Pet Insurance: Is It Worth The Cost?

Pet insurance is a tricky one.  There are as many people for it as there are against it.

As  part of rehoming, in our various walks of life, we have always provided  (or at least offered) adopters 4 weeks free insurance through PetPlan  or the 5 weeks free cover through Agria, two of the leading insurance  companies in the UK.

But you’d be surprised at the number of people who turned down this offer, choosing to forgo insurance altogether.

While  there was always that odd person who believed pet insurance to be a  scam, the others all chose alternative ways of covering vet bills due to  past bad experiences in claiming on insurance because of the many  disclaimers that they may use to avoid paying out.

We’ve  seen people create savings accounts just for the dog, paying into it  each month the same way they would insurance, and then using it on a  rainy day.  While others take out credit cards that they use in an  emergency and then pay back over time.  Some have just been in that good  of a financial position, that they have felt confident in not needing  to rely on insurance should an accident occur…if only we could all be  that lucky!

It’s safe to say that  pet insurance is one of those essential considerations for pet owners,  and whether you are for or against it, it does offer financial  protection against unexpected vet bills…but with so many insurance  companies on the market, all with various levels of cover and costs,  where do you even start?  And are hounds with pre-existing conditions or  injuries able to be covered?

In the UK, pet insurance policies typically fall into three main categories:
- Lifetime Cover
- Annual/Time Limited Cover
- Accident-Only Cover

But what do they mean?

Lifetime  cover is the one that is considered the most comprehensive, as it  offers coverage for a wide range of conditions throughout your hounds  like so long as the policy is renewed each year.  
There are two routes you can go down with Lifetime cover:

-  A ‘per condition, per year’ arrangement is where you have a set amount  of cover per condition each year.  For example, if your dog is diagnosed  with an illness, the policy will cover up to a certain amount per year  for their treatment.  Once you reach that limit, any expense for that  illness for the remainder of the year is for you to cover yourself.

-  An ‘annual limit’ is the other option, and this is the total amount of  coverage per year for all conditions your hound might develop.  For  instance, you may insure your hound for £10,000 for the year, regardless  of how many illnesses or conditions they may develop in that year.  But  again, once you reach that limit, you are then liable to pay anything  beyond this.

In either case,  these covers renew when you renew your existing insurance each year  reopening that claimable amount e.g. £10,000.

Annual  cover, also referred to as time-limited cover, is exactly how it  sounds.  It provides insurance for a set period (e.g. a year) or until  the policy limit is reached, whichever happens first.  Regardless of  which one happens, the policy ends, and any conditions diagnosed in that  year are no longer covered.  In some instances, they can be covered  again if the policy is renewed, but not every company provides this  option.  While this type of insurance is typically less expensive than  Lifetime, it may not provide enough cover for chronic or recurring  conditions, and once the policy ends, the condition will become  ‘pre-existing’ meaning you may not be able to get it insured in future.
This  type of cover is often chosen for its lower premiums but can leave  owners vulnerable to high costs if their pet develops a long-term  condition.

Accident only cover,  again, exactly what it says on the tin.  This is the most basic and  affordable type of pet insurance and, as a bare minimum, we would  recommend having this type of insurance, if nothing else.  Greyhounds  are fairly accident prone, have no spatial awareness and are generally  just quite clumsy…they are also surprisingly fragile for dogs that  hurtle round a racetrack for the first years of their lives.  While it  doesn’t cover illness or chronic conditions, accident only covers the  cost of things such as broken legs, which, given how expensive vet bills  are these days and that any additional scans or treatment are needed in  the repair…you want to have this in place!

But, what do you do if your hound has a pre-existing injury or condition?

Well  over 4000 greyhounds retire from racing due to injury each year, it is  statistically likely that the hound you have in your house has a  pre-existing injury or condition.

Getting  insurance for a dog with a pre-existing condition, regardless of what  it is, is a challenge.  This could be a previously broken leg,  arthritis, wrist sprain, torn ligament…all the typical greyhound  injuries.
Additionally, if your dog has been to the  vet for something like an upset belly in the past, the insurance will  disclaimer against covering anything relating to their digestive system  until the hound has been clear of symptoms for 12-24 months!

It  doesn’t have to be formally diagnosed either, if you have had your dog  to the vet for anything, it is going through investigations or have  shown symptoms before the start of the insurance policy, chances are it  won’t be covered.  Which is probably why so many people have issue with  taking out insurance!

The  majority of pet insurance companies will exclude pre-existing conditions  from any cover you take out.  So, if your hound had a broken leg as a  retirement injury, your hound can be insured…but that leg won’t be.  So  any issues that may arise, not covered.

However,  there are some insurers that offer specialised policies that provide  limited cover for pre-existing conditions.  This may include a higher  excess, capped payouts, and increased premiums to offset the risk to the  insurer.

The presence of  pre-existing conditions can significantly impact the eligibility and  cost of pet insurance.  Insurers will often request your hounds full  veterinary history prior to finalising your insurance documents so to  identify and exclude any conditions (or charge a higher premium) based  on their health.  When signing on to insure your dog, you must be honest  in disclosing any relevant medical information or your policy could be  cancelled and any claims rejected.

The  cost of pet insurance varies wildly.  We’ve seen it a few times over  the years, where people have gone to social media to complain that  insurance companies won’t cover retired racing greyhounds, or that they  discriminate against greyhounds by charging a higher premium because  they raced.  While we have never found that to be the case, insurance  can be expensive, and by default, certain aspects will be taken into  consideration when calculating the price.

Factors  such as the dogs age, breed, location, health status and the policy  type are all considered.  The reason breed is considered is that certain  breeds are predisposed to certain conditions like Cavalier King Charles  Spaniels and dilated cardiomyopathy, or German Shepherds and hip  dysplasia.  Greyhounds, as a breed, are considered one of the healthier  pedigrees and aren’t known as an at-risk for anything breed specific.  

While  there is a question on the comparison websites about whether your hound  has raced, we found that this didn’t impact the premium prices offered  when we selected yes, or no, but it may prompt some additional questions  when talking to the insurance company directly about your cover.

Selecting  the right pet insurance policy requires careful consideration of the  dog’s needs, your own budget and the options available to you.  It’s  important to shop around for the best deal, use comparison sites and  seek reviews.  

Some insurers  offer discounts for insuring multiple pets under the same policy, which  can provide significant savings for owners with more than one dog!  So,  make sure to bag that if you can!