Pet Insurance - Pet Purchase Price Reimbursement

Losing a pet through theft, the animal straying and not being found, or because of accidental death as the result of an injury is a harrowing experience. Little can prepare you for the emotional turmoil of such an event. But, while it's little consolation and won't bring your pet back, having pet reimbursement insurance in place can help you come to terms with your loss financially.

Pet reimbursement insurance is a product that allows you to claim back some or all of the amount you paid for your animal. Normally there will be a limit to how much you can claim, but this will vary by insurer. Some pet insurance policies may in fact include pet reimbursement as standard to a nominal level, and then offer an option to upgrade to more comprehensive cover, perhaps as part of a higher grade pet insurance package. If you want full purchase price coverage for your pet you'll need to compare what each insurer is prepared to offer you on this score.

The costs of buying a pet

Britain is a nation of pet lovers. In the last five years we have spent a staggering £2.6 billion on buying pets - dogs and cats being the most popular acquisitions. The price for buying a canine in the UK averages out at £282 per animal. For felines the average purchase price is lower at £92 per animal. Pure breeds and unusual pets will cost a lot more. For example, a 2-year old Chihuahua might set you back £700 to £800, while dogs for breeding could cost as much as £3,000 or more. Horses are often regarded as the most costly acquisition in the pet world. Prices for animals that ride or have experience competing in show jumping events or dressage can rise to well above £5,000 per animal.

Pet purchase price reimbursement claim restrictions

Like any insurance policy there are circumstances in which a claim for reimbursement may not be honoured. It is therefore important to read details on what is and is not covered by the reimbursement policy. For example, you won't be able to claim on your insurance for death by natural causes or if death was caused by a pre-existing medical condition or by illness or disease. Equally, if your pet is stolen or goes astray, you won't be entitled to reimbursement if a reward for the pet's return is given to a member of your own family or household.

You will also have to comply with certain conditions before any claim lodged with the insurer is settled. For instance, in situations where a claim has been made for accidental death you will need to supply evidence of the animal's original purchase price -- a receipt or other document that shows how much you paid for it. The insurer may also wish to contact your vet to establish cause of death. If a cause cannot be agreed upon you may have to give the vet / insurer permission to conduct a post mortem examination.

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