Keeping pets come with additional expenses, but it’s nothing you can’t manage with good planning. It’s like having kids. You know it will mean a bulkier budget but you plan for it and make it work anyway. Having pet insurance significantly reduces the amount of money you spend on our pets out-of-pocket. It caters for all your veterinary bills and can also ensure compensation in case of loss, theft or death, treatment of injuries and behavioural problems, emergency treatments during travel abroad, and kennel or cattery fees in case of regular hospital visits. For pets like dogs, there is also a liability cover which caters for costs resulting from incidents where the dog causes injuries or damages property.

Pet insurance is widely available across the UK and comes in different types. Like any other insurance, it is by no means cheap so it’s good to know what each type of insurance covers and how much it potentially helps you save in the long run. Then you can decide the cover that’s best for your situation. The most common of these covers are lifetime pet insurance cover, annual pet insurance cover, and accident only pet insurance cover.

Lifetime pet insurance
Lifetime pet insurance is the most comprehensive form of insurance cover available for pets. This plan covers all sicknesses, injuries and vet bills over the lifetime of the pet and has to be sustained with annual premiums. The best time to buy a lifetime insurance cover for your pet is in the pet’s early years. As pets grow older, they’re more prone to illnesses and it becomes more expensive to keep them healthy. As such, many insurers are reluctant to offer lifetime insurance to older pets. At this age, the pets are considered high risk and not-so-good for business.

Taking up the insurance when the pet is younger is also beneficial in the sense that they’re likely to be free of any pre-existing conditions. The premiums are bound to be much lower as a result. Should the pet develop health challenges along the way, the existing insurance plan is a safety net that ensures the pet continues to receive medical care at no extra cost. On the contrary, waiting until your pet develops health problems before trying to buy a lifetime insurance cover means the pet will be categorised as having pre-existing conditions. At this point, it will be difficult to find an insurance company willing to cover them. And if you do, it’s going to be at an astronomical cost.

Annual pet insurance
With an annual pet insurance cover, the insurance expires every 12 months and you have the option of renewing the policy or taking up a different policy. It is cheaper than lifetime pet insurance but offers considerably less coverage. It also does not include pre-existing conditions, which means you’ll need to go into your pocket to manage these.

Accident only pet insurance
This plan covers accidents only and is the most basic form of pet insurance available in the UK. For your pet’s medication and vet services, you’ll pay out-of-pocket.