Metro Bank launches pet insurance - is it any good?

You trust a bank to look after your money, but would you trust it to look after your pets? Metro Bank is banking on it, launching a new pet insurance line for dogs, cats and rabbits.

But how does Metro Bank's cover compare to other pet insurance policies? Below, we take a closer look at the bank's new offering, and share tips on how to find the right pet cover for your furry friends.

Metro Bank pet insurance at a glance

Technically, Metro Bank doesn't offer its own pet insurance. Instead, it has partnered with pet insurer Everypaw to sell customers that brand's policies and the Metro Bank pet insurance webpage directs you to 'hop over to Everypaw' for your quote.

As for what the policy is actually like, we'll break down some key points below:

Lifetime cover

The Metro/Everypaw product is what's known as a 'lifetime' policy. This means it is subject to annual limits, and that it will pay out for covered medical conditions across your pet's entire life.

Lifetime policies are the most common types of policy people own, and the most comprehensive.

Multi-pet discount

You can get a discount by insuring more than one pet with Metro Bank.

Customisable cover

When you take out a Metro pet policy, you can choose the level of cover you need using a slider. Cover ranges from £1,000 to £10,000 per year, giving you plenty of choices to suit your budget.

We recommend cover of at least £2,000 to most pet owners.

Pre-existing conditions excluded

Any medical condition a pet has before you take out this policy will not be covered. So if your Dachshund has known spinal problems before you buy your policy, for example, you won't be able to claim for these.

This is the case with most other pet insurers, too. Though there are a handful of insurers who do say they can cover pre-existing conditions.

• Find out more:pet insurance explained

How does it compare to other pet insurers?

In December 2020, we reviewed Everypaw's dog and cat annual lifetime insurance policies. We don't know if these are exactly the same products being offered via Metro Bank, but we can tell you that they performed pretty well compared to competitors.

Everypaw's dog cover came seventh out of the 37 insurers we reviewed, and its cat product was 11th out of 41.

You can see exactly how our survey of real customers rated it by reading our dog insurance reviews and cat insurance reviews.

Find out more:what to expect from pet insurance premiums

How to find the best pet insurance

Though some pet owners consider skipping it, pet insurance can be crucial if you're faced with sky-high vet bills.

Last October, we surveyed Which? members and found that 31% of dog owners and 24% of cat owners had claimed in the year till then. About one-third of claimants (32% dogs, 30% cats) had claimed more than once in that time.

However, in some cases premiums can be so high that hoping for the best, and financing veterinary treatment from your own pocket, is the only option for some.

Here are a few ways to cut down the price, and get a high-quality policy:

• Buy earlyYou can save on pet insurance by buying a policy as early as you can. Our research has shown puppies and kittens are far cheaper to insure than older pets.
• Choose wiselyYou should also take care to find a decent pet insurance policy that's worth the money. We've rated 11 insurers by how satisfied their customers are to help you make a decision.
• Set cover limit carefully As mentioned, we recommend a minimum £2,000 cover limit for most pet owners. But bills for animal surgery can cost far more than this in some instances. Remember that you'll have to pay the difference if your vet bill exceeds your cover limit.
• Pick right the first timeIf you insure your pet before it develops any medical conditions, it'll most likely be covered for whatever comes its way. But when you switch to another insurer, it's unlikely to cover any conditions your pet developed under your first policy. That's why it's important to pick a good insurer the first time - or switch before your pet develops medical problems.

Find out more:how to find cheap pet insurance