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Will Pet Insurance Save you Money?

By: Emma Jones - Updated: 5 Dec 2012 | comments*Discuss
Pet Insurance Money Excess Policy Limits

Pet insurance may just seem like another pointless insurance to add to your monthly expenses but it is something that is worth considering. Like many insurances, such as life insurance or car insurance, you will only make use of it if something goes wrong but then you will be happy you got it. It’s true that your pet may be very healthy and you may never get your money’s worth but just one accident or major trauma will soon make the payments worth while.

Money For Nothing?

It may seem like buying pet insurance is one of those things that celebrities with little dogs in bags do but it can actually be a good investment. Your pet may breeze through life with nine lives but equally they could get knocked over by a car. Your vet bills can then run into thousands of pounds and with pets being part of the family it is unlikely you would have a hard enough heart to say you won’t treat them – especially if you have children.

The Truth Hurts

Like any insurance policy it is important that you are truthful when you take out the policy. Yes, unfortunately, this can mean that your monthly payments are more but if they find out you have lied then they won’t be liable to pay out. In the same way that health insurance for humans takes into account pre-existing conditions, so will your pet insurance. This is why you may want to stick with the same insurer throughout your pet’s life otherwise you may find yourself paying a lot more.

Know Your Limits

It is likely that your insurance policy will have an excess that you must pay on any treatment. This will vary on each policy and your monthly payments will be less, the bigger excess you take. Another thing you need to look out for though is the policy’s limits. These vary and they may only pay out a certain amount per condition or per year so it is important to check what the terms of your policies are.

Make Your Own

If you decide that you don’t think pet insurance is for you then you may still consider putting some money aside in case of a pet emergency. If you don’t have any savings then high vet’s bills can seriously cripple your finances and leave you thousands of pounds in debt. Set up a separate account and put a little bit of money aside each month that you only use for your pet.

Pets can be a great addition to the family, especially if you have kids. However, don’t be naïve and think they will be a cheap and easy thing to commit to. Vet’s bills are expensive and an unexpected accident can cost you thousands of pounds. There is no way your children and probably you yourself, would let them not be treated so you need to be prepared. Check out a variety of pet insurances and understand the costs, excesses and limits. Or make your own savings so that you have a contingency fund if something goes wrong.

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