| Pet insurance |
|
|
|
More than half of households in the UK have at least one pet, according to a Channel 4 Money survey, but few people realise the true cost of keeping them – something that doesn’t stop at food and collars. The real stinger comes when your pet falls ill or has an accident and needs to go to the vet for treatment.
A vet will charge in the region of £800, for example, to fix the broken leg of a cat, and an operation can cost up to £2,000. In either of these unfortunate events, if you can’t find the money you will be faced with the heart-wrenching prospect of putting your pet down. This is where pet insurance comes in.
How does it work?Originally only available through veterinary surgeries, pet insurance has entered the mainstream and can now be purchased from a wide range of insurers – or even banks – online. The cost of your pet insurance will depend on the type of animal (the more exotic the more expensive) and its breed – a pedigree will cost more than a run-of-the mill moggy, for example.
Premiums will also depend on where you live. A dog living at a London address will attract a higher premium than one living on a farm in the Peak District – mainly because the cost of veterinary treatment is considerably higher in the capital. Typically, an average moggy on a standard policy will cost between £5 and £12 month to insure, and an average mongrel between £10 and £15 a month.
Most policies will cover veterinary fees, third party liability – in case a guest has a run-in with your Rottweiler, for example – and death benefit. Policies offering that bit extra will also pay out if your pet is stolen or strays away from home. Some will even pay for the cost of a cancelled holiday should your pet fall ill and you can’t go. It follows that the more comprehensive the cover the higher the premiums. Premiums can be paid monthly or annually.
CashQuestions Guide to Home Insurance
Tag this article :     |
| Got a question? Ask our panel of financial experts » Click here | |||||||
