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Is Pet Insurance Worth It?

4 minute read

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Many pet owners aren’t taking out pet insurance for their animals, citing cost and lack of trust as key reasons. We look at why pet insurance is worth it, and explain what’s covered. 


  • Many believe pet insurance doesn't offer value for money 
  • Why pet insurance can save a whole lot of stress 

Pet insurance can give you peace of mind and save you money.

For most of us, our pets are more than just companion animals. They live in our homes, we celebrate their birthdays and some might even be allowed to snuggle up on our sofas or in our beds. Pets have become important and irreplaceable members of the family. So when they get sick or injured, we want to do everything we can to make sure they’re cared for properly.

Joseph Ahern, general insurance policy adviser at the ABI, said:  "Owning a pet can be rewarding, but also very expensive if they fall ill. None of us want to imagine anything bad happening to our pets, but leaving them uninsured can lead to expensive bills and unnecessary stress.

"The fact that millions of pets still aren't covered means that owners are at risk of having to fork out thousands to cover the costs of vet treatment because there's no NHS for animals.”

So is pet insurance worth it? Here’s why you might want to consider it:

1. Peace of mind for you (and your furry friend) 

Like all insurance, pet insurance offers peace of mind, especially when it comes to unexpected vets bills. Accident and illness can occur unexpectedly, so it’s comforting to know you have insurance for those covered conditions. LV= offers two types of pet cover: Time Limited and Lifetime. We’ll explain the differences further down.

2. It helps you save

Should the worst happen and your cat or dog is injured or ill, you can be faced with thousands of pounds worth of vet bills. Insurance can help to ensure you don’t have to dip into your savings fund to cover expensive vet bills.

3. Veterinary costs are rising

Because of advances in veterinary science and technology, vets today are able to perform incredible, lifesaving surgeries and provide care for pets with complicated illnesses. This means vets require new equipment that’s expensive to buy and operate, so veterinary costs have increased. 

An initial vet consultation can cost an average of £30-£40 during standard working hours, but according to Animal Trust you could pay over £100 if your pet needs an emergency appointment out of hours. Surgery carries an average price tag of about £1,500, while more complicated treatments could set you back much more. 

4. It can help you find your missing/stolen pet

Many pet insured policies cover the cost of advertising if your pet is lost or stolen. At LV=, we'll reimburse you for up to £1,500 to advertise for your missing cat or dog; including up to £500 that can be used for a reward. 

5. It can cover third-party liabilities

Many pet policies offer third-party liabilities, so if your dog has injured someone or caused damage to someone’s property, you’ll be covered. At LV=, our pet policies offer you up to £2 million, per incident, third party liability for dogs to cover costs and compensation.

What’s the difference between LV= Lifetime and Time Limited policies?

Our Lifetime pet policies provide cover for all illnesses or conditions that occur in the policy year, up to the policy limit you choose – either £3000, £5000 or £10,000.

  • The policy limit is then refreshed and applied again at renewal, so you know your furry family member is always covered, provided you remain insured with us
  • This is reassuring if your pet has a long-term illness or injury 

Our Time Limited pet policies will cover an illness or condition for a maximum of 12 months from the date of the first treatment up to the limit you choose. 

  • Cover most suited for short-term illnesses and injuries
  • For an in-depth look at what’s covered and what’s not, compare our cover.

Please note LV= pet policies may not cover pre-existing conditions.

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