Pet Insurance

September, 2012 TSG_PTIMG_cat

Why do I need pet insurance?
Wouldn’t it make more sense to put the money into a savings account instead?Pet insurance gives you peace of mindPet 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.

I could save money by buying a basic policy, couldn’t I?
Cheap is not always best. The most basic pet insurance policies may cost less, but they put a time limit on the claim – usually 12 months – as well as a monetary limit. Once the 12 months are up, that particular condition is excluded from the policy. We don’t recommend basic policies, as we think they don’t offer enough cover.
My insurer offers a Gold policy. Is that the same as a premium policy?

Not necessarily. Different insurers market their products under different names – a gold policy from one insurer is unlikely to be the same as a gold policy from another. Always look at the cover on offer, not the name of the policy. For example, one company’s ‘budget’ policy may offer better cover than another firm’s ‘platinum’ scheme, despite the name – this is often clever marketing to tempt you in.
I have an older pet. Can I still get insurance for it?

Premiums for older pets tend to rise year on year, putting owners in a catch-22 situation.
On the one hand, if you stay with your current insurer, your premiums may jump sharply when your pet reaches old age. On the other, if you decide to switch, insurers exclude pre-existing conditions from cover, and some may not take on older pets at all.

You’re therefore left with the choice of paying the higher premium with your current insurer, paying for a new policy which offers insufficient cover, or cancelling the policy altogether, just at the age when the animal is most likely to need veterinary treatment. Ideally, you should choose a policy with a high level of cover whilst your pet is still young. If you own an older pet, it’s still worth shopping around, but don’t cancel your current policy until you find a new one that fully addresses your pet’s needs.

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