Pet insurance is for life, not just when you can afford it

Christmas is nearly upon us, and as the old adage says: "pets are for like not just for Christmas." The same could be said for pet insurance.

In these times of financial hardship consumers are looking at ways of saving money and insurance is an area that will come under scrutiny, warned Mike Powell, Principal Consultant for General Insurance at Defaqto, the independent financial industry expert.

Powell has warned that because it is not a compulsory insurance, and is usually seen as a luxury, consumers may choose to cancel their pet insurance policies to try and save money.

He said: "Cancelling your pet insurance policy to save a few pounds could end up being an expensive decision. Consider the prospect of taking a beloved pet to get treatment only to find that the vet bill is far higher than expected. Without pet insurance the consumer may be faced with trying to find alternative ways of paying for the treatment.

"For those with inadequate savings, credit could be the only option, but is becoming more difficult to obtain. Getting a loan or credit card is not as easy as it used to be, and even if this was available, the costs involved in treating your pet could be significantly higher than the amount of credit that could be obtained."

Powell continued: "Unless consumers have significant savings or have purchased adequate insurance cover, the only possible option left might be to put their pet to sleep.

"The clear message is, if you can't afford to pay for insurance cover how can you realistically afford to pay a vet bill? If you are considering buying a pet or if you have one already, pet insurance should be seen as a part of the overall care for your pet."