole manner of things, including:

  • Vet bills and treatment costs
  • Dental cover (not every provider will offer this)
  • Loss or theft of your pet
  • Death by illness, injury or euthanasia
  • Liability cover – costs that you may be required to pay if your pet injures someone or damages their property
  • Treatment for behavioural issues

Factors to consider

With regards to the cost of pet insurance, there are several factors that must be considered when deciding whether pet insurance is worth it. You can find some of the considerations that you need to account for below.

Pre-existing medical conditions

Oftentimes, if your pet suffers from a pre-existing medical condition then this isn’t usually covered by your pet insurance; therefore, you may decide not to purchase a pet insurance policy if your pet won’t benefit from it.

The age of your pet

If you have a brand-new puppy for example, then it can be worth taking out a pet insurance policy as they will have their whole lives ahead of them and will probably require veterinary treatment at some point.

However, if you have an older dog, then they’re less likely to be covered under many types of insurance policies, meaning that it won’t be worth your money to insure them.

The breed of your dog

If you’re looking to buy a new dog but aren’t sure which breed to get, then one thing to bear in mind is that a pedigree dog will likely cost much more to insure.

Therefore, if you’re thinking of purchasing insurance for your pet, you must consider the breed of pet you have as this will highly influence the cost of your insurance premiums.

How to reduce the cost of pet insurance

If you want to invest in pet insurance for your beloved cat or dog, but are reluctant to pay the extortionate costs, then there are a few things you can do to try and reduce the cost of your pet insurance quote.

Choose to pay a higher excess

Choosing to pay a higher excess on your pet insurance policy can help to reduce the overall cost of your premiums. It’s important to make sure however, that you can afford to pay the higher amount if you need to make a claim.

Purchase insurance as soon as you get your pet

If you obtain a brand-new puppy then you’re sure to be surrounded by plenty of cuteness and cuddles with your new pup! However, once the initial excitement has died down, you might want to consider investing in pet insurance straight away.

This can help to reduce the cost of pet insurance as the older your pet is when you take out insurance, the higher the cost of your premiums. This is because older dogs are more at risk than younger dogs, for example.

If you have more than one pet, then putting them on to the same insurance policy can significantly help to keep the cost of your insurance down.

This is because many pet insurance providers will reward you with a discount on your policy if you have more than one pet on the same policy.

Conclusion – is pet insurance worth it?

Pet insurance is an asset to have if you want to ensure that your pet is protected against extortionate vet fees and liability costs.

However, if your pet is older or suffers from pre-existing conditions then pet insurance may not be worth it as most insurance companies won’t pay out anyway, even if you do make a claim against them for veterinary treatment costs and medical bills.