Pet insurance has recently become another important investment. With pets often considered to be another member of the family it only makes sense to accommodate for them in the worst case scenario. And there are now a series of specialist providers at hand to provide with adequate cover and advice on low cost insurance, from the RSPCA, Petplan and NFU Mutual to your everyday supermarkets.

Alongside the growth in pet insurance complaints have also increased. The Financial Ombudsman Service saw the 60% increase in disputes. These arose after customers found that per-existing conditions were not disclosed and did not understand what was and what was not covered. There were also issues when cover for certain treatments were removed in some cases during the course of a treatment, which is of course particularly distressing.  

Now however, more consideration is taken before a purchase, the animal’s health is checked and level of benefit needs to be matched accordingly. Even with new checks in place and the growth of pet insurance providers many owners still don’t bother. In Britain only 17% of cats are insured and less than a third of dogs are covered, meaning many owners run the risk of potentially back breaking fees.

Types of cover and the cost continues to vary according to the provider. Most pet insurance covers just dogs and cats, but like insurance for people even this tends to vary. Cats cost less than dogs, as do males than females and neutered and micro-chipped animals cost even less. Even age, health and breed have an effect on the amount you will pay to insure you pet. To insure all other animals there is now an “all pets in the family” insurance policy. 

One of the most complicated features of pet insurance is deciding the amount of cover required for vet’s fees and the amount of time they will be paid in, also whether additional benefits will be required such as emergency kennel fees or even overseas travel. The cheapest policies pay per condition up to around £1,000 for the year of that policy. Any excess is paid by the owner but if your pet suffers from an existing condition cover can be near impossible to find.

The second level of cover however will pay for any existing condition and the costs incurred. One of the best policies is offered by the RSPCA which offers £3,000 per condition, or its gold policy which covers fees for each illness or condition. This is not unique to the specialists as stores such as M&S also had such adequate cover. Third party cover can also be beneficial in instances where your animal causes an accident or hurts someone else. Certain policies now also include death benefit which covers the cost of emergency calls and advertising if your pet is lost or stolen.

In their research investigation Defaqto looked into all pet policies and concluded that M&S, Petplan and Esure held some of the best policies for quality and value. Sainsbury and Saga followed closely. However, it was clear that where theses policies were adequate in standard cases they maintained that each case needs to be viewed individually as the cheapest may have the thinnest cover in the long term. They also recommended that whatever cover you opt for it is also best to obtain cover that will last for around 4 years instead of just one. Unlike car or life insurance where you frequently find newer customers are treated to far better deals, with pet insurance it is best to remain with the same provider to account for any new illnesses or accidents your pets may be afflicted or involved with.