Is pet insurance worth buying? Do I need it?

At a glance

• Pet insurance can provide a valuable financial safety net if your pet were to fall ill or be injured.
• There are different types of cover to suit different budgets and preferences.
• It can be worth it for those who may struggle to pay for expensive veterinary bills otherwise, but it will often come down to cost.

Pet insurance functions in much the same way as any other kind of insurance, in that you pay a monthly premium to an insurance company which will pay out a lump sum if you need to make a claim. Yet in this case it’s your pet who’s insured, rather than your home, car or health, with this type of policy designed to cover the cost of any veterinary treatment your pet may need.

It isn’t just for cats and dogs either – you can also find pet insurance for rabbits, horses, even reptiles and birds, though some will require more specialist cover. Yet no matter what animal you own, the biggest question of all will likely be if pet insurance is really worth it. So, let’s take a look.

Do I need pet insurance?

Pet insurance isn’t a legal requirement, but that doesn’t mean you don’t need it. It’s designed to help cover the cost of veterinary treatment should your pet become ill or injured, and as anyone with a pet can attest, those costs can quickly add up. Having insurance in place therefore offers a valuable financial safety net that ensures you’ll be able to afford any treatment necessary, which may be difficult otherwise.

But not everyone takes out this kind of cover. Some people are confident that they’ll have enough money to pay for bills when they arise, while others may prefer to save money for unexpected pet expenses instead of paying for insurance, so if they never needed to claim, they’d still have the money available.

Yet there’s also the risk that they wouldn’t save enough to cover the bills, or that they’d get complacent and become tempted to spend the money they’d saved – particularly if a different emergency expense arrived.

So while it’s always personal choice, if you have a pet, then pet insurance can be worth considering.

Benefits of pet insurance

There are a number of advantages of having pet insurance, including:

• It could save you money on expensive vet bills. Vet treatment can be expensive, particularly in an emergency situation, but having insurance in place means you needn’t have to worry about covering the cost out of your own pocket.
• It can provide cover if the worst happens to your pet, offering valuable peace of mind. There’d be nothing worse than needing to scrape together the money you need for treatment, and question whether or not you can afford it. Pet insurance avoids that possibility.
• It can include third-party liability cover. This could prove incredibly useful if a claim was ever made against you or your pet, such as if your dog damaged someone’s property or injured someone.
• You can choose from a range of policies and optional add-ons. This allows you to tailor cover for your pet and individual situation, so you may be able to include additional things like cattery or kennel fees, dental care, treatment abroad and euthanasia.
• More treatment options. Having insurance can open up the possibility for more treatment options, as you’ll be able to focus on what’s best for your pet rather than what you can afford.
• Insuring your pet sooner rather than later could be more beneficial in the long run. If your pet develops a long-term insurable condition in later life, you’ll still be covered, whereas if you only took out insurance at a later date you wouldn’t be covered for any pre-existing conditions.

Find out more about what pet insurance covers, as well as how much it could cost, by heading to our pet insurance chart page.

Is accident-only pet insurance worth it?

Accident-only pet insurance is the cheapest kind of policy. It only covers treatment costs in the event your pet has an accident, and anything else won’t be covered. This means that if your pet falls ill you’ll still need to cover the veterinary costs yourself.

This type of pet insurance can be worth it if you’re on a tight budget and simply want a safety net should your pet have an accident, but it’s important to be aware of its limitations. Always compare pet insurance costs thoroughly, as you may find a higher tier isn’t much more expensive – and even if it is, the perks that can be offered on more comprehensive pet insurance policies could make the higher cost worth it.

Is lifetime pet insurance worth it?

Lifetime pet insurance is the most expensive kind of cover, so whether it seems worth it or not will depend heavily on your budget. This type of policy will cover a huge range of treatment costs up to an overall annual limit, which will be reset each year and continue for as long as you renew the policy.

The key benefit here is that if your pet develops a condition after taking out the policy, you can claim repeatedly for that condition for as long as your cover remains in place.

So if you want the peace of mind in knowing that your pet (and your finances) will have the highest level of cover possible, then lifetime pet insurance can absolutely be worth it. But it’s important to consider the other options as well, particularly if you’re on a budget, as the cost can be prohibitive for some people.

Should I get time-limited or maximum benefit pet insurance?

It depends on the amount of cover you’re hoping for. These policies offer more protection than accident-only insurance, but with more restrictions than lifetime pet insurance.

Time-limited cover, for example, allows you to claim a fixed amount for each condition within a specified time period (typically 12 months), and after either cap is reached you can no longer claim for that condition.

Maximum benefit is similar but only has a cost cap, so you’re covered up to a maximum amount per condition, after which you can no longer claim. However, the key difference is that there’s no time limit, so you can continue claiming for the same condition until the pot runs out.

The one that’s right for you will depend heavily on your budget, but it’s important to make sure you’ve got enough cover for your needs. Always compare pet insurance thoroughly so you can be confident you’ve got the highest level of cover possible for your budget.

Downsides of pet insurance

One of the main downsides of pet insurance is that it can be expensive, especially for older animals or those with pre-existing medical conditions , and even certain breeds. Alongside that is the concern that you may end up paying for something that you’ll never get full benefit of, though this can be a complaint for all kinds of insurance.

You should bear in mind too that not everything will be included – routine treatments, vaccinations and neutering, for example, aren’t normally covered, and policies typically come with an excess as well, so treatment won’t be entirely paid for.

It may also not be suitable or even available for older animals or those with already complex medical needs, and even if it is, it’ll likely be a lot more expensive.

Some people may simply decide that they don’t need it, perhaps if they’ve got sufficient savings or a high enough income to cover any unexpected veterinary costs. But if you need a policy, the key is to compare the options thoroughly and make sure you’re getting the best level of cover you can afford. Head to our pet insurance chart page to get started.