factors that affect the cost of pet insurance

Factors That Affect the Cost of Pet Insurance

Unlike car insurance for example, which for obvious reasons is compulsory, pet insurance is optional and you will need to consider the benefits associated with insuring your pet versus the monthly premiums.

Peace of Mind

‘Peace of Mind’ is the main reason to you would opt to insure a pet dog for example, which is the same reason you would consider insuring your house or a valuable watch.

The primary reason people consider insuring their pets is you don’t have the constant worry of a potential large veterinary bill if your pet becomes ill.

Usually pet insurance cover will include ‘third party liability’ in the event your pet causes damage to property or harms a person, the potential cost of an event such as this can run into six figures sums. If your pet were to get stolen or go missing you will normally receive some help with costs of recovery such as advertising.

Other benefits may include:

  • Most pet insurance policies cover will include ‘third party liability’ in the event your pet causes damage to property or harms a person, the potential cost of an event such as this can run into six figures sums.

  • Compensation in the event your pet dies from illness or injury
  • Reward or advertising costs if your pet was to get lost or stolen
  • Holiday and boarding fees if your pet were to become seriously ill prior to you taking a break

Like all insurance premiums the annual cost is determined by what risks and liabilities the insurance company associates with that particular policy.  Insurance companies after all exist to make a profit, so if they insure 100 Great Danes for example, what would they expect to pay out in compensation over the lifetime of the policy, some policies will never be claimed on, whereas other pets may suffer serious illness or injury where the payout could be quite large.

The premiums can vary quite significantly depending on not only what type of pet you own, but the particular breed. Some particular breeds of dog for instance will be prone to certain diseases, this is the main factor why insurance premiums can vary so much.

When considering whether to insure your pet you need to think about the potential costs you would incur if you opted not to have cover, do you think the insurance quotes you have are ‘good value for money’ or would you rather take the risk and opt to pay any costs out of your own pocket?  One thing to consider is the ‘insurance excess’ you would need to pay when making a claim, You will often find this is higher than the treatment costs of minor ailments, so over the course of a year you could still find you have paid out a reasonable sum in vet bills.

Every situation is different some people like the security of knowing they won’t have a large unexpected bill being posted through the door, others will opt to take the risk on themselves, there is no right or wrong, it is up to the individual.

Having kept several large dogs over a period of many years I often consider whether the benefits of insuring my dog is worth the monthly premiums. I have always opted to insure and due to a serious illness one of my Golden Retrievers experienced have probably broken even, however after making the claim the premiums increased dramatically and i opted to cancel the policy as they entered their senior years, the cost versus benefit ratio was not worth it at this point. Visit our website LittleBigPet | Dog Supplies for a range of dog care products and advice section.

Written By: Mark Huyton