According to the RSPCA, in 2008 there was a 57% increase in the number of animals abandoned by their owners in the UK. A similar problem is also occurring in the United States, where the Humane society of the United states claims that up to 8 million animals enter animal shelters each year, showing that this is an international problem.
It’s hard to ignore the link to the credit crunch, which has likely affected pet owner’s abilities to meet the food and vet bills needed for their pets. Sheila Stewart, of Capricom Animal Rescue centre in Mold, United Kingdom, said that she believes that this can be overcome by the animal’s owners taking out pet insurance.
The importance of pet insurance
According to Sheila, the rescue centre has received a number of animals who have arrived at the centre in poor health, often as a result of owners not being able to foot the often extortionate expense of veterinary bills. This is why she offers the following advice:
“We advise everyone who takes an animal from us to take out pet insurance…if you are covered by insurance it is the unexpected that you are covered for.”
Research suggests that you are more likely to make a claim on your pet insurance than on either car or home insurance. With studies suggesting that more than 140,000 dogs under three years of age suffer dermatitis alone each year, it is not difficult to see why.
Can I afford pet insurance?
As noted by Sheila, if you own a pet, you really can’t afford not to take out a pet insurance policy. The price of the policy will vary depending on a number of factors, such as:
- Your pets age-the older the animal the more your tend to pay
- The breed of the animal-with pure bred animals more expensive than mongrels and moggies
- The location of your home
A price comparison on money supermarket for dog insurance showed that it can cost as little as $14.31 per year to insure a nine year old crossbreed with an excess of $117. This would cover vet bills of up to $6,220 and therefore isn’t to be scoffed at. Meanwhile, for cat insurance, the same agreement for a crossbreed can cost as little as $7.22.
What should I look out for in a policy?
Every provider is different and provides a different level of cover, so it is always important to examine the details of the policy before agreeing to it. Things to look out for include:
- What vet treatments are covered-this is the most common reason for a pet insurance claim, and therefore there are many loopholes to look out for. Make sure you know how treatments are covered in the agreement; some insurance companies will agree to cover you for up to $6.220 but will refuse to pay up if the treatment received is not included in the agreement. Common exemptions include annual vaccinations.
The excess-as with most insurance policies, the higher the excess the less the policy is likely to cost annually. Most excesses tend to be $60-$70, but some insurers will double this cost should the claim exceed an amount stated in the contract. Look out for this!
Third party cover-Some pet insurers may not offer third party cover. This would mean that if your pet were to cause damage to someone else’s property, the insurance policy would not cover claims made against you. Most pet insurance policies will cover this, but make sure before agreeing to it.
Dental cover-some insurers will cover your pet’s dental fees but not many, which is surprising given research by Sainsbury’s bank showed that pet dental treatments were costing British pet owners up to $44.4 million per year. If this is important to you then make sure you pick an insurer who covers it.
Payment options-there are three payment options; lunar (payment every 28 days which means 13 payments per year), calendar payments (twelve payments of equal amount throughout the year) or annual (one off payment). Lunar and calendar payments often result in interest being charged, so if you can always try to pay up front. Extras-some insurers will cover your pet in commercial events while others will refuse to pay for any injury resulting from your pet taking part in a show. Also look out for whether your pet is covered abroad should you decided to take them on holiday.
In conclusion, pet insurance is vital so that you can ensure that your pet is covered should it be injured or become ill. If more pet owners had pet insurance, it is likely that far fewer animals would be abandoned. However, you need to look out for any loopholes in insurance policies and ensure that you are not caught out should you need to make a claim.
