Reasons for Purchasing Pet Insurance
The UK is renowned for being a nation of pet lovers. In 2009, it had the second highest statistic for pet insurance across the globe. The first pet insurance policy sold in the country was in 1945.
With more sophisticated, advanced, and therefore expensive medical care available for animals, the cost of veterinary care has increased substantially in recent years. Added to the fact that today’s Western societies expect people to take good care of their pets, pet owners are spending more than ever on veterinary treatment. Consequently, a growing number of pet owners are taking out pet insurance to guard against such costs.
Most pet insurance policies cover only cats and dogs, but an increasing number are covering smaller domestic pets such as rabbits, hamsters and guinea pigs, plus exotic pets, like lizards and snakes. Some of those pets might need very specialised and therefore much more pricey care. Horses can also be insured as pets, but other large animals, such as cows and sheep, tend to be insured under a livestock or agricultural insurance policy.
Although the main reason that pet insurance is taken out is to cover any costs related to a pet’s health, pet insurance does not work like human health insurance – in fact, it is more comparable to property insurance.
The age, weight and general health of an animal is taken into consideration when a premium is calculated. The premium is also affected by the excess payable and by whatever else is covered by the policy, from third party liability to a lump sum payment on the death, loss or theft of the animal.
Leave a Reply