According to Petplan (source: Datamonitor 2008), 98% of pet insurance claims are for vet fees. The remaining 2% are for non-core benefits such as advertising and reward costs, boarding fees and 3rd party liability.

When you consider buying pet insurance, it is essential that you look at vet fees into details before even considering extra benefits. The first thing you need to do is choose between the 3 types of pet insurance available, then determine the amount of vet fees you need to be covered for and then, lastly, additional benefits.

Choose between 3 types of policy

  1. 12-month capped: a condition is covered for a period of 12-month and up to your vet fees level. After the 12-month period or when you’ve claimed up to your limit, the condition is excluded.
  2. Per condition: a condition is covered up to your vet fees amount, without time limit. Once the amount is reached, the condition is excluded from the policy.
  3. Lifelong: claims for a condition are paid up to your vet fees limit, each and every year, as benefits are replenished when you renew. Conditions are not excluded provided you keep your policy renewed.

In pet insurance, you really pay for what you get, so the more comprehensive the cover the more expensive. That’s why lifelong policies are generally more expensive than per condition ones, because they basically cover more.

Choose your vet fees amount

Once you’ve chosen the type of policy you’d like, consider the amount of vet fees you’d like to be covered for. This will depend on whether you have a cat or a dog (dogs proving more costly to treat) and the breed of your pet (some breeds are more likely to develop certain conditions than others and treating a Cocker Spaniel is generally less expensive than an Old English Mastiff, especially in terms of medication). Argos, for instance, offers a very low cost policy, covering up to £2,500 per condition per 12-month period. If you’re looking for a greater vet fees amount, Direct Line covers up to £6,000 per condition with their Advanced product. If you’re looking for lifelong pet insurance, Marks and Spencer now covers up to £7,000 each and every year.

Consider additional benefits

Consider additional benefits such as third party liability, kennel/cattery boarding fees, advertising and reward costs, death of pet, daily minding fees etc. Do you really need them? Do these benefits need to cover a big amount of money? For instance, third party liability seems well worth considering for an English Bulldog, which is more likely to injure a person or mess up someone’s property than a Chihuahua. Regarding boarding and daily minding fees, if you know you have family or friends to look after your pet should you go into hospital for a few days, then these benefits do not hold much importance to you, they’re nice-haves, not must-haves. Always put yourself in a situation where you would need these benefits. Would you really need them? And to what extent?

Is the price right?

In the end, price will be an important factor too. After having considered the quality of cover you would like, check what you can afford this year or on a monthly basis. Go on our compare pet insurance page to compare pet insurance policies, vet fees and online discount too.