Do People Really Need Pet Insurance?

vet visitThe main reason why pet owners buy pet insurance is to be able to hire a vet if their pets get injured or sick. Most of them consider their pets as part of their family, and they would do anything to find the money needed for their pet’s medical bill. For this reason, they end up considering pet insurance as the solution.

Why might pet insurance be necessary?

Vet’s bills are increasing with time, and new expensive treatment methods are becoming available, which make the medical bill the primary reason people consider buying the insurance. The current amount of pet insurance claim is approximately £650, but the cost can run into thousands for pets with on-going conditions.

Other pet owners consider this insurance to cover the expenses of replacing a particular high-value pet like a pedigree show dog, in case it dies or stolen.

Recommended Reading: The Cost of Pet Insurance

Risk factors

Pet owners need to consider the venerability of their pet breed to disease before making a decision on whether they will buy pet insurance or not. Labradors, for an example, can cost the owner thousands of pounds as it often suffers from torn cranial cruciate ligaments that need surgical treatments. Another example is the high likelihood of some pure breed dogs to have digestive issues, or bladder issues, or fragile bones.

So, the owner should do some research to find out the common problem that their pets might have, which will not only help them to prevent those disease from ever happening but also let them estimate the types of costs they may incur throughout their animal’s lifetime. Furthermore, they may ask their vet whether the pet could be susceptible to any recurring or chronic conditions.

The need for personal liability cover

Some animals especially dogs can potentially injure people or other animals, or cause damage. As a result, the pet owner could likely pay for thousands of pounds to the other party if the other party decides to sue him or her.

Pet insurance could cover such a situation if the owner obtained a pet insurance that either just includes the third party situation or a comprehensive insurance policy that cover this situation. It is worthy for the pet owner to check whether his or her home contents insurance covers him or her for third-party if his or her dog harms an animal or a person.

Self-insurance

This is an alternative to pet insurance where pet owners decide to keep saving a certain amount of money to pay for potential medical bills for their pets. They need to decide critically on the amount they can realistically put aside as well as being disciplined to achieve this goal. Self-insurance is more efficient when a pet owner has several pets, rather than buying a policy for each of them.

However, the owner may have to pay the vet before he/she accumulate enough money to cover his/her pets. Besides, it may be very difficult to find an affordable insurance if one of his/her pet develops a chronic condition that needs thousands of pound for treatments.

Should the pet owners get pet insurance?

Before pet owners go for this insurance, they should answer the following questions:

  • Can one cover the average pet’s medical bills from this or her additional income without straining other essentials? If so, a decision not insurer one’s pet can potentially save him/her money.
  • Would one struggle to find the money if his or her pet need a surgery or is severely injured? If so, one should probably consider getting this insurance.

Resources: