The Credit Crunch and your Pet

Published Sunday 17 May 2009 by Ian Millar BVMS, CertVOphthal, MRCVS

There was an interesting set of statistics generated by a company working on behalf of a Dental Insurance firm. They said, "when and if the going gets tough financially, of all the medical orientated covers, most people would give up their dental cover followed by their medical insurance". The least likely insurance that would be dropped is their Pet Insurance. I would wonder if that is because the National Health Service would pick up the slack of the other human insurances, but in the world of pets there is no NHS.

There are many choices as far as Pet Insurance is concerned and although it is another expense amongst many, you have to ask whether you can afford not to insure your pet because as sure as eggs are eggs a major problem will occur and it would be a pity if the insurance was not in place to pay for it. We get great pleasure in seeing the relief on people's faces when they realise the procedure will be covered. We as vets have a lot of experience as far as Pet Insurance is concerned and certain truths have become obvious and we know those companies that provide a great service and try hard, and those who do not. By asking the right questions the complicated business of deciding what company to go for can be clarified.

Often the devil is in the detail and of course this is the ‘Small Print'. Some questions to ask are,' will my pet be insured against long term problems?' ‘Will my pet have blanket exclusion as soon as a claim has been settled for this area of the body?' ‘What is the total amount my pet is covered for and is this a total for everything I might claim in an unlucky year or separated into individual problems and therefore much more valuable.' ‘Is my pet covered for life?' Important if your pet has diabetes or a heart condition that warrants a life on medication. We also see some very inexpensive premiums, which is fine, because cover will be low as well and the majority of claims tend to be below £1500. But if a more specialised, expensive procedure is required you can find yourself underinsured and having to pay a substantial difference. There is always an excess to pay, (that initial amount no insurance company picks up). Most pets over 10 years also get a percentage of the remainder deducted from the final settlement and the amount or percentage is also worth watching.

So, talk to an insurance broker or your local Veterinary Practice to clarify any questions. The bottom line is; do get your pet insured with some company and if possible get insurance with the best.