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Miscellaneous
It has been estimated that 40 per cent of the cost of owning a dog goes towards unexpected vet's visits and that only 12 per cent of the UK's 13 million dog owners insure their pets.
According to financial research company Defaqto, pet insurance can be a minefield for owners and its complexity is deterring consumers from taking out cover.
It says, that because different insurers pay claims per year or per condition and place some limits on particular claims, consumers are confused as to which policies are best to take out.
A cat typically lives for 14 to 15 years and its care can cost as much as £9,500 in its lifetime. A dog lives for around 13 years and costs between £500 to £1,000 a year on average.
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Remember that the cheapest may not necessarily be the best since it may not cover claims likely to arise for your pet's particular circumstances. The study warns that choosing the cheapest insurance may require the buyer to pay as much as 35 per cent of expensive treatments.
The best policy is one that covers your pet for its lifetime. Contracts renewed annually can exclude any condition experienced the year before and could also exclude your pet when it gets older. Also, some firms will not begin cover until the animal is six or eight weeks old.
In addition to ensuring that vets' bills don't send an owner into financial difficulty, pet insurance can provide other useful cover. For example, if a motorist crashes his car into a wall to avoid running over your cat, you could be covered for the expensive repair bill for the car - and the wall.
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