Top Pet Insurance Tips
If you are considering purchasing pet insurance then read our top tips below:
1. Compare and Save: You will need to shop around to get the best quote possible. Insurance premiums will vary and so will the amount of cover so make sure you are comparing like for like. Some pet insurance companies will throw in other incentives and discounts so don't just compare on price as other benefits may save you money elsewhere.
2. Policy Excess: The excess is the amount you will have to pay each time you make a claim on your pet insurance. A policy may seem cheap until you realise you have to pay out huge sums in excess before they will even begin to treat your pet! Excess generally ranges from £25-65.
3. Age: A lot of pet insurers won't provide cover if your pet is over a certain age. This number tends to vary but is usually from the age of 8 upwards. It is therefore recommended that you get pet insurance as early as possible. If you insure your animal from a young age, the majority of insures will continue to provide cover for its entire life
4. Small Print: Make sure you understand exactly what you are getting with your insurance. Below are some terms which you may not be familiar with:
Time Capped Cover - Some policies will only cover a condition for the first year you claim. For example, if you cat developed a thyroid problem, the insurance company would only pay out for the first year of treatment. You would then have to cover any further costs after this time frame.
Financially Capped Cover - Some pet insurers also trying calling this lifelong cover. In this case, the insurer will pay out each year, but only up to a fixed total amount for each condition. After this limit has been reached you no longer have cover. For example, if your pet was to develop diabetes and your policy had a financial cap of £3,000, you may need to claim £2500 in the first year. This would only leave you with £500 for the second year. Once the full amount had been claimed you would then have to pay for treatment for the rest of your pets life.
Lifelong Cover - The Rolls Royce of pet insurance is lifelong cover. This type of pet insurance pays for treatment up to a certain amount, every year, for as long as your pet requires it.
5. Cover: Pet insurance firms will have a limit on the amount you can claim for each illness or injury. They also limit the number of claims you can make in a year or by condition. Check the amount of cover is adequate for your pets needs. As a rule of thumb, the cheaper policies tend to have less cover.
6. Vaccinations: Ensure that your pets vaccinations are up-to-date. Insurers are unlikely to cover the cost of treatment for a condition which could have been prevented if your pet had its vaccinations.
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DISCLAIMER: All content is for guidance only and does not constitute financial advice.
www.petinsuranceinfo.co.uk is not authorised by the FSA to advise on insurance matters.
