Pet ownership is extremely popular in the United Kingdom, with around 50% of households owning at least one pet. Dogs and cats are by far the most common pets, present in 24% and 18% of households respectively.
Pet insurance emerged in Britain in the late 1800s, when companies began offering horse owners policies to cover veterinary care costs from accidents or illnesses. The first pet insurance policy for dogs was introduced in 1890 by Claes Virgin.
The concept of pet insurance saw very slow growth over the next century. But from the 1980s onwards, pet insurance started to gain more traction in the UK. As veterinary care became more advanced and therefore more expensive, insuring pets became an attractive option for many pet owners.
Today, the UK pet insurance market is one of the most advanced in the world, with over 2 million dogs and cats insured. However, it is estimated that around 65% of UK pets are still uninsured. As veterinary costs continue to rise, pet insurance is becoming an increasingly important consideration for responsible pet owners.
Common Pet Medical Issues
Pets, like humans, are susceptible to illness and injury. Some of the most common health issues for cats and dogs can rack up huge vet bills if not prepared.
Cats
For cats, common conditions include:
Kidney disease – Kidney disease is prevalent in older cats, with chronic kidney disease affecting more than 30% of cats over 15 years old. Treatment often includes intravenous fluids, prescription food, and medications which can cost £2,000 or more per year.
Hyperthyroidism – An overactive thyroid gland affects around 10% of cats over 10 years old. Radioactive iodine treatment or lifelong medication is required, with costs ranging from £500 – £1,500.
Diabetes – Just like humans, cats can develop diabetes requiring daily insulin injections and blood sugar monitoring. This costs approximately £2,500 for initial diagnostics and stabilising treatment, then £1,500 per year for ongoing costs.
Dental disease – Gum disease, infections, and tooth decay are very common in cats if not provided proper dental care. Extensive dental work including extractions can cost £1,000 or more.
Dogs
Common health issues for dogs include:
Skin conditions – Allergies, infections, and parasites afflict dog’s skin and ears causing great discomfort. Diagnostics and treatment for skin issues often exceeds £500.
Ear infections – Ear infections are common in dogs, with medications, cleaning, and sometimes surgery required to treat chronic or serious cases. This can cost £300 or more.
Gastrointestinal issues – Vomiting, diarrhea, and other stomach issues send many dogs to the vet. Costs can range from £200 for x-rays and medication up to £3,000 for GI surgery.
Orthopedic conditions – Cruciate ligament tears, arthritis, hip dysplasia, and other joint issues are prevalent in dogs. Surgery, x-rays, and long-term medication for these issues can cost £3,000 and up.
As you can see, pet medical bills from even common conditions like these can rapidly climb into the thousands of pounds without pet insurance coverage.
Benefits of Pet Insurance
Pet insurance can provide pet owners with peace of mind and financial protection against unexpected vet bills. Some key benefits of pet insurance include:
Covers Vet Bills: Pet insurance helps cover the cost of veterinary care, which can be expensive especially for emergency treatments or surgeries. Policies cover a portion of vet consultations, medications, lab tests, x-rays, hospitalization and more. This takes the stress out of having to fully pay for bills out of pocket.
Peace of Mind: Pet insurance gives comfort knowing your pet will get the necessary medical treatments if they fall ill or get injured, without worries about finances. Rather than declining treatment due to cost, pet parents can focus on their pet’s health and recovery.
Lost Pet Coverage: Some pet insurance plans include additional coverage options such as advertising/reward costs if your pet goes missing. This gives protection in the event a pet runs off or gets lost.
Having pet insurance can provide financial security and reassurance that your furry family member will get quality veterinary care when needed. The insurance shares the burden of unexpected medical costs.
Types of Pet Insurance
There are a few main types of pet insurance to consider:
Lifetime vs Annual Cover
Lifetime pet insurance covers your pet for recurring conditions. Once a condition is claimed for and approved, you can claim for treatment of that condition every year. Premiums tend to be higher than annual policies.
Annual pet insurance covers conditions for that policy year. At renewal, pre-existing conditions will be excluded. Annual policies have lower premiums but less coverage long-term.
Accident Only vs Comprehensive
Accident-only pet insurance covers unforeseen injuries like broken bones, bites, or getting hit by a car. Illnesses are not covered. This is the most affordable type.
Comprehensive pet insurance covers accidents and illnesses. This provides the highest coverage but costs more. Some conditions like hip dysplasia may have per-condition limits.
Level of Excess
The excess is the amount you pay before insurance kicks in. Typically £60-£120 or more. Higher excesses mean lower premiums.
Choose an excess you can afford in case of a claim. Lower excesses are better for pets prone to issues.
Cost of Pet Insurance
The cost of pet insurance in the UK can vary widely depending on the type and level of cover you choose, as well as factors like your pet’s breed, age, and location. However, some averages for common policies are:
Accident-only cover – starts around £5-10 per month. Covers vet fees if your pet has an accident, but not if they get ill. Generally the cheapest option.
Maximum benefit policies – usually £20-40 per month. Have an annual limit on the vet fees per condition, typically £4,000-£15,000. Once the limit is reached you pay the rest.
Lifetime cover – typically £25-60+ per month. Provide an unlimited amount per condition for your pet’s life. The most comprehensive but costly option.
Factors affecting premiums:
Breed – Some breeds are prone to medical issues and cost more to insure, like French Bulldogs.
Age – Premiums increase as pets get older due to higher risk. Lifetime cover is best started when young.
Location – Costs more if you live in an area with higher vet fees like London.
