There is immense joy, but also considerable financial responsibility when it comes to looking after your pet. With veterinary costs never the cheapest expense, you’ll want to avoid situations where any sudden illnesses or accidents could overwhelm you financially. That’s why pet insurance exists, helping you to manage these expenses rather than have to rely on your savings – so why do so many people not have this helpful safety net?

According to market analysis from Research and Markets, only 11% of dogs and 22% of cats were insured in 2020, despite a huge growth in the pet population that year seeing growth of 62.7% (Cats) and 38.9% (Dogs). As many decisions on getting insurance can come down to money, here we’ll look at why pet insurance can be a financially prudent choice over the long term, helping to offset substantial vet bills through manageable premiums.

Your furry friend deserves the best care and attention in times of need, so the right insurance policy can lead to significant savings and peace of mind.

Cost Benefits of Pet Insurance

The cost benefits of pet insurance become apparent as soon as you are faced with a hefty vet bill. An unexpected illness or injury can lead to expenses that easily run into the thousands. According to leading insurance provider Petsure, here are just some of the vet costs you can expect from expert vet Dr Scott Miller:

• Consultation fees – £20 upwards
• Pet health check-ups – £20 upwards
• Pet prescriptions – £10 upwards per written prescription
• Emergency vet appointment – £200 upwards
• Vet clinic overnight stay with drip treatment – from £300
• Home visit (where offered) - £225 plus consultation fee
• X-Ray Costs – from £300

This can all quickly add up and is before any potential surgery costs and other services if required. For example, based on prices from the Animal Trust, orthopaedic surgery like a fracture repair may cost between £1179 – £2019. In contrast, the average annual premium for a lifetime pet insurance policy cost approximately £332 a year in 2022 according to data from Statista. How much your policy costs will depend on factors like your pet's breed, age, and the chosen level of coverage.

Pet insurance covers the majority of the vet fees, usually around 70% to 90% after deductibles are met. Over the lifespan of a pet, these savings can be substantial. Many pet insurance plans can cover ongoing treatments for chronic conditions, which can be financially draining without insurance.

Additionally, some pet insurance policies will offer benefits that contribute towards other things like behavioural treatment and complementary therapy, MRI/CT scans and dental accidents. If you find a lifetime cover policy, this will ensure peace of mind throughout your pet’s life and provide a limit each year that covers vet costs.

Investing in pet insurance can provide a safety net that helps you manage your finances more easily, avoiding the shock of sudden, large vet bills and potentially saving thousands of pounds every year.

Tips for Choosing the Right Pet Insurance

So, if you are sold on the idea of pet insurance, you’ll want to find a good policy that matches both your needs and your pet. You’ll need careful consideration to ensure it covers everything you need. Here are some tips to help you select the best policy:

• Assess Coverage Needs – Consider your pet’s species, breed, and medical history. Some breeds are prone to specific health issues, so ensure these are covered. If you have an older pet, look for policies with no upper age limit.
• Compare Plans – Look at what different insurers offer. Some plans cover only accidents and illnesses, while others will provide lifetime cover for emergencies, dental accidents and more. Understand the exclusions and limits of each policy.
• Check the Fine Print – Understand the compulsory excess and claim limit annually. Some policies might have a low monthly premium but less comprehensive coverage or higher excess costs.
• Review the Claims Process – How easy it is to make a claim and the speed of reimbursement can vary between insurers. Choose a provider known for a straightforward claims process.
• Speak To Your Vet – Your vet can provide recommendations based on your pet’s health and any common conditions for its breed or age. This can provide valuable insights when deciding on a suitable policy.

By doing thorough research and considering these factors, you can find a pet insurance policy that offers the best protection for your pet while also fitting your budget.

Overall, does pet insurance save you money in the long term? Yes, when you look at the costs of visiting your vet, you can easily see why many people need pet insurance to cover unexpected emergencies as and when they happen.

Providing significant financial benefits that help to shield you from the steep costs, it means you won’t have to choose between your pet’s much-needed treatment and whether you can afford it. There’s nothing worse than having to compromise on your cat or dog’s health due to not having the cash or savings. Pet insurance helps to take the stress out of that decision.