There’s no sugar-coating it, pet ownership can be one of the most expensive things we choose to do in life. Up there with having children or buying a home, you’ll need to be prepared with the ongoing costs of maintaining your pet’s health and wellbeing. It can be the most joyous thing you can do creating many happy memories, but your bank balance will certainly feel it.
So, why is it then that despite knowing the expenses involved do some people overlook getting insurance? Yes, it could be that money isn’t a problem for some, but for the majority of us, a trip to the vet along with ongoing food costs can provide an eye-watering bill.
As the unexpected can happen at any time, below we’ll look at four common misconceptions about pet insurance that some people still believe. We’ll explain why it can offer peace of mind and financial security, ensuring that your furry friends receive the care they deserve without breaking your budget.
#1 – It Won’t Cover My Pet When They Get Older
A common concern among pet owners is that insurance companies will not cover older pets, or that the coverage will be so limited it becomes practically useless. This misconception might discourage owners from either continuing their existing policies or starting a new one as their pet ages. However, this is not necessarily the case. Many pet insurance policies are designed with older pets in mind, with some providers offering coverage options with no upper age limit, considering all pre-existing conditions. This ensures protection continues into your pet’s senior years, provided the policy is renewed annually without a break.
This aspect of pet insurance will have clear terms to help you select a plan that best fits the long-term needs of your pet. Once covered, the insurance can be renewed with continued benefits for their lifetime. While premiums may increase with age, the cost is often offset by the more frequent need for vet care as pets grow older. By maintaining continuous coverage, you can provide your pet with everything they need throughout their entire life.
#2 – It’s Too Expensive For Good Cover
This is one of the most common you’ll hear, and with many people having to deal with an increased cost of living, you can understand why many will see insurance as a luxury. However, it may not be as expensive as you first thought. Of course, there are cheap policies out there, but they may not cover everything you need, so a balance is needed.
Pet insurance policies do vary quite a bit, but with a little bit of research and comparing your options, you can then find those that can be tailored to fit a range of budgets and coverage needs. You want to find the best value for your specific circumstances. As pet insurance provider Petsure explains, the exact cost of policies such as lifetime coverage will depend on your dog or cat’s breed, their age, any pre-existing conditions, and where in the UK you live. This means there is no one-size-fits-all policy, so what one person pays may differ from your quote.
What’s most important is to look at the bigger picture – whilst coverage may initially seem expensive, comparing this to some of the typical costs of vet care soon puts this into context. According to the British Veterinary Association (BVA), the estimated lifetime cost of a cat is at least £11,000 whilst a dog is up to £15,700, depending on their size and breed – even a rabbit can set you back £9,800 over their lifetime! When thinking about how you would pay for this without insurance to claim back on, the appeal of a good insurance policy becomes stronger. Emergency treatments, surgeries, and even some medications can cost hundreds to thousands of pounds. A policy that seems marginally pricey now might easily pay for itself with one major vet visit in future.
Also, many insurance companies offer customisable plans where you can choose your excess and reimbursement levels, which can substantially lower your monthly or annual premium. If you have multiple pets, you may find it cheaper to have a multi-pet policy too.
#3 – Most Policies Will Only Cover Vet Fees
The cost of visiting the vet is enough reason to get pet insurance, but some owners may want more for their money. The good news is there are many policies out there that cover multiple things related to your pet’s well-being, not just the vet bill. Some pet insurance policies are often far more comprehensive than you’d expect.
From behavioural treatment provided by an animal expert, and complementary therapy that includes things like hydrotherapy and acupuncture, to third-party liability for dogs that helps cover legal costs from injury or damage to property, there’s more than meets the eye with some policies. Alternative therapies like those mentioned are increasingly recognised for their benefits to your pet’s health, so many insurers can provide you with a choice of extras.
You may also find cover for costs associated with lost or stolen pets, including advertising and reward money for their safe return. So, as you can see, pet insurance can cover a lot more than just the usual costs.
#4 – My Pet Is Young And Healthy – I Don’t Really Need It
When you get a puppy or kitten, it’s easy just to focus on how much joy and happiness they’ll bring. Even for the first few years they may be happy and healthy, meaning some people will wait to get pet insurance until later. However, as we all know, the unexpected can suddenly change that.
Health issues or accidents can occur at any age. The advantage of insuring pets while they’re young and healthy is not just about immediate care but also getting lower premiums and more comprehensive coverage before any potential health issues arise, those that could be classified as pre-existing conditions later on.
Having insurance from the start of being a pet parent also offers much more peace of mind. Knowing that you have financial protection in place can make a significant difference, especially when sudden and expensive vet treatments are needed. For instance, treating a simple fracture or an unexpected ingestion of a foreign object can be costly, both things that can happen no matter your pet’s age.
Many pet insurance policies provide benefits that go beyond emergency care too that are crucial at an early age, such as vaccinations, spaying/neutering, and annual check-ups, which can monitor and help prevent diseases that might occur later in life.
Pet Insurance Makes A Positive Difference
The four misconceptions above are just some of the reasons pet owners have for not having cover, and whilst there is nothing wrong with paying for all costs yourself, the reality of doing so needs to be carefully considered. Like all types of insurance, it is there just in case, but ask any pet owner who has used their insurance policy, and they’ll tell you that they are glad they had it. With the average pet insurance claim made reaching £848 in 2021 according to data from Statista, that’s a considerable amount to pay from your savings alone!
Consider your options and see what coverage your pet would need. Making an informed decision that’s best for both your budget and your pet’s health will always be your own decision. Unless you have an unlimited budget, pet insurance will make pet care expenses that much easier to manage.
