How to get the pet insurance you need at the right price

Whilst it's tempting not to insure pets, unless you are the sort of person who has no qualms about putting their pet dog or cat in a bag and throwing it in the river at the first sign of illness, you will probably need pet insurance.

Self insurance
If you'd rather not shell out for insurance you don't think you need and are a disciplined type you might like to consider self insurance. Instead of paying premiums to an insurer you just put money aside every month to cover any costs, earning interest in the process. Of course, if your pet requires treatment in the first month of this scheme you will still be left with a big bill or if you are not as disciplined as you thought you might end up with a lot less than anticipated in your fund.

Pet insurance
Pet insurance protects you from rising vets' fees - it can can cost close to £1,000 just to deal with a broken leg on a cat, for example. Many policies also provide additional benefits such as pet theft insurance as part of their offering. If you have expensive or exotic pets consider a specialist insurer who may be able to offer you an appropriate policy at a more competitive price.

You might think you've got a great deal, but check carefully to ensure that it includes everything you need - and excludes things that sound good but that you don't need, especially if they come at a premium. Choosing the wrong policy could leave you with a choice of going into debt, seeing your pet suffer or having to have it put down.

Things to watch out for
As with human health insurance, pet insurance won't cover the insured for pre existing medical conditions. So, if your pet develops a problem you probably won't save any money attempting to switch insurers

Many insurers set an annual pay out limit, or one that only pays out a certain amount per ailment, no matter how long it lasts. Read the small print carefully.

Keep an eye on the excess level of your policy. Raising the excess can save you a lot of money, but be sensible.

Getting the best price
Shop around for the best deal, and don't forget to play competing companies against each other by challenging them to beat quotes you have already obtained. Insurance companies can be surprisingly generous when chasing a sale!