Insurance World

According to a report published by research group Mintel, one in three pets needs an unforeseen visit to the vet each year. This implies you’re more likely to make a claim on your pet insurance than on your car insurance or even your home & contents policy.

The word “unforeseen” is key here. If you’re looking for pet insurance to provide cover for routine treatments such as teeth cleaning, vaccinations or nail trimming, forget it – policies which provide that are as rare as hens’ teeth! Neither will you find cover for elective treatments, such as neutering and identity chipping. This means that the most common grounds for visit the vet are uninsurable.

But it’s those unexpected visits that tend to be the high-priced ones! Developments in vet nary care mean that new and more complex conditions can be effectively treated. But the cost of emergency care can be horrendous. A cat that failed to cross the road could easily cost Ј700, even more, to treat. After all, a series of X-rays could cost Ј400 complete with anaesthetic, and you’ll have no change from Ј1,000 for a MRI scan. If Lassie the Labrador tore a ligament that can now be treated – but the cost? Wait for it – around Ј1,500! This is serious money!

Having appreciated that most reasons for an appointment at the vet are uninsurable, what do we get for our premiums?

Pet insurance policies basically fall into three categories. The first limits the value of the claim for each condition or event; the second places a maximum value on the total annual payout and the third and cheapest option, limits the payout per condition and ends cover after 12 months of treatment. And with all policies you will have to pay an excess on any claim, usually between Ј50 and Ј100. The majority of these plans payout a fixed sum if you pet dies.

And the cost? Well, that depends on which type of policy you select, the excess you want to pay, the kind of pet you have, its breed, its age and even your post-code (apparently vets are more expensive in Kensington!). But as a guide, an industry expert estimates costs between Ј50 to Ј500 for Lassie and Ј30 and Ј200 per year for puss.

The best advice is take out a policy when your pet is young. Most pets can be insured after they’re 8 weeks old and then you keep the insurance in place for the rest of its life. If you’re looking for a policy for a pet that’s in it’s middle age, say eight or nine for a dog, then it may be difficult to get worthwhile cover. That’s because starting a new policy in your pet’s middle age will be expensive and in any case you’ll be unable to claim for treatments for any existing health conditions.

So how can you reduce the premiums? Sometime you can get a discount if you pet has been identity chipped and quantity discounts are usually available for second and subsequent pets. Beyond that you simply have to shop around. Thank goodness for the Internet!

The Internet is taking an increasing share of the insurance market and no wonder – it makes shopping simple, quick and easy. What’s more it’s probably the cheapest starting place for all your insurance whether it be for your car, home, or pet. Let your keyboard take the strain.

We have all experienced recent trends in the rising costs of car insurance. There doesn’t seem to be much anyone can do about the overall expense, but there are some things you can do to ensure you get the best value for your insurance dollar. Shopping for car insurance online is a great way to compare cost to value. You can do this risk-free and without any obligation. There are many websites offering tons of information at no cost to the consumer. Keep in mind that whatever insurance you are looking for, whether it is simply auto liability or high-end full coverage, there are always going to be plenty of options to choose from. When making comparisons, be sure you are comparing identical coverage, terms and policies.

One thing that is important to understand is that car insurance companies can’t offer the same rates on the exact same policy to everyone. They have to use an insurance rating system. This system takes many different factors into consideration before quoting a price. Some of the factors considered are age, gender, driving record, place of residence, the type, safety rating and options of the vehicle you are insuring, the distance you typically drive and anti-theft and emergency devices. Some agencies even consider grades for students and what, if any, drivers training they may have had. At least most of these factors should show up in the form of a question when applying for car insurance online. If any are omitted, it might be wise to question a low-cost quote that is generically generated in just a few minutes. If the car insurance premium sounds low for the type of insurance you are seeking, make sure they have considered all the above factors into their calculations before making any type of commitment.

Getting the lowest cost insurance for you and your vehicle might sound like a good idea, but is it? Generally speaking, the lowest cost car insurance will have the highest deductibles. Let’s say you save $250 a year by going with a policy that has a $1000 deductible versus a policy with no deductible. This means you are wagering $1000 every time you drive your vehicle for the next four years that you won’t be involved in an accident. Ah! You say you are a very safe driver? Even the safest of drivers have been involved in accidents, and what about everyone else on the road?

As an intelligent and informed consumer, you know that often what seems like a money-saving opportunity can quickly turn into a costly financial nightmare. Proper care must be taken when shopping for car insurance online. All too often a low online quote will fall by the wayside because of the omission of one or more important factors. Remember that you are the customer, and unless your questions are completely answered to your satisfaction, you, your vehicle and your wallet may be at risk.