In the year A record £1bn has been paid out by insurers to treat sick and injured pets by 2022. As the cost of visiting a veterinarian increases.
According to the Association of British Insurers (ABI), there were 1.3 million pet insurance claims made last year, an increase of 28% in 2021 and the highest amount recorded in a single year since the ABI began collecting this data in 2007.
As any pet owner will tell you, visiting a veterinary clinic is expensive – so what are the many claims? which one? Take a closer look at the data to find out how you can cut costs to insure your furry friend.
What were the pet insurance questions?
Three-quarters of the total claims are for dogs and one-fifth for cats, with the remainder for other pets.
For dogs, the number of claims rose 35% to 1 million in 2021, with payouts up 23% to £800m. Cat claims rose 20% to 269,000 and payouts rose 22% to £184m.
Visits to the vet can be expensive, and the cost of treating pets — including medications and diagnostic equipment — was responsible for record fees last year.
ABI has found claims for spinal surgery, for example, can be as high as £10,000, while the cost for a cat’s broken femur is more than £8,000.
The most common claims were to treat diabetes and skin diseases. Treating arthritis in a dog can cost upwards of £2,000, while owners typically pay £1,000 to treat a cat with diabetes.
- To learn more: The best and worst pet insurance
How to reduce the cost of coverage
Average pet insurance premiums have increased by 1% in 2021, up from £327 last year, with ABI figures showing the cost of insuring a furry friend has risen.
With the cost of living still a concern for many households, pet owners may shy away from shelling out for insurance – but failing to do so could leave you with an expensive surprise that leaves your bank account with dog dinner.
To help, we’ve put together seven tips to keep pet coverage costs in check. Visit our for more How to get cheap pet insurance Instruction.
1. Look at the profit
One simple tip to reduce the cost of the policy is to adjust the excess you pay. This is the amount you will immediately contribute to any claim.
The higher the deductible, the lower the premium you’re willing to pay, but think carefully about how much you can afford if your cat or dog needs expensive treatment.
2. Self insurance
One alternative to paying for premiums is to regularly deposit a little money yourself, so you have an immediate pot of cash to dip into for any unexpected vet bills if your cat or kitten gets sick. With interest rates currently on the rise, consider opening an Easy Access or Regular Savings Account. look out Our guide to finding the best savings account Tips and advice.
The downside to self-insurance, however, is that if your pet needs expensive treatment before you can save enough money to pay for it, you could end up in debt. Not having your pet insured means you’re not covered for public liability – for example, if your dog causes a car accident, the driver could sue you for any damages.
Cats, on the other hand, are considered ‘free spirits’ by law and owners are not responsible for their actions.
3. Third Party Liability Coverage
If you’re a dog owner, one option is to get third-party liability coverage – if someone decides to make a claim against you because of an injury or damage your dog causes, this will cover your costs, as long as it’s not your wallet and I don’t have a history of abuse.
While most insurers offer it as standard or as an extra, you can get it yourself by becoming a member of the Dogs Trust. The charity offers an annual membership fee of £25 as one of its benefits. Alternatively you can pay £750 for life membership or £12.50 per year if you are over 60.
The policy covers up to £1m and although it may sound like a lot, most insurers will usually cover you for more than that. If you are charged with a loss of income, expenses can spiral and you may need an additional financial safety net.
4. Free veterinary treatment
If you are on a low income, you may be able to get help from charities such as the PDSA, Blue Cross and RSPCA.
Pet owners on certain means-tested benefits may receive free or subsidized veterinary care, although charities may ask you to donate something toward the costs. Contact charities directly to see if you meet the eligibility criteria.
5. Multiple pet policies
Do you own more than one pet? Then it may work out cheaper to get a multi-pet policy instead of insuring each pet.
You are usually allowed to add up to six pets on one policy and there is often a discount for doing so. You get the same amount of coverage as a standard single pet policy.
But there are two scams to watch out for. Changing the level of cover at renewal means that it will change for all animals included in the policy. This can be a problem if you need separate coverage for each pet.
Also, sometimes insurers say ‘multiple pet’, but in reality they are individual policies bundled together. And finally, be sure to compare the prices of individual and multi-pet policies – if nothing works out cheaper.
6. Shop around and always read the small print
Whether you’re renewing or buying a new policy, it’s always worth shopping around.
Price comparison sites are a great place to start, as they allow you to view multiple pet insurance quotes at a glance. The main ones for insurance are Compare the Market, Confused.com, GoCompare and MoneySuperMarket.
Once you are on the insurer’s website, double-check the policy details, just to make sure that the insurer has received the correct information about you and is quoting the correct price.
And remember, no matter what your policy is, it’s important to check the small print for any warnings that could bite you in the wallet come claim time.
7. Which one should you use? To check the best provider and policy
Once you find a deal that works for you, which one? He rated the provider and the policy.
which one? Best buys In our analysis, you are rewarded for policies that offer particularly high levels of coverage and can help you choose the right coverage for your pet.
We also surveyed customers to find out how they rated their suppliers. The best and worst pet insurance providers.
- To learn more: Pet insurance advice
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