Is Pet Insurance Worth It?
The UK is a nation of animal lovers who will go to extraordinary lengths to assure our furry friends’ wellbeing. This has led to certain pet owners investing in insurance policies so that should anything happen to their beloved companion they will be able to afford the necessary treatment.
With horror stories of uninsured pets racking up veterinary bills upwards of £8,000 it's unsurprising that some owners have turned to insuring their animals, rather than risk falling victim to a stratospheric one off payment.
However, there still remains a significant portion of owners who consider insurance to be too costly and not worth the annual price, leaving themselves financially vulnerable. At Compare By Review, we intend on providing a definitive answer for the two aforementioned parties, join us as we explore ‘Is Pet Insurance Worth it?’
The Numbers
The first factor to consider when weighing up the value of Pet Insurance is the numbers, specifically the average amount a claim comes to and what the premium costs for yearly cover are. Claims have almost doubled in price the past six years, with the total amount in 2012 coming to £425 million and in 2019 that figure increased to £815 million, the average claim cost is now £793 according to Statista Research.
To put this figure in context, the average cost of a lifetime insurance policy for dogs currently stands at around £472 per year and the price is even lower for our feline friends with a yearly cat insurance policy costing on average £285 according to a survey run by Which Magazine.
Of course there are variables that affect these costs but when you consider the average amount a claim can be, almost two times the amount of a policy for dogs and three times for a cat, it's pretty clear to see that should an animal suffer from an illness or have an accident that there is good value for money in insurance.
Now the clear caveat to these figures is what happens should your pet not be injured or become ill, ultimately you’re paying for peace of mind, but we all take the same approach to protecting our cars and never intend on getting in an accident so why not apply that thinking to our pets?
The Fine Print
Like any other form of insurance, pet policies can vary hugely, which is why finding the right cover for your specific pet will guarantee that you get the best value for your money.
You’ll need to do your research and be mindful of any pre-existing conditions your pet has and if it is a breed that is particularly susceptible to certain illnesses. For example if you own a King Charles Spaniel you will want a policy that protects against heart conditions. Also to make sure you’re getting the best bang for your buck we recommend that you always look for the following items in any pet insurance policy that you invest in.
The first is protection against the loss or theft of your pet, you need to ensure this covers the amount your pet originally cost, you may need proof of this. Also, some insurers can pay towards you advertising the loss of your pet and a reward should they be found.
In any good policy there should also be a clause for treatment of any issues with behaviour, this should cover you for treatment that may need to be carried out by a professional organisation or under the guidance of a vet. You will also want liability cover if you’re taking out a policy for a dog, this will cover any costs you’re legally culpable for if someone is injured or property is damaged in an incident with your pet.
Finally, death by illness or injury should be a prerequisite in any policy. This should include the fees for a vet to certify the cause of death and also cover the cost of euthanasia. Please note an age limit tends to apply on cover for death by illness.
The Reviews
At Compare by Review, what we consider to be as important if not more so than that of the price of a policy or what it covers is the insurance provider’s reputation and its attitude towards customer care. After all you don’t want to be paying annually for a substandard service.
Use our comparison tool which ranks insurers exclusively on customer experience and policy quality and save yourself hours of time trawling review sites. We compare and rank providers in order so that you can see the policies that are worth your hard earned money.
We’ve collated huge amounts of data from third party websites, incorporating user reviews, industry quality awards and pricing information into the rank that we give a provider. What’s more is that you can compare pet insurance according to their type, we have rankings for time limited, lifetime, maximum benefit and accident only pet policies.
So what’s stopping you? Use our exclusive pet insurance comparison tables and find a policy that is worth your money today.