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Pet insurance pays off

Pet insurance pays off

Category: Pet Insurance

Updated: 29/09/2016
First Published: 29/09/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Pets are part of the family, so wouldn't it make sense to afford them the same financial protection? Doing so could well pay off in the long run, particularly when it comes to pet insurance, with research showing that pet insurance customers get the best value of all insurance policy holders.

Worthwhile investment

The research, from Aquarium Software, found that pet insurance is fast becoming a worthwhile investment, citing figures from the Association of British Insurers (ABI) which show the average pet insurance claim is now exceeding the average premium.

This marks a welcome turnaround from the traditional pattern, with pet owners historically losing out as the average premium was typically higher than the average claim. Now that this is no longer the case, it's a great time for pet owners to take advantage and consider such insurance.

"Pet insurance has always been a worthwhile investment, but for too long it has lagged behind other more traditional forms of insurance when it comes to value for money," said Mark Colonnese of Aquarium.

"It is now a fairer price for the consumer and presents a better investment, with the price of claims racing ahead of the price of premiums. For pet owners, it's finally a much more level playing field both when it comes to claiming, and when it comes to initially purchasing cover. There's no reason for owners not to invest and cover their pets."

So what's stopping you? Price may well come into play, but you just need to think about how much veterinary bills can add up to see how worthwhile this kind of insurance can be. A monthly premium could be a far more manageable cost than a lump sum should the worst happen to your pet, and as the research shows, typical claims will often exceed those initial premiums.

You could cut the cost even further by comparing quotes – we do it with other forms of insurance, and pet insurance should be no different. Just make sure that you're getting the cover your pet needs, and you can be confident that you're doing the best you can for your four-legged friend while protecting your finances in the process.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.