LINKS MARKED * ARE AFFILIATE LINKS.

We all know that Britain is a nation of pet lovers. The PFMA calculates that 45% of households here have pets, with a total of around 51 million domestic pets around the country. Many of these animals are beloved members of the family that we simply can’t imagine living without. 

Yet, how many of us have pet insurance in place to cover the expense if our furry friends get sick or injured? A recent incident made me think seriously about this issue and whether pet cover is a good idea.

Do I Need Pet Insurance?

We’ve written many pet insurance reviews on the blog, but only recently did the true importance of having it really come into focus. This is because our little dog, Brooke, got hit by a car travelling at 40mph. You can imagine my shock when this happened. We quickly took her to the nearest vet to find out what damage had been done. Fearing the worst, it was a worrying few minutes before we got to the vet. 

I had a basic pet insurance policy in place but – while I’d love to say that money didn’t come into it – I must admit I was worried about the possible cost while the vet looked her over. I knew that vet’s bills could be expensive but I had never had to pay out for any sort of major treatment before, so I only had a vague idea of what the cost of this injury might be.

Thankfully, she only had a cut lip, and the vet even called her Super Dog for escaping the accident with barely a scratch on her. Then she dragged us home as though nothing at all had happened!

I was just grateful at first that she had got off so lightly. Later, this got me thinking about how many people could end up with serious financial problems or having to make really tough decisions if they don’t have insurance in place for their pets. So, I decided to look into some of the figures.

A Look at the Numbers

A recent survey from Scratch & Patch Pet Insurance tells us that the average policy costs £360 and that the average amount of a person’s most expensive claim is just over £1,500.  But claims of over £15,000 have been reported for serious health conditions that required long, costly treatments.

Another figure I noticed when researching this is that the ABI revealed that pet insurers in the UK paid out claims totalling £775 million in 2017. That was a lot more than I had expected it to be.

In terms of how many pets are insured, I could see that the PDSA Pet Wellbeing report from 2018 stated that 43% of dogs and 62% of cats in the UK had no cover that year. Given that you can pick up cheap policies these days, it now seems to me to be a bit short-sighted to not at least look into it.

So, how much could you be hit in the pocket if your pet suffers something serious and you have no suitable cover in place? Vets bills vary widely according to where you live, the type of pet you have and, of course, what sort of treatment is needed for them.

Some sources suggest that the average vet’s fee is about £800, which is the normal cost for treating a fracture. Joints treatments usually comes out at around £450 but there are plenty of other problems that could cost the owner more money.

Does Taking Out Pet Insurance Make Sense?

Based on the figures seen so far – and the scare that I got recently – taking out pet insurance seems to make perfect sense to me. I would have been a lot more worried about the financial side of it if I had no cover in place when the car hit my dog.

Like any other type of insurance cover, you could pay the premium for years without having to make a claim on it. However, it could be exactly what you need to get you and your pet out of a difficult situation at some point in the future.

There are basic, cheap policies where you pay just a small amount each month for an extra degree of peace of mind. Others are more comprehensive and more expensive. Getting a few quotes online is the best ways of getting a feel for what you are likely to end up paying out. Just be sure to compare the cover on each of them, as well as the price. 

Personally, I prefer the idea of paying this each month and not having to worry about vet’s bills, than possibly finding myself with a hefty bill due to an illness or injury. If you have several pets at home, you might even get to save a bit of cash by taking out a multi-pet policy for them.

What About a Pet Emergency Fund?

An alternative approach is to set up your own emergency fund for your pet. If you think that you have the self-discipline to keep some cash aside for this sort of situation, then it is a good idea to do so. Just a few hundred pounds put away in a special account could save the day at some point.

If you have an older animal then the risk grows, just as it does when we talk about life insurance for people. The premiums will be higher on a policy for a cat or dog that is getting on a bit, but you need to remember that there is also more chance of needing to visit a vet in these cases. 

Conclusion

Pet insurance is one of those things that you might never have thought about. If your furry friend hasn’t ever had any health problems, then there has probably not been any reason for you to have looked into this subject before now.

Yet, the little scare Brooke got recently made me realise that this is something that every pet owner should consider at some point. It is definitely worth taking a look at the figures and deciding whether you want to get a quote.  

This blog does not constitute financial advice. If you’re unsure, seek independent financial advice.