There's always a first time for everything, and getting Pet Insurance is not exceptional. The question in today's ReiVRE: Money Talk-Pet Insurance is – "Do you really need it?"
We all know that pets can be expensive. RSPCA figures suggest that an average dog costs you just under £10,000 over the course of its life; and the average cat isn't much cheaper, coming in at just under £9,500.
If you're on a tight budget, ‘helpful' acquaintances may already have pointed out that getting rid of Rover or Tiddles would save you a packet.
But for many people, this simply isn't an option. Millions of pet owners see their furry (or scaly) friends as part of the family, and would just as soon kick out their partner or children.
So in this two-part series, I'm going to look at how you can spend less on your pets - without their welfare being affected.
In this article, I'll focus on pet insurance.
Do you need it?
The opposition: Those against pet insurance say it's overpriced, with some policies packed full of exclusions that prevent you from claiming.
It can cost £30 a month, or even more - so if you never make a claim, it's certainly a lot of money out the cat flap.
Self-insurance: There are other ways of providing for your pet. Some people choose ‘self-insurance'; putting money into a saving account each month to provide for pet emergencies.
On the plus side, you'll be earning some interest this way, and if no problems occur, you've built up a nice little fund.
However, problems could arise if you haven't built up enough cash when an emergency happens.
A good bet? Champions of pet insurance point out that you can get suitable, affordable cover for £10 a month or less.
And imagine the worst-case scenario: you've got no savings, and your pet suddenly needs emergency treatment costing hundreds or even thousands of pounds.
£120 in payments over the course of a year seems a lot more reasonable when it covers £2000 of treatment.
Finally, it's worth remembering that pet insurance doesn't just cover illness and injury.
Many policies also provide for theft of your pet, and some even cover more obscure eventualities, like the cost of a cancelled holiday if you need to nurse a sick pet at home.
What's it all about?
If you do decide to take out pet insurance, it's important to understand that it operates on a different basis to most other personal insurance.
Unlike home and motor insurance - which can be changed annually - pet insurance is likely to be taken out for the life of the pet.
This is because if pets are treated under one policy and then - at renewal - a new one is taken out, the new insurer generally will not cover any ‘pre-existing' conditions.
Which means the pet owner will then have to fork out for treatment of these him or herself. So, it's vital you choose the right policy from the start.
NB: For more valuable information and guideline visit: Pet Insurance
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