Wednesday, 26 February 2014

Does Pet Insurance really save you money?

This is a question that is often asked by pet owners around the country. If you have a beloved pet, you will know that vets fees can be extremely expensive. Our pets are members of the family so if they get sick or have an accident we will want to ensure they receive the best veterinary care possible. This costs money.

One way of saving money that many pet owners choose is to purchase pet insurance. This is designed to cover emergency treatments and vets fees that your pet may incur. In theory, it could save you a significant amount of money. Take care though, Pet Insurance, like all insurance cover, has changed significantly over the years. Most pet insurance now includes a significant excess that has to be paid and which is often around £150 to £200. Most consultations for cats and dogs are less that £40! So you see it would not be worth claiming on your pet insurance unless it was a problem that involved serious operations and significantly higher costs for medical treatments and medication.

In addition, there are many types of treatment that are not eligible via insurance now, so it is always best to check the terms of cover carefully before committing. If you have many pets then Pet Insurance may be a sensible idea for you. However, if you have just one or two pets, then it would be just as economical to create yourself a private pet fund. This is something many people do and it has ensured their pets are well cared for, the vet’s fees are always covered, and there has never been a need for expensive pet insurance. Here is how it works.

Open a simple savings account, like a post office account, or a basic savings account at the bank. Make sure the account will give you access to the money quickly, then, each month, save between £20 and £30. This is your pet fund. It will gradually grow and you can leave it there, knowing you have funds available to care for your pets. For the majority of people, their pets are fit, healthy, and have no problems, so years could go by without any need for accessing the pet fund. However, the money is still yours, you can use it for something else in an emergency, or you can just let it grow and have the comfort of knowing you will always be able to take care of your pets.


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