Cancelling pet insurance could be false economy
As austerity measures continue to bite and people look to make additional savings, the UK's leading rural insurer NFU Mutual, explains why cancelling pet insurance could prove more costly and highlights the top ten insurance claims for pet dogs.
A national survey conducted on behalf of NFU Mutual revealed 15% of people have cancelled some form of insurance, either pet or health, due to the recent recession.
However, NFU Mutual is concerned any money an owner may save by cancelling or failing to renew a policy might prove to be a false economy, when compared to the expense of meeting bills for emergency treatment or ongoing conditions.
Looking at ways to reduce her monthly outgoings, Julie Pocock, an NFU Mutual member and employee at the company's Flimwell agency decided to cancel her insurance, but soon regretted her decision when Meg, her Norfolk Terrier, ate something she wasn't supposed to:
"I had never claimed on my pet insurance policy and was reasonably confident I could meet any vet's bills that might arise," said Julie.
Julie continued: "Unfortunately, not long after I'd cancelled the policy, Meg became very poorly and stopped eating. A visit to the vet revealed a foreign body lodged in Meg's stomach and she underwent an operation to remove a piece of tubing she had eaten."
Julie's final bill came to a whopping £800, more than four times the cost of her annual insurance premium. Julie has since taken out a new policy with NFU Mutual.
Despite the trend in cutting back on pet insurance, NFU Mutual has seen a 115% increase in the cost of pet claims over the past twelve months.
"Buying the cheapest pet insurance policy or cancelling the cover all-together may seem cost effective at the time, but in the long run it could prove to be a false economy," said John Kenny, Chief Claims Manager at NFU Mutual.
John continued: "Pet insurance does not have to be expensive. And, with the average claim for a pet dog costing £660 owners without insurance might find it difficult to pay.
"Owners can choose from a variety of policies, from annual cover to cover for life, so there's something for everyone. Of course the true test of any insurance policy, or provider, is when you come to claim. NFU Mutual provides extensive insurance cover at a fair price with a first class service, and we aim to pay claims," John concluded.
NFU Mutual's 2010 pet claims statistics highlight some of the main reasons for dogs being taken to the vet which include: the removal or treatment of lumps or tumours, digestive or intestinal problems, cuts, paw problems, lameness and dental problems.
Interestingly, the data also suggests that certain breeds of dogs are more likely to visit the vet more than others: Retrievers (including Labrador, golden and flat coated retrievers) topped the list, followed by spaniels and terriers respectively.
When it comes to a taste for bizarre objects, Julie Pocock's dog Meg is not alone: claims for dogs which had received veterinary treatment following the ingestion of foreign objects came 23rd on the list of NFU Mutual's most common claims.
Topping the list of foreign objects most commonly eaten by pet dogs were stones (including fruit stones) - other unusual items included: chicken bones, socks, conkers, balls (rubber and golf), corn husks, plastic, fish hooks, rubber gloves and needles.