Best pet insurance providers – Times Money Mentor

From emergency dental work to diagnosing an illness, veterinary bills can soon rack up. Our guide explains how you can protect yourself with pet insurance and some of the best policies on the market.

One of the main perks of pet insurance is that it can save you thousands of pounds in veterinary fees. For example, if your dog is diagnosed with arthritis treatment could reach up to £2,000 and it could cost £1,000 to treat diabetes in a cat.

These are just two of the most common claims across pet insurance policies, according to the Association for British Insurers (ABI), a UK trade body. Other claims are more expensive, with spinal surgery costing between £8,000 and £10,000. So is it worth it? In this article we explore:

Read more: A guide to buying a dog

The best pet insurance providers

Below we’ve all pet insurance providers nominated at the Times Money Mentor awards 2024.

Honourable mentions

While these providers didn’t make the shortlist for our awards, they still provide excellent value for money. All those included on this list offer policies which are five star rated by Defaqto.

Compare pet insurance

Are these providers not for you? Use our pet insurance comparison tool to find personalised results.

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What is pet insurance?

Pet insurance is used to cover the cost of veterinary treatment for your pet if it falls sick or is involved in an accident. This means it primarily gives policy holders a peace of mind that they won’t be faced with large and potentially unaffordable vet bills.

But pet insurance is more than just a medical policy for your animals. Most policies include liability cover, which is handy if your dog damages someone else’s property, while others will pay out if your pet is stolen.

What types of pet insurance are there?

Pet insurance also offers different types of cover. This includes:

• Lifetime policies – You’ll receive cover up to a certain limit each year per illness. Policies need to be renewed, so as your pet gets older you can expect your premiums to increase. But importantly your insurer will need to cover your pet until it passes away
• Maximum benefit policies –These policies offer a fixed level of cover with no time frame. In other words, if you use up your allowance for a certain illness then your policy won’t pay out for this illness in the future
• Time-limited policies – You’ll receive cover on a rolling basis – usually 12 months. What differentiates this policy from lifetime cover is that as your pet gets older your insurer can choose not to provide cover

Read more: A guide to buying a cat

What does pet insurance cover?

Like with all types of insurance, your cover will vary depending on your provider and your pet. But generally speaking, most policies cover treatment for accidents and/or illnesses such as:

• Cover for diagnosis of any condition
• Third-party liability in case your dog hurts someone or causes damage
• Help with advertising a lost pet
• Emergency dental work (though not routine treatments)
• Euthanasia where necessary

Some comprehensive pet insurance plans will also cover other areas, like a dental plan or death to your pet from illness or injury.

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What it doesn’t cover

Your pet insurance plan won’t cover the expected day-to-day costs such as getting vaccinations or having your cat or dog spayed. So before buying your pet make sure you’ve thought of how you can afford these costs.

In addition, these policies usually won’t cover pre-existing illnesses or injuries. For example, if your pet has Kidney disease before you take out pet insurance, any costs you may incur due to this condition won’t be covered. It’s worth mentioning that some providers do offer cover for pre-existing illnesses, but these are commonly under a lifetime policy. More on this below.  

How much does it cost?

According to the ABI, the average pet insurance premium was £389 a year in 2023. This was an increase of around £62 from the prior year. 

Of course, this number varies depending on your pet. Dog owners can expect to pay £300 a year to insure their pets while cat owners can expect a cheaper premium of nearly £280 in the same period.

Like with other types of insurance, your premium will depend on a range of factors. These include:

• Age of your pet – As animals get older, it is more likely they will need vet treatment. This means you’re more likely to claim, which is reflected in the cost of your policy
• Type of policy and the excess – More comprehensive policies are likely to be more expensive
• Your address – Your UK address also plays a role in determining your pet insurance premium. If you live on a bustling street with an expensive local vet then the cost of your policy will likely increase

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Is pet insurance worth it?

The average cost of a pet insurance claim last year was £668, according to the ABI. This means if you put away the average premium in a savings account it’d take you just over two years to have enough money to subsidise an average claim.

However, bear in mind that some surgeries can cost thousands of pounds. And if you do end up claiming on such a bill then it would take years’ worth of premiums to accumulate this figure.

Ultimately a lot depends on your pet and your own circumstances. Some people prefer the peace of mind that comes with a comprehensive policy while others feel their money could be better spent elsewhere.

Get your pet insurance quote

If you’re not sure if these providers are for you, get a tailored quote today with our online comparison tool. 

Simply fill out the form, where you’ll be required to highlight information such as pre-existing medical conditions, and what type of pet you’re looking to insure. Even if you’re looking to renew your current policy, our comparison tool can help you find the best value for money cover. 

Compare pet insurance quotes

Dachshund owner used pet insurance to cover an unexpected £2,500 bill

Thomas, a dachshund, was taken to hospital after his owner spotted him eating a random object in the morning. Upon taking him to the vet, he needed an operation because the surgeon found the following in his stomach:

• Two slightly chewed sports socks
• One earring
• The finger of an old gardening glove
• An unidentified object made from brown fabric

The entire consultation cost £2,500, but because of the owner’s pet insurance the entire sum was covered.

How to make pet insurance cheaper

If you have several pets it’s often cheaper to insure them all under one policy. This is called a multi pet insurance policy, and many providers often offer discounts for insuring your second animal. However, remember the price of multi-pet insurance will also vary depending on the level of cover chosen.

If you don’t own multiple pets, then one way to make your insurance cheaper is to look at increasing your excess. This means you’ll need to provide cover for cheaper veterinary expenses but you’ll still have peace of mind that you’ll be able to pay big fees if necessary.

These measures won’t be suitable for everyone, so one way to bring your costs down is to get your pet spayed or neutered. This is because this stops your pet from contracting certain diseases, reducing their health risks.