Does Your Pet Need a Pet Insurance Policy?

How likely are you to need pet insurance? According to one provider of a popular pet insurance plan, over one-third of policy holders end up claiming on their policy at least once. And pet insurance isn't necessarily an indulgence for owners who'll pay anything to keep their pets healthy, say industry spokesmen. According to the latest figures, a good pet insurance policy can shield you from hefty vet fees if your pet requires medical care.

• £2500 for hip replacement for a typical dog


• £1,200 to set bones and care for a cat injured by a car

A good pet insurance policy will cover expenses in a number of different types of situations.

• Property damage by your pet
  
  If rover gets loose and uproots the neighbor's prize petunias, don't despair. If your home insurance policy doesn't cover the cost of replacement (some policies do), your pet insurance should. Some policies will cover damage done to your rented flat by your pet as well.


• Kennel fees if you fall ill
  
  Who'll take care of your pet if you end up hospitalized for any length of time? Most pet cover will pay for kennel fees or cattery fees to board your pet while you're in hospital. That's one less worry for you so you can concentrate on getting well.


• Advertising costs for a lost pet
  
  Most pet insurance policies reimburse you the cost of printing Lost Pet posters and advertising expenses in case your best friends wanders off or is lost.


• Vet bills
  
  The amount that your pet insurance will pay on vet bills varies and can depend upon many factors, and there can be many exclusions. If you own a pet that is prone to congenital conditions, you may find that those are excluded from cover, for instance, as will be most pre-existing conditions.


• Compensation for accidental loss or death of your pet
  
  If your pet is lost or stolen, the policy may pay out a death benefit for burial or disposal, as well as replacement cost for the animal. While nothing compensates you for the loss of that particular pet, it can be an important benefit if your pet was an expensive breed that you'd like to replace eventually.


• Payment for holiday cancellation if your pet becomes ill
  
  You may have travel insurance, but it's not likely to pay out if you choose to stay home because your cat is ill. Pet insurance, on the other hand, can do exactly that.

How to Save On Pet Insurance

Like vet bills, the cost of pet insurance is rising steadily, but you can still find some excellent bargains. The key to getting value for money from pet insurance is to know what you need and to get it by shopping around. There are currently over 400 different pet policies on offer in the UK, and prices can vary by quite a lot. Shop online at insurance price comparison sites and get quotes from several different providers.

Don't make the mistake of buying based on the cost of the premiums alone, though. Compare the benefits offered on the different policies to choose the one that's the best fit for you, your pet and your budget.

For tips, policy reviews and a directory of UK pet insurance companies, visit UK Insurance Index at http://www.uk-insurance-index.co.uk/pet-insurance-companies-1.html.