Most of us insure things that are valuable and also important to us such as our home, car, and even our lives, so it is entirely understandable that we would wish to extend the same protection to our pets. However, only a small proportion of the UK population currently insure their pet against the cost of treatment should they fall ill or be involved in an accident.
Not unsurprising from a nation of animal lovers, UK pet owners collectively pay out a significant amount in vet bills each year. Serious illness or accidents requiring extensive treatment cost far more than the average and almost one in four uninsured pet owners struggle to pay the bill. As a result, a small proportion of the population is forced to take cash from their life savings to pay the bills. What’s more, with the UK firmly ensconced in uncertain economic circumstances, it may be that paying for pet insurance is seen as an unaffordable luxury.
However, such penny pinching could prove to be a false economy, especially if your pet becomes seriously ill or involved in an accident. Some pet owners have even foregone their annual holidays to meet the cost of vet bills, which is a sacrifice not required for insured pet owners. But, with such a competitive UK pet insurance market that is totally avoidable.
Premiums are affordable for most and will remove the worry of having to dip into savings or forgo other expenditure should the worst happen to your beloved pet. A large proportion of UK pet owners have no insurance for their pets, so if faced with the prospect of potentially huge vet bills they may opt to have their pet put down rather than face financial hardship. Most pet owners consider their dog or cat to be another member of the family, so making such a decision can be an incredibly difficult one to make, leaving the pet owner extremely distressed.
But having the necessary pet insurance in place will give you more options when it comes to being faced with potentially expensive treatments. Although pet insurance cover varies according to insurer, it could typically include cover of up to £5,000 per annum in vet bills per condition. In addition, they may provide extra benefits such as cover against accidental damage caused by pets; whilst some policies can even allow a sum to be spent on advertising should the pet go missing.
Such peace of mind when it comes to the welfare of your pet can cost very little per month, and could ultimately save a fortune in vet fees. So, before you forego pet insurance, it may be an idea to remind yourself of the benefits.