LV= launches pet insurance for cats and dogs

LV= is launching two new pet insurance policies, Essential and Premier, both available for cats and dogs from aged eight weeks, with no upper age limit. Prices start from around £5 per month for cats and £7 per month for dogs.

Both policies include a number of extra benefits on top of covering the cost of any vets fees. These include contribution to advertising and a reward should a pet go missing, accidental damage to third party property and boarding fees for the pet in the event of the owner having to go to hospital.

The policies also provide free access to a number of helplines including one providing bereavement counselling for owners, a legal advice line manned by qualified solicitors and a service providing details of registered pet minders in the local area.

Essential has been developed with the budget-conscious pet owner in mind and each condition is covered for up to 12 months from the onset of the problem.

The Premier product offers £5,000 cover per condition, with no time limit on the claims period and is suitable for pet owners wanting a higher level of cover for their pet.

The policies have been designed to make the purchase decision as simple as possible for pet owners.

Pet insurance is one of the most complex products on the market, meaning consumers often find it hard to differentiate between cover levels, excesses and exclusions.

This means it is difficult for consumers to understand the benefits and implications of a claim with many other providers.

For example, unlike many other policies on the market, both LV= polices benefit from a standard excess of £60 per condition, regardless of the cost of the claim. Many other insurers charge variable excesses, depending on age or breed of the animal and even by condition or percentage of the cost of a claim.

Andrew Beard, Head of Business Development at LV=, commented: “When developing these products we really wanted to provide pet owners with value for money cover that offer peace of mind with no hidden clauses or nasty surprises.

“Pet insurance has never been more important for pet owners. As the types of treatment available increase, thanks to developments in medical technology, so do vet fees. Whereas five years ago many pet owners could have afforded the majority of treatments, now some claims run into thousands of pounds, meaning it is beyond many peoples financial ability.”

With the average trip to the vets costing a pet owner £300, and with one in three cats and dogs getting ill or injured every year, insurance is more important than ever, and the LV= prices are very competitive.

For a one year old moggie living in Dorchester the premium would be just £52.40 per year and for a Yorkshire terrier of a similar age living in the same area the premium would be £73.90.

Pet owners taking out multiple policies will benefit from a 5% discount on the standard price. A 10% discount on the standard price is available online at LV.com.

Customers interested in getting a pet insurance quote should visit lv.com/pet.