Excess – Choosing a higher excess reduces monthly premiums.
Level of cover – More comprehensive plans cost more than accident-only policies.
So in summary, pet insurance can range from £5 per month for basic cover up to £60+ for total protection. Do your research to find the right balance of coverage and cost for your pet.
Making a Claim
The process for making a claim will vary slightly depending on your pet insurance provider. However, there are some general steps that apply across all providers:
Notify your insurer of the claim – This is usually done by calling your provider or submitting a claim form online. This starts the claims process and gets everything on record.
Take your pet to the vet – Get your pet examined and treated. Make sure to get detailed invoices showing the diagnosis, treatment, costs etc. These will be submitted to support your claim.
Submit claim documentation – You’ll need to submit the vet invoices along with your policy number and completed claim form. Most insurers require you to submit claims within a certain timeframe, usually between 1-6 months from treatment.
Claim assessment – The insurer will assess the claim based on your policy coverage, terms and conditions. This usually takes 1-2 weeks. They may ask for additional information if required.
Claim decision – You will be notified if your claim is approved and the amount to be paid out. Rejected claims will also be communicated with an explanation.
Claim payment – For approved claims, you’ll receive the agreed amount via bank transfer, check or invoice deduction. This is usually within 5-10 working days from decision.
The key is having detailed invoices from your vet and submitting the claim promptly with accurate information. This will help ensure a smooth claims process. Keep copies of all documentation for your records.
Exclusions and Limits
Pet insurance policies have certain exclusions and coverage limits that policyholders should be aware of. Some common exclusions include:
Pre-existing conditions – Most pet insurance policies will not cover any conditions that your pet already had before you purchased the policy. This includes conditions that your pet displayed signs or symptoms of, even if they were not officially diagnosed yet. Some insurers may impose a waiting period before covering pre-existing conditions.
Routine veterinary care – This includes vaccinations, check-ups, heartworm prevention medication, and dental cleanings. These are not covered under most standard pet insurance plans. Some insurers offer routine care coverage options for an additional premium.
Elective procedures – Cosmetic procedures like tail docking or ear cropping are generally excluded. Neutering and spaying may also be excluded if they are not medically necessary.
Breed-specific conditions – Certain hereditary conditions or illnesses that are typical to a dog or cat’s breed may be excluded as pre-existing. Examples are hip dysplasia in German Shepherds or hypertrophic cardiomyopathy in Maine Coons.
Some other common exclusions are injuries from activities like commercial guarding, organized fighting or racing, experimental treatments, boarding fees, and grooming.
Pet insurance also has coverage limits, such as:
Annual or lifetime policy limits on the maximum dollar amount an insurer will pay. This is usually $5,000-$15,000 per year or sometimes unlimited.
Reimbursement caps on certain conditions, for example cancer treatment may be capped at $1,000 per year.
Coinsurance, which is the percentage of the vet bill the insurer will reimburse, often 70-90%. Policyholders pay the remaining percentage.
Knowing the exclusions and limits can prevent surprises when submitting a claim. Carefully review these when choosing a pet insurance policy.
Pet Insurance Tips
Getting pet insurance can provide invaluable financial protection against unexpected veterinary costs. However, not all policies are created equal. Here are some tips for choosing the right pet insurance:
Shop for policies when your pet is young and healthy. Premiums are based on factors like age and pre-existing conditions. Insuring your pet when they’re young locks in lower premiums as they age.
Understand exclusions. Pre-existing conditions are commonly excluded from coverage. Other exclusions may include hereditary conditions, spay/neuter procedures, dental care, and exam fees. Read the fine print to avoid surprises.
Compare multiple insurers. Policies and premiums can vary greatly between providers. Get quotes from several highly-rated insurers to find the best fit for your needs and budget. Look for one that covers items you want at a price you can afford.
Pick an appropriate deductible. Higher deductibles lower premiums but mean greater out-of-pocket costs per claim. Choose a deductible amount you could comfortably pay if needed.
Read reviews. Independent customer reviews can provide valuable insight into an insurer’s claims process, customer service, and reputation for paying claims.
Consider wellness add-ons. Some insurers offer optional wellness coverage for routine vet care like exams, vaccinations, and dental cleanings. This coverage can be worthwhile for pets needing more frequent preventative care.
Doing your homework upfront ensures you select a policy tailored to your pet’s needs and your budget. Review your coverage annually as your pet ages to confirm it still provides the protection you require.
Conclusion
Pet insurance can provide invaluable financial assistance and peace of mind for UK pet owners. As outlined in this article, some of the key benefits of having insurance for your furry friend include:
Coverage for unexpected vet bills – With pet insurance, you can ensure your pet will get the care they need without you having to worry about the costs. This is especially important for serious injuries or illnesses that require long-term treatment or surgery.
Protection against rising vet fees – Vet bills have been rising steadily in recent years. Pet insurance shields owners from having these higher costs come out of pocket.
Access to more treatment options – The financial assistance of insurance may enable pet parents to opt for certain treatments they otherwise could not afford, but which give their pet the best chance of recovery.
Reduced stress during emergencies – Having coverage in place gives peace of mind if an emergency strikes, allowing owners to focus on their pet rather than finances.
Pet insurance is highly recommended for responsible pet owners in the UK who want to be prepared for unexpected vet costs. While premiums must be paid, this is a small price to pay for significantly reduced financial risk and improved confidence that your pet will receive quality care when needed. With many policies and providers to choose from, pet parents can find an insurance plan that fits their budget and needs.
