Is Pet Insurance Worth It?

Will You Be Covered in the Case of an Emergency?

Two articles have recently appeared online that look at the pros and cons of Pet Insurance and whethis-pet-insurance-worth-iter or not the protection plan is worth it. One is from BBC News, which asks us if it is worth paying for cover, and the other is This Is Money, which has an in depth article on the topic. So as the topic has returned to the headlines is it time once again to consider whether Pet Insurance is right for us?

The BBC article cites a recent press release from Co-Operative Insurance that shows that the majority of pets in the United Kingdom are not covered by an insurance policy. This press release stands up alongside another recent one from GoCompare which showed similar results (64% of pets are uninsured, according to Co-Operative Insurance, and this figure compares to 56% as reported by the GoCompare). It shows that for whatever reasons pet owners are still taking the risk of leaving their companion unprotected in the case of a veterinary emergency.

This is bad news for pets as, according to the same press release from the Co-Operative, 29% of those without insurance decide not to visit the vet in case this incurs costs.
The BBC article cites a case in which a person had covered their dog with a Pet Insurance policy and the canine then required veterinary treatment. The result, as one would expect, incurred a large veterinary bill and as there was a cap on their Pet Insurance policy (per injury), they had to fork up half of the costs themselves.

But is this an example of Pet Insurance not being worth it? This is unlikely as most companies offer different tiers of cover and such caps would be detailed in the small print.

Indeed it compares with a story from This Is Money in which the pet owner had their dg insured for well in advance of the veterinary and their dog was covered following surgery.

So whilst there are downsides, it is clear that Pet Insurance still has its advantages and this is why so many are still surprised as the lack of pet owners that have cover.

As Phil Paterson-Fox, a representative of GoCompare speaking about their research, put it: “The research shows that we are a nation of pet lovers and with such a high number of pet owners considering their pet to be a member of the family, it's surprising that so many aren't protecting themselves from the potential cost of a claim.”