Do I Need Pet Insurance?

Our pet’s health is always at the forefront of our minds, and the thought that something might go wrong with our furry friends is enough to keep anyone up at night. Luckily for us, there are plenty of options for pet insurance available on the market so we can find the best policy to ensure our pets are covered whatever happens.

That said, with so many options to choose from, it can be hard to know where to start. That’s why we’ve put together this handy guide so you can have pet insurance explained.

Contents:

• What Pet Insurance Do You Need?
• Lifetime Cover
• Maximum Benefit Cover
• Time-Limited Cover
• Accident-Only
• Average Pet Insurance Costs

Why Do You Need Pet Insurance?

Data from 2023 shows we spent over £7 billion on vet and other pet services, which anyone given an unforeseen vet bill likely won't be too surprised by. Prices are rising across industries, and veterinary costs are no exception.

Rather than being caught out by these costs should something go wrong, vets recommend that you insure your pet as soon as you can.

What Pet Insurance Do You Need?

Insurance companies tend to offer more than one type of pet insurance for you to choose from. These typically tend to be:

• Lifetime Pet Insurance
• Annual Pet Insurance (sometimes called Time Limited Pet Insurance)
• Accident Only Pet Insurance
• Maximum Benefit Pet Insurance

Which of these policies is best for your pet will depend on a number of factors, so make sure you shop around various insurance providers for a policy that fits your pet.

What is Lifetime Pet Insurance?

Lifetime pet insurance (sometimes called Lifelong or Cover for Life Pet Insurance) is a type of pet insurance that covers your pet for new illnesses and injuries, meaning any pre-existing conditions (injuries or illnesses from before the policy start date) will not be covered.

Lifetime pet insurance is the most comprehensive pet insurance coverage you can get, from which you can expect:

• A set amount by which your pet is covered each year for illness and injuries. This amount will refresh with every year the policy is renewed.
• A premium you pay every year of your pet’s life to continue the cover.
• Premiums that increase with every year as your pet gets older.

This cover is a good choice for those with young pets who want to prepare themselves for any eventuality. They’re also good for pets with recurring or ongoing conditions that require frequent treatment as the benefits refresh with each year. So, for example, if you use up the set amount covered in the policy for treatment during one year, you will be able to use the policy again the following year to pay for treatments.

What is Maximum Benefit Pet Insurance?

Maximum Benefit policies (also called Per Condition policies) are a nice middle-ground pet insurance policy that tends to be cheaper than lifetime coverage. These policies will offer a set amount to cover the cost of treatment towards a given condition for as long as the policy is active. However, once that set amount has been reached for a condition, the cover will cease.

You can expect the following from a Maximum Benefit policy:

• Cover for only new conditions or injuries that occur once the policy is active.
• Your pet’s cover to only last until the maximum amount has been reached.
• For the same illness or similar illness which occurs while the policy is active (such as an ear infection in the opposite ear) to be considered the same condition as the one treated before, and so will not be covered.

Maximum Benefit policies can be a popular choice for new pet owners who want peace of mind for young pets or those who have a recurring condition that has a relatively low treatment cost, as it may take some time to reach the capped amount for each condition.

What is Time Limited Pet Insurance?

As the name suggests, Time Limited cover (sometimes called annual pet insurance) is a type of pet insurance that is paid on a rolling basis (typically 12 months) which will offer either a fixed sum to cover your pet or a set time period for which treatment will be covered.

Much like Lifetime cover, these policies will only insure your pet for new illnesses or injuries. You can also expect the following from this type of cover:

• Treatment cover to cease for the remainder of the policy once the set amount or the duration of treatment has been reached.
• Any recurring illnesses or injuries are to be considered as one condition. For example, if your pet experiences another episode of an existing condition during the policy time, and the set time or set amount of cover has been reached, then your pet will not be covered.

These policies tend only to be suitable for short-term illnesses and not chronic or recurring conditions, which certain breeds may be more prone to. They are also sometimes the only policies available for older pets who are not eligible for a Lifetime or Maximum Benefit policy.

Accident-Only Pet Insurance

Accident Only pet insurance is the most basic cover you can get for your pet, and so it tends to be the cheapest. As the name suggests, this type of policy will cover your pet for accidents sustained after the policy has started, but not illnesses.

You can also expect the following from accident-only pet insurance:

• A fixed sum to cover the treatment of accidental injuries while the policy is active, but not those sustained before.
• Injuries sustained from a health condition or might occur over time (such as soft tissue injuries or muscle tears) to not be covered.
• A potential payment from yourself towards the cost of treatment for an injury.
• A 12-month limit on the policy, so if treatment for the injury continues past 12 months, you’ll need to renew the policy and continue payments to cover future accidental injuries.

It’s hard to say who this policy would be most beneficial for as you can't foresee if your pet will fall in or suffer an injury during their lifetime.

Pet Insurance Costs

In an ideal world, we would all love to have our pets covered for anything that might go wrong, but it’s still important to consider the amount you’ll be paying for your pet insurance to ensure that you’re able to keep up with the monthly payments while the policy is active, otherwise, your insurance may become void.

The average cost of pet insurance can vary depending on several factors, including:

• The type of cover you choose— Lifetime cover is bound to be more expensive as it offers the most coverage.
• Where you live— Vet prices and risk factors vary across the country, which will be reflected in the cost of your insurance.
• Your pet’s age— As pets age, they become more prone to some conditions, so the chance of your insurer needing to pay out for treatment increases.
• Your pet’s breed— Some breeds are more prone to certain health conditions than others and may be more expensive to insure, whereas cross-breed pets tend to be cheaper.

With all this in mind, we have gathered some information to provide you with the average cost of pet insurance per policy, per animal.

For Dogs:

• Lifetime Pet Insurance Cost - £11 a month (£134 a year)
• Maximum Benefit Pet Insurance Cost - £10.90 a month (£130 a year)
• Time Limited Pet Insurance Cost - £9.30 a month (110 a year)
• Accident Only Pet Insurance Cost - £5 a month (£54 a year)

For Cats:

• Lifetime Pet Insurance Cost - £10.10 a year (£121 a year)
• Maximum Benefit Pet Insurance Cost - £9.20 a month (£110 a year)
• Time Limited Pet Insurance Cost - £8.60 a month (£103 a year)
• Accident Only Pet Insurance Cost - £3.30 a month (£93 a year)

Please note that these figures are only averages, so your policy quotes may differ depending on your circumstances or your pets. We recommended comparing multiple insurers to find the policy that suits you best.

No matter how cautious we are with your pets or how well we care for them, things can always go wrong, so it’s always best to be prepared with a comprehensive pet insurance policy so you’re not left out of pocket for vet bills.

One of the best ways to keep those looming vet bills at bay is to keep up to date with your annual vet check-ups and maintain a good healthcare routine for your pet. At Pet Drugs Online, you can save money on your pet’s essentials, from prescriptions to food or routine healthcare, allowing you to love them well for less.

This post is an opinion and should only be used as a guide. You should discuss any change to your pet’s care or lifestyle thoroughly with your vet before starting any program or treatment.