The Rate Tart

TheRateTart Pet Insurance Guide

Contents

1. Introduction
2. What factors affect the cost of pet insurance?
   • Average vets fees
   • Very old and very young
   • Bigger animals carry bigger costs
   • Good breeding
   • Limited Term policies
3. What do pet insurance policies cover?
4. Tips from TheRateTart
   • Excess
   • Vaccinations
   • Liability cover
   • Charities

Introduction

Britain is a nation of animal lovers. Half of UK households own a pet and in 2005 half of these made an unexpected visit to the Vet (source: Mintel). Even minor conditions can cost several hundred pounds, whilst long term illnesses are likely to incur thousands of pounds in vets bills. With vets fees rising between 11 and 15% in recent years, it's clear that animal health is an expensive business. Use TheRateTart Guide to Pet Insurance to find the ideal insurance cover for your feather, furred or scaled friend.

What factors affect the cost of pet insurance?

Average vets fees vary by region in the UK. Consequently your address will have an impact on the premium you pay. As with most things London and the South East are the most expensive.

Very old and very young animals are more vulnerable to illness or injury. Most pet insurance will not cover animals under 8 weeks old, whilst many (but not all) impose an upper age limit, varying by species.

Bigger animals carry bigger costs for pet insurance. Horses cost more than dogs, which cost more than cats, which cost more than rabbits. The exception to this is exotic pets such as snakes or spiders. Most mainstream pet insurance policies will not cover these. However there are a number of specialist providers who provide insurance for exotic pets.

Good breeding doesn't always bring advantages. In general pedigree breeds are more susceptible to illness and more expensive to treat. Expect this to be reflected in the insurance premium.

Limited Term policies have been a significant factor in driving down the cost of pet insurance in recent years. These policies commit to pay vets bills for a set period of time after injury or the onset of illness. Some policies also have an upper limit on the amount that can be paid out. These policies are ideal for covering the cost of treating a short term problem. But if your pet requires long term treatment then a Lifetime policy is more suitable. These are more expensive, but guarantee to pay costs for as long treatment is needed. Obviously there is no way to tell for certain what conditions your pet is going to develop. However some species and breeds are more susceptible to long term illness than others. A little research or consultation with your vet should give you some basis for making an informed assessment of the risks.


What do pet insurance policies cover?

The following costs are covered by the majority of pet insurance policies;

• Veterinary fees
• Death benefit
• Theft / straying
• Cost of advertising a lost pet and reward for return
• Holiday cancellation
• Emergency kennel costs
• Third party liability (if your pet injures another person)
• Accidental damage

In addition, some policies also cover:

• Alternative or holistic therapies (e.g. acupuncture or aromatherapy)
• Travel allowance for transport to vet
• Pet psychologists / owner counselling

Pet insurance policies generally do not cover;

• Costs of treating pre-existing conditions
• Vaccinations
• Spaying / castration
• Flea control

Always read the Terms and Conditions carefully so that you understand exactly what is included in your policy.

Tips from TheRateTart

Excess is a fixed amount payable by the insured (i.e. you) rather than the insurer (i.e. them) from any claim. The majority of insurers will impose a compulsory excess on any policy. Make sure you are able to afford the excess payment on any policy before taking it out.

Vaccinations are not covered by pet insurance. However you need to make sure you keep your pet's vaccinations up to date. The insurer is likely to refuse to pay out for a condition that could have been prevented by an up to date vaccination.

Liability cover provides protection should your pet injure another person or damage their property. But did you know that whilst dog owners are legally liable for the actions of their pets, cat owners are not. This provides proof of the old maxim that "dogs have owners, cats have staff".

Charities such as the Peoples Dispensary for Sick Animals (PDSA) sometimes provide free veterinary services. But don't think these provide some kind of animal equivalent to the NHS. These services are generally only for people in receipt of state benefits.

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