Do you need pet insurance? You might think you could always put aside some money every month and keep a fund in place in case your furry friend has a mishap. Self insurance, if you like? Only this kind of discipline might be harder during a recession when money is tight. And whilst putting money aside might help towards paying vet bills, it might not be much help if you dog or cat causes injury to others. You could still be left on the receiving end of court action or legal expenses.

So for peace of mind, or if you have the kind of energetic pet who might accidentally cause some damage, pet insurance can be a useful service.

Here are some things you may want to consider when searching for pet insurance.

How long term is the cover?

When you are looking around for quotes and considering benefits, it is probably worth reading closely about the illness cover, does it offer lifelong protection? Some pet insurance plans will only cover a condition of the first year of a claim; this is called time capped cover. An example might be if you pet developed an arthritic condition, you might be able to claim for up to £1,500 for the first 12 months of treatment, but after then you would have to cover all the accrued costs yourself.

Another example of capping to look out for is financially capped cover. Confusingly, some insurers call this ‘lifelong cover’. You would receive a payout each year for your animal, but only until a certain limit for each condition is reached. When the threshold is reached, you would normally have to pay the rest. This could be a factor if you pet had a condition like diabetes where treatment can be costly and ongoing for several years.

What other benefits would be useful?

You’ll probably be thinking about vet’s bills, cover for accidents if your pet unfortunately dies, but there are other benefits available that will vary between insurers:

• Cover for keeping your pet in a kennel or cattery if you have to stay in hospital
• Legal costs for you which you are liable if you pet causes damage to a third party.
• If you pet passes away or is lost, a sum equivalent to purchase price.
• The associated costs like rewards and advertising if you pet goes missing.

There are other benefits available, so it’s a good idea to read through the benefits of your chosen cover before you purchase it. Make sure the pet insurance you choose offers you reassuring benefits at a price that’s right for you.