Do I need pet insurance?

There is no right answer to this question and the answer hinges entirely on your individual circumstances and personal intuition. Below I have tried to outline the reasons for and against pet insurance. The situations in which it might be useful and the things to look out for when comparing different insurance deals. It is also important to note that it is NOT a legal requirement to have pet insurance.

Pet insurance comes in 4 main categories:

1. Accident-only coverage: This type of insurance focuses solely on accidents, offering protection in case your pet encounters unexpected mishaps. (Think road traffic accidents, broken bones, fight wounds etc) but will not cover any medical illness’s (think diabetes or cushing's disease - both very expensive medical conditions)
   

2. Time-limited coverage: Encompassing both illness and accidents, this insurance provides 12 months of cover. Beyond the 12 month period (even if you renew) the insurer will stop covering any pre existing conditions, or conditions developed during the previous insurance year. This type of policy is cheaper, allows you to swap each year, but crucially will stop paying out for long term conditions once the 12 months have elapsed.
   

3. Maximum benefit coverage: This policy provides ongoing protection for accidents and illnesses, as long as you consistently renew your plan. There is a fixed pot of money per condition for the lifetime of the dog.
   

4. Lifetime coverage: This is the most comprehensive option, lifetime coverage ensures protection for your pet's entire life. This includes coverage for accidents, injuries, and illnesses, as long as you continue to pay your premiums.

The 4th option of lifetime coverage is the only one I tend to recommend getting.

What does pet insurance cover?

This does depend partly on the policy taken out (see previous section on types of insurance), so check each individual policy clearly. Generally they cover:

• Accidents (e.g. being hit by a car and breaking a leg)

• Illness (e.g. being diagnosed with a long term health condition such as diabetes or allergic skin disease)

• Emergency treatment

• Death from illness or injury

• Third party liability (If your dog causes accidents, injury or damages to a person or their property)

What does pet insurance NOT cover?

• Routine or preventative healthcare

• Neutering

• Vaccinations

• Flea and worm treatment

• Dental work (this varies between policies with some covering dental work and others classing it as preventative healthcare)

• Any pre existing medical condition.

• ANY condition that is mentioned in clinical notes or whose symptoms started BEFORE taking out the policy. Some insurance companies can be quite ruthless with this and exclude any number of future possible conditions based on your dogs medical history.

Why should I get my pet insured?

If you cannot afford an unexpected veterinary bill then you should take out insurance. With insurance, you can proactively budget, ensuring transparency about the financial commitment. This provides peace of mind, knowing that if your beloved Fido were to be diagnosed with diabetes next week then you have an insurance policy that would allow the best diagnostics, care and treatment to be carried out without having to stop and worry about the cost involved.

Why shouldn't I get my pet insured?

If you find yourself fortunate enough to possess ample resources, and can maintain a dedicated emergency fund, ideally ranging between £5000-£10,000 per dog. This reserve ensures immediate access to funds for unforeseen medical expenses. It's essential to have this financial safety net already in place, rather than embarking on a gradual savings plan, especially given the unpredictable nature of veterinary bills. While it's true that your pet may lead a long and healthy life, having a substantial savings buffer provides reassurance, even if those funds remain untouched over time.

If you have an older dog and are certain that subjecting them to extensive surgeries, diagnostics, prolonged hospital stays, or intensive medical treatments would not align with your values, then insurance might not be a practical investment. This perspective is shared by many pet owners facing the reality of an aging canine companion or one with pre-existing health conditions. When your dog enters its senior years, it prompts a reflective consideration of what would be fair and compassionate for them. While this decision remains deeply personal, it's essential to acknowledge that insurance premiums tend to escalate with your pet's age. Policies may undergo changes, potentially incorporating a co-payment structure involving an initial set excess (around £80) and a fixed percentage (often around 20%) of all subsequent treatments. At this juncture, if you're hesitant about pursuing extensive medical interventions, continuing to pay for an increasingly expensive insurance policy may cease to make practical sense, especially if the anticipated benefits are unlikely to be fully utilized.

What should I look out for in an insurance policy?

• Lifetime Cover: opt for policies offering lifetime coverage. This ensures that if your dog is diagnosed with a health condition at, for instance, 3 years old, the insurance company will provide pay outs for your pet's entire lifetime. Typically, this involves a set annual amount, although specifics can vary.

• Adequate Coverage Level: Given the current landscape of veterinary fees, aim for a substantial coverage level. I recommend opting for a policy with coverage starting at £8000 and upwards to establish a robust financial safety net.

• Fixed Excess: Pay attention to how the policy handles pay outs and your financial contribution. A fixed excess, usually around £80, is preferable over a co-payment option where you pay a percentage of the bills. This ensures clarity and avoids potentially exorbitant expenses.

• Exclusion Awareness: Be vigilant for exclusions within the policy. Check whether there are any specific surgeries or treatments excluded from coverage. A thorough understanding of these exclusions prevents surprises and ensures comprehensive protection for your pet's health.

Where should I get insurance?

It's advisable to explore multiple options by comparing deals. Numerous comparison websites are available, offering insights into policies from various companies. Additionally, if you're acquiring a puppy, consider checking with your breeder or veterinarian, as they may provide a complimentary four-week walk-away cover with an insurance company. This interim coverage can be beneficial while you're in the process of selecting a suitable policy. Ensure to inquire about this offering either when visiting your puppy before collecting or during your puppy's initial vaccination appointment at the veterinary clinic.

How much should I budget for insurance?

This question is almost impossible to answer! The cost of insurance varies so much depending on the policy you get, the breed and age of dog you have and where you live in the country. I have seen monthly insurance premiums range from £20 per month up to £150 per month. 

Conclusion

Deciding to insure your dog is a personal choice shaped by your individual circumstances. I work as a small animal veterinarian (doing a lot of my pets own medical work at reduced cost) and I still opt to have them insured with a comprehensive lifetime insurance policy as I do not have the savings to be able to dedicate to an emergency fund of their own. Whether opting for comprehensive lifetime coverage or relying on an emergency fund, the goal is to secure the well-being of your furry friend. By understanding policy features, budgeting considerations, and personal preferences, you can make an informed decision that aligns with both your financial capacity and your commitment to your pet's health.