Choosing the right insurance for you and your pet
Choosing the right insurance policy can be difficult. There are lots of different types of policy, but cheaper policies will usually give less cover. We have put together the following list to try and highlight some of the options.
Types of Insurance
There are four main types of insurance :
Accident-only
Time limited
Maximum benefit
Lifetime
Accident-only pet insurance
This is the most basic pet insurance, and usually represents the budget option. An accident-only policy covers vets’ fees if your pet has an accident. But nothing more – it won’t cover illnesses or offer any other benefits. Accident-only policies include a maximum pay-out for each accidental injury per year. Some policies will also include a lifetime limit per accident, or have a time limit (usually 12 months) for treatment following each accident. Accident-only cover is cheap but it might not be suitable if you’re worried about your pet becoming ill or developing a medical condition.
Time limited pet insurance
This type of policy will cover an accident or illness for a set time period, normally a year. It will also have a financial limit for each condition. So, for example, if your pet becomes ill eight months into the policy you’d be covered for the next four months of your policy, and the eight months after renewal (assuming you renew with the same insurer). But you’d also have to watch out for the financial limit per condition – once this has been reached, you’d need to pay for any further treatment yourself. This type of policy might also have an annual combined pay-out limit. Once reached, cover would stop for all conditions until the policy is renewed the following year. Time limited pet insurance won’t be very suitable for older pets with ongoing health conditions as they’ll soon stop paying out. Pre-existing conditions aren’t covered either.
Maximum benefit pet insurance
With a maximum benefit policy, your pet is covered up to a specified cover limit for each illness or injury while you’re with the same insurer. Pre-existing conditions aren’t covered. Once you’ve reached the claim limit for a condition, you’ll have to pay for any further treatment yourself. This type of policy can be a good halfway house between a cheaper time-limited policy and a more expensive lifetime policy.
Lifetime pet insurance
This is the most expensive pet insurance option, but it offers the most comprehensive cover.
Lifetime pet insurance offers continuous cover, up to an annual limit for each condition, that refreshes when you renew the policy each year. Pre-existing conditions aren’t covered so it’s a good idea to take out this kind of policy when your pet is young, before it has any diagnosed medical conditions, then renew the policy with the same insurer each year. Doing so means any conditions your pet develops when it’s older will be covered.
Other things to bear in mind
Unfortunately, we quite often see insurance companies not paying out when owners would have expected them to. Sometimes this is because companies might not cover things such as:
Out of hours charges
Home visits
Food
Another common reason for non-payment are pre-existing exclusions. Please be aware that these
are likely to occur if:
You change your insurance policy or take an unagreed break, no matter how short. The new
policy wont cover any conditions that your pet has previously experienced
A medical issue develops within a certain period of time (often, but not always, 2 weeks) of
the policy being taken out
A seemingly minor problem with new pet such as an ear infection or upset tummy might
result in exclusion of skin or gastro-intestinal issues.
Most of these problems can be avoided if you chose the right policy in the first place, and are able to stick with that policy for your pet’s life. Discussing insurance with breeders or the vets at your pet’s first visit can be a very good idea, as some free introductory policies kick in immediately, without a 2 week inception period.
As ever, please ask our staff if you would like any further information.