Pet insurance - is there value I can’t see...?

[WindyCommon]

Our dog (2 yr old Cocker, fit and healthy) is insured with M&S. The renewal is due, and I have been examining the cover.

As far as I can see, I am paying about £500/yr for “Premier” cover that I have just spotted is limited to £7k. I have £7k (this is PH right!?) easily available. Is there any point in me having this insurance, or might I be better off “self-insuring”.

My circumstances can’t be that unusual, so I wonder if there are dog owners here who’ve gone through the same thought process. I am wondering whether pet insurance is - in truth - a valuable product for people for whom a £7k bill would be a big problem, but not so valuable for those who could cover it.

I think what I really need is a policy that offers unlimited cover with a high excess, ie I would pay the first £7k and the policy would cover anything thereafter. That is what we have for our private medical insurance, catastrophe cover if you like. Is such a product available?

Thoughts, ideas, observations all welcomed!

[WindyCommon]

Saleen836 said:

Your dog breaks a leg, you spend the £7k you have saved to the vet to pay the bill, 3 months later your dog swallows a few stones and requires an opertion to have them removed, vet hands you a bill for say...£4k, how expensive is the insurance looking now?

Well I’d be paying the £4K anyway in that situation as the cover is limited to £7k pa...

Thank you all for your input. I’ve decided to cancel the cover. My conclusion is that pet insurance is a great product if you don’t have the financial resources to meet bills at the level of the max cover under the policy. In this situation, your pet can be treated - which might not be possible otherwise. If however your situation is such that you won’t be RELYING on the cover to meet such bills, then a policy like this is less useful.