Pet Insurance Confusing You?

Do you find pet insurance confusing? If you do don't worry, you are not alone. Pet insurance, like other insurance, is complex and so difficult to compare like with like.

This has generally been a taboo subject in the industry, or at least brushed under the carpet. Now though even a leading UK based financial research company, Dafaqto, has come out and said what we all were thinking: pet insurance is too complicated.

They have even gone so far as to say that people in the UK may decide against taking out insurance for their pet due to its complexity. Not only that but Defaqto also called upon insurers to simplify pet policies so that this complexity barrier is reduced significantly.

Brian Brown, who is head of research at Dafaqto, sympathised with pet owners and understands why they may not think insuring their pets is worth the time and money.

"Pet insurance is hugely complicated, unlike motor and home insurance, for example, which is fairly similar no matter who you go to," he told the Daily Mail.

"Many are prepared to take on the risk of things going wrong. Others will decide to put down their pet rather than pay a huge vet bill."

When taking out insurance it is always important to know in exactly what circumstances you are covered. More than 90 per cent of claims are for vet fees and this is the main component of a pet insurance policy. However just comparing the vet fees without looking any deeper could be costly as certain plans only pay out a fixed amount for a particular condition (see types of pet insurance). This is a problem if your pet suffers from a chronic illness, however there are lifetime pet insurance policies which allow you to claim for the same condition every year, so long as you continue to renew your insurance each year.

If you have any experiences with your insurer that you would like to share please contact me. Also do the same if you have any suggestions for articles you would like to see here.

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