Owning a pet is for many, a great joy. Dogs, cats or any other domestic creatures are often considered a part of the family. However, it is also one of the biggest responsibilities a person will face in their lifetime. Feeding, exercising and playing with them are all essential; however some would say that pet insurance is perhaps one of the most important things one can do for a beloved pet.

There are a vast amount of companies offering pet insurance. The choices can be overwhelming at first and so it is important to know what specific type of policy will best suit one's financial situation and the health of the pet in question. Make sure to read the fine print of any policy offered so as to avoid a situation in which a certain type of claim needs to be made and the policy doesn't cover it. For instance, it sometimes happens that the policy has only one year of cover for illnesses - this would be a significant and expensive problem if a pet developed a long term illness, such as diabetes. Read the small print and avoid the unpleasant surprise of discovering, after purchasing a policy and paying out for months or even years, that a pet's illness is not covered due to being 'pre-existing', 'breed-specific' or 'excluded'. It is also generally better to take out coverage whilst the animal is young, as older animals tend to have higher insurance premiums.

Most pet insurance companies typically offer the option of 'accident only' coverage which can result in a relatively cheap premium. This type of policy may be a sensible choice for a young, active animal. Do bear in mind, however, that in this instance, serious illnesses would not be covered.

It is sometimes the case that routine care such as flea treatments, annual vaccinations, worming, neutering and nail clipping will not be covered; take this into consideration when buying a policy, as insurance premiums in addition to routine care costs can really add up.

Having said this, if care is taken when investigating the best pet insurance policy, it could save a pet's life. If the unthinkable happens, say a pet is diagnosed with a life-threatening disease and is not covered by pet insurance, this could mean spending thousands of pounds on medication, x-rays and other costly treatments. Having insurance in a case like this would certainly be a significant help.

It is also worth noting that the majority of pet insurance companies require the veterinary costs to be paid by the pet owner initially. The owner is then reimbursed after a claim is filed; these claim forms typically need to be filled out and signed by the veterinarian.

Regardless of whether pet insurance seems suitable to one's needs, it is vital to have some type of financial plan in place, be it insurance or simply an emergency fund, in case the worse should happen. Being prepared will ultimately help in protecting both your pet and your finances.