Saturday, 28 July 2012

Should you insure your pet

In the current economic climate people are looking to to cut costs and make savings where ever they can, small savings go a long way and people are looking at making cuts in almost every area of spending.

Recurring monthly fees are something no one likes, however, its how most pet insurance works and unless you are in a position to make a single annual payment (which can often be a good way to save some money) then you might have looked at the potential saving that you could make if you were to cancel your pets insurance.

There is no denying that you are going to make a saving if you cancel a policy but there is a lot to consider. You might think that you will just coast for a few months and that your pet is not accident prone, as many are....

One of the biggest financial disasters for anyone who might be costing on pet insurance for a few months is that their pet might be diagnosed with, what insurance companies would define in the future as a "pre-existing condition".

Pre existing conditions
A pre-existing condition is a long term condition that must be declared on an insurance form and not to do so is fraudulent. Insurance companies will not provide cover for animals that have a pre-existing condition as to do so would not make sense to them as a business financially. The one exception to this would be where they will insure the animal but will not provide cover for the pre-exising condition.

A lifelong condition can mean lifelong treatment is required for your pet and this can be really expensive, far more than the monthly insurance premium. As the animal gets older its likely that the cost associated with a lifelong sickness would increase and, depending on what financial options are available to you the cost of keeping the animal alive could be too much.

It sounds brutal but not having cover for your pet is a little like not having health insurance but with no fall back option,  for people in the UK this would be like not having private healthcare nor access to the NHS!

Most providers of animal insurance will not pay out on lifelong illnesses that are diagnosed within a specified period of the insurance policy starting out, this is to avoid people who know or suspect their pet as a condition from quickly taking out a policy and then claiming on it.

If you are in serious need of making cutbacks to your monthly expenditure then think twice about axing your pets life insurance! The costs associated with a pet been diagnosed with a life long condition could be far more than your monthly payments at the moment. Ultimately you need to make a decision but please make it an informed one!

8 comments:

  1. Really good topic and post. I have a dog and have not taken out pet insurance, but can see your point that it would be a good idea to look into it. I know several friends who have spent a lot of money on their pets when they became ill or insured. It is very expensive and would be a very difficult positive to not be able to properly care for your pet. Thanks for an informative post.

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  2. Valuable information and excellent design you got here! I would like to thank you for sharing your thoughts about cheap pet insurance into the stuff you post!!

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  3. One of the biggest financial disasters for anyone who might be costing on pet insurance for a few months is that their pet might be diagnosed with, what insurance companies would define in the future as a "pre-existing condition".Pet Insurance

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  4. It sounds brutal but not having cover for your pet is a little like not having health insurance but with no fall back option, for people in the UK this would be like not having private healthcare.Read more

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  5. Thankfully my client’s few minutes of terror ended uneventfully. But that’s not always the case. I’ve seen dogs run straight into the road, cat’s leap from a family member’s arms, and owners dive into oncoming traffic trying to catch an escaping pet. Morkie puppies

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