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Pet insurance covers travelling animals

The Post Office has added to the range of financial services it provides and will now be offering customers comprehensive pet insurance. The insurance policy covers a number of situations faced by pet owners from veterinary bills, to pet travel insurance.

Although the cost of vet bills has risen substantially over the past years, only a small number of people, perhaps as many as 20 per cent, actually take out policies. Despite the lack of policy holders, 11 per cent of people surveyed said they would be willing to go as far as re-mortgaging their home in order to pay for their pet’s medical treatment, if necessary.

Despite the low levels of pet insurance holders, claim numbers are high with one survey indicating that 1.8 million claims are made for vet bills every year.

The Post Office offers a policy underwritten by Axa, which covers dogs and cats for up to £5,000 per medical condition, with an excess payment of just £75. The policy is valid even for long-term or ongoing conditions, continuing to pay out even if the animal requires treatment for more than 12 months.

The policy covers animals even when they are travelling abroad and includes emergency kennel costs and the cost of advertising for a lost or stolen pet. In addition, the policy offers £2 million in third party liability insurance.

According to Defaqto, a company which produced a report entitled “The UK Pet Insurance Market – Its bark is worse than its bite” in December, there are three main kinds of pet insurance, all with their limitations. The policy offered by the Post Office is almost unique in what it offers.

Defaqto’s consultant for general insurance, Mike Powell said: “While superficially straightforward, choosing the right pet insurance policy for your situation will repay the time taken to research what is on offer in the market.

Yasmin Purnell Editorial

21/02/2008