Living | Should you take out pet insurance?
Insurance, of all types, often seem like a waste of cash. This is especially true when we debate the topic of pet insurance.
For many people, forking out for costly health insurance is one of those tough financial decisions to make. Some argue that your health is too important to take a risk on, and is worth the financial sacrifice.
But what about our beloved pets and paying for their insurance? Yes, they are part of the family and loved by all. But the cost of insurance, on top of all of their other costs, may seem like a stretch too far on the family expense sheet. Or, in some cases, pet insurance is often the forgotten element to caring for them.
We don’t want to think of our pets getting ill or injured, so fail to think of pet insurance. However, one in two pets will experience a major illness or injury during its lifetime, according to the DSPCA. And these incidents can prove to be a big drain on your finances.
The cost of bringing your animal to an animal emergency department can quickly run up to the hundreds, or thousands depending on the treatment required. And then there is the medication, aftercare and follow-up appointments.
Unfortunately, there is now also the big issue of animal theft that is sweeping across the country. As such, taking out pet insurance has become more of a talking point in recent months.
So, what do you get with pet insurance? As with all insurance policies, it depends on what plan you take out with the individual provider.
Many policies cover vet fees for illness and injury, death of your pet, theft or straying and third party liability and legal costs if your pet damages property or injures another person.
What to look for when considering a policy;
- Is your policy cover for life? Some policies only cover treatment for the year of the policy and may exclude this treatment when you renew next year, leaving you to pay the full price.
- Does your policy cover emergency after hours care? After hours can be very expensive so ensure its part of your standard policy.
- Is the policy accident only? Many policies are for illness treatments and not those caused by accidents. Make sure it is.
