Pet insurance is a specific type of insurance that is taken out to manage the risks associated with owning a pet, especially in relation to veterinary costs and pet loss through death or theft. While this type of insurance was almost unheard of a couple of decades ago, it has become much more popular in recent times. The purpose of a pet insurance (insurance64.co.uk/pet/general-pet-insurance/) policy is to mitigate the risk that is associated with significant veterinary bills. Veterinary bills can often be incredibly expensive, due to the cost of veterinary medicine and the labour cost associated with vets themselves. However, many pet owners around the world have high expectations for their pets’ health and well being, and are prepared to pay the sometimes high costs of pet insurance premiums.

While many pet owners may like to think that their pet insurance is a variation of a health or life insurance (Lebensversicherung) policy, in reality it shares more in common with a property insurance contract. As such, pet insurance reimburses a policy owner when the pet listed in the contract receives care or suffers from illness or death. Not all pet insurance policies are set up in this manner however, and some do not pay out at the time of death and only reimburse the policy owner for specific veterinary bills and related expenses. Like all insurance products, there are a number of differences between the levels of coverage offered by different insurance companies, and it is always a good idea to do your homework before you sign on the dotted line.

The recent increase in the popularity of pet insurance has led to many companies offering customised versions of their policies, by allowing customers to choose their own deductible levels and a level of coverage that suits them best. Companies also differ in terms of their exclusions and the way that they deal with risk through pre-existing conditions and pre-certifiction. Most large insurance companies offer dedicated pet insurance contracts, and some niche pet insurers also operate in some large western cities. Pet insurance is available for pet clubs and associations as well as for individual pet owners, and anyone running a dog club or similar association should talk to a number of firms to find out the costs of a comprehensive club policy.