Don’t be bitten by sky-high bills
Many pet owners don’t have insurance for their animals, but high fees may catch them out, reports Harry Brennan
When Alan Fossey and his wife, Brenda, noticed their three-year-old golden retriever, Nell, was having trouble walking last year, they didn’t anticipate a vet’s bill that would cost almost £10,000.
But Mr Fossey, 51, ended up paying £8,000-£10,000 in fees for two separate cruciate ligament operations on his dog’s back legs, including bills for X-rays, medication and anaesthesia.
Many of Britain’s pet owners significantly underestimate the price of looking after their animals, and may be forced to get into debt to fund unexpected costs.
Six in 10 dogs and three in 10 cats are uninsured, according to a study of 10,000 pet owners carried out by More Th>n. A high proportion of those surveyed did not set aside savings for emergency vet bills and said they would need to borrow to finance any unforeseen treatment.
Just under 10 per cent of the study group said they would be forced to put their pets down if they received an unaffordable bill.
And pet owners are not always prepared for the size of the bills they could face if the vet needs to be called. Dog owners, in particular, underestimated the cost of common injuries to man’s best friend.
On average, people estimated the cost of a cruciate ligament rupture to be around £900. In reality, the cost is closer to £2,000 – more than double.
Cathal Carr, of The Society of Practising Veterinary Surgeons, said in some cases the cost for a single procedure could be close to £2,500.
Mr Fossey said he and his wife took a deliberate decision not to take out insurance. “When we first reached out for quotes they didn’t inspire much confidence,” he said. “I’m not a lover of insurance. We’ve had quite a lot of dogs in the past and never had any significant problems with any of them.
“We took the conscious decision that we wouldn’t insure. Obviously, with the benefit of hindsight, I would have benefited had I had her insured – but, of course, you don’t know that at the time.”
Instead of buying pet insurance, the couple decided to set up a rainy-day fund in Mrs Fossey’s name, specifically for their dog. They started this emergency account with £500. The pair planned to make additional, regular payments into the savings account, but ultimately failed to build up any reasonable amount of cash on top of the original lump sum.
Mr Fossey said he used other easy-access savings that he had to pay for Nell’s operations and the other costs involved in the treatment. He also drew from income generated through a rental property.
“She’s still got the £500 fund, that’s still there, but obviously that didn’t go far towards the £10,000,” he said. While the couple were in a position to cope with the unexpected £10,000 bill, many would benefit from buying cover for their pets. There are also a number of ways you can reduce the price of your premium.
Cutting the costs
As a general rule of thumb, the larger your pet, the bigger your insurance premium will be.
Based on a sample of a range of premiums for young male dogs with no pre-existing conditions provided by More Th>n, you can expect to pay in the region of £5 a month for the most basic cover for smaller dogs like terriers, and around £15 a month for premium cover.
Larger dogs like spaniels will cost in excess of £20 a month for lifelong insurance, if you assume the animal has been chipped and neutered.
Breed and age are also key factors in how premiums are calculated. Ben Wilson of Gocompare said: “Generally speaking, breeds that are more prone to genetic conditions and illnesses, usually pedigree animals such as dachshunds and pugs, tend to attract higher insurance premiums.”
Simon Mcculloch of Comparethemarket.com said the older your pet was, the more likely they were to develop illnesses and sustain injuries, resulting in larger quotes. To keep costs down, he suggested insuring any animal with lifelong cover as early as possible, when they were young and healthy.
Ultimately, if you rescue or adopt an older animal, you will likely have to pay more. However, you can reduce costs by neutering or spaying. “A spayed or neutered pet is less likely to
‘Insure your animal with lifelong cover when it is as young as possible’
roam away from home, and both procedures can reduce the chances of your pet contracting various conditions.”
Certain veterinary treatments can be obtained free of charge if you receive benefits like pension and tax credits.
Teach yourself to stay
Unlike other types of cover, when it comes to pet insurance it is unwise to switch between providers.
The best chance of securing the cheapest deal is to shop around for a good lifetime policy and stick with it.
Mcculloch said: “Often it can be expensive to switch providers later in your pet’s life, as many insurers won’t offer cover at all for animals with pre-existing conditions, and some refuse to cover animals over a certain age. It can be cheaper in the long run to try to get it right first time.”
Owners should make use of price comparison websites, and determine which cover best suits their needs. While some mid-range policies will cover injury and illness, as well as accidents, they may not cover the full cost of treatment. They are also less likely to insure your pet up until its death, and may therefore become more expensive over time.
Unlike car insurance, your personal circumstances, like your job, age and lifestyle, are unlikely to affect your pet’s insurance premium, according to Wilson.
“That said, where you live can influence the price for cover based on the frequency of claims and the price of vet bills around your postcode. For example, premiums tend to be higher in London than in other areas of the country,” he said.
“Increasingly, some breeds are being targeted by thieves. This might also affect the cost,” Kevin Pratt of Moneysupermarket.com added.