Pets are officially living longer - a new revelation mainly due to better research, technology and increased effectiveness in dealing with ailments.
But as pets live longer, the need for proper pet insurance is highlighted as horror stories of high vet bills emerge, with pet owners becoming wary of the potential cost of medical treatment.
The rise of pet insurance is directly connected to veterinary advancements, “Anything that can be done for humans can be done for pets,” explains Randy Valpy of PetsPlusUs. He has overseen claims of over £30,000 for treatments including hip replacements and even chemotherapy for cancer.
“When a dog is over eight years old, there’s an 80 per cent chance that a claim will be needed,” he advises. In the UK, around 20 per cent of household pets are insured while millions choose to take the risk and leave their pets uninsured.
Insurance can be expensive, with the average single pet insurance claim now costing £650 - but claims can be thousands if your pet develops an on-going condition. Many owners of pedigree dogs might choose to spend hundreds of pounds a month on their cover to avoid these bills, whereas insurance for a typical cat might be as little as £3 a month.
Consumer body Which? warned that "pet insurance is as much about peace of mind as it is about money. You may pay insurance premiums for years and never make a claim. But think about whether you could afford a huge vet's bill if your pet fell ill or had an accident in the short term."
Lifetime vs. non-lifetime cover
There are two main types of pet cover: ‘Lifetime’, which offers a set amount, renewable each year, and non-lifetime cover which limits how much is paid per condition.
Rory Cusack is a vet and owner of Westside Veterinary Clinic in South-West London. He argues that pet owners need to get the right type of insurance from the start as it’s easy to find yourself playing cat and mouse with insurance companies refusing to pay up.
"Good quality means lifelong cover," he suggests. "Any of these policies that run year to year are hardly worth having, because you'll get an incident, there'll be an exclusion put on that for life and nobody else will touch it.”
What to expect when comparing pet insurance
One surprising consideration when looking at pet insurance is where you live. “The postcode lottery applies just the same with pet insurance,” explains Michael Ward at comparison site PayingTooMuch.com. Generally in urban areas, for example London, premiums are higher than in rural areas.
Age also affects the cost of your policy: there might well be a jump in prices, particularly when a pet is between the ages of eight and ten. Some owners have found their premiums double in just two years. "As your pet ages, the premium and policy excess are likely to increase because, like humans, the risk of illness increases," says the Association of British Insurers.
“Many pets are alive today because of insurance,” Randy Valpy says. According to yourdog.co.uk, “During the last five years, 56 per cent of vets have had to euthanise pet dogs and cats because the owner couldn’t afford veterinary treatment.”
Around a third of owners paying insurance will claim at some point and pet insurance is on the rise in the UK. Crafty canine owners can now instantly compare premiums and benefits for both lifetime and non-lifetime cover at PayingTooMuch.com.
