Physinews Insurance Info: In this guide we will outline everything you
need to know to insure your pet.
We are a nation of pet lovers, but millions of us
are begrudgingly shelling out as much as £50
a month for some types of pet insurance
policies, thanks to a rise in veterinary bills
which have had a knock-on effect for insurers.
Vets claim this inflation-busting rise is the
result of the development of new drugs and
medical technologies – which have helped
many pets recover and live with conditions
that would have proved fatal in the past.
But there have been concerns over some
veterinary practices recommending additional
check-ups or treatments to extract more
money from the insurer.
With vets' fees rising sharply, the average
single pet insurance claim now costs more
than £600, with pet insurers paying out £1.3m
in claims every day, according to figures
published by the Association of British
Insurers.
But is it always worth taking out cover? Or
should you join the millions of pet owners who
take the risk and don't get any cover at all?
Below, our step-by-step guide will answer all
your questions.
How does pet insurance work?
Pet owners can choose from four main types
of cover: "accident only", ''per condition with a
time limit''; ''per condition''; and ''lifetime''
cover.
"Accident only": very basic cover
This insurance covers a pet if they need
veterinary treatment after an accident, but not
if they have an illness. Some policies may also
have a time limit for the treatment and there is
a fixed sum of money for each accidental
injury to pay for the treatment.
"Per condition with a time limit": basic cover
The cover is one of the cheapest. It will pay
vets' fees for accidents and illnesses, but only
for a maximum of 12 months after your pet
has been diagnosed.
Insurers of this type of cover will often impose
a maximum payout, so, if the cost of a
treatment reaches the limit, you will have to
foot the remainder of the bill.
An insurer may provide a policy, for example,
with a maximum veterinary fee of £2,000 and
a time limit of 12 months. So, if the bill is more
than £2,000 or you go after 12 months, you
will have to pay the extra.
"Per condition, no time limit": mid-level cover
With ''per condition'' cover, insurers provide
cover for a set fee limit, but do not impose a
time limit for how long the treatment lasts.
The cover will continue for any treatment as
long as you renew the policy after 12 months.
Re-occurring illness or injury will not be
covered by this type of policy.
"Lifetime": high-level cover
''Lifetime cover'' is the most comprehensive
type of pet insurance, but also the most
expensive. Insurers will set a high maximum
amount per year – say, £10,000 – but you will
still have to renew the policy each year, and
some insurers can refuse to renew it.
The policy will sometimes cover extras like
dental fees or burial expenses.
For all types of cover, pet owners must pay the
"excess", or first part of any claim themselves.
You can choose to lower your premium rate by
increasing your excess, or vice versa. Usually,
there will be an initial flat-rate excess charge
of around £50.
How much does it cost?
The price of pet insurance varies depending on
where you live and your pet's breed and age.
For example, Rottweilers are one of the most
expensive dogs to insure based on their
breed's history of medical complaints.
If your pet has been neutered and
microchipped, the premiums will often be
reduced.
need to know to insure your pet.
We are a nation of pet lovers, but millions of us
are begrudgingly shelling out as much as £50
a month for some types of pet insurance
policies, thanks to a rise in veterinary bills
which have had a knock-on effect for insurers.
Vets claim this inflation-busting rise is the
result of the development of new drugs and
medical technologies – which have helped
many pets recover and live with conditions
that would have proved fatal in the past.
But there have been concerns over some
veterinary practices recommending additional
check-ups or treatments to extract more
money from the insurer.
With vets' fees rising sharply, the average
single pet insurance claim now costs more
than £600, with pet insurers paying out £1.3m
in claims every day, according to figures
published by the Association of British
Insurers.
But is it always worth taking out cover? Or
should you join the millions of pet owners who
take the risk and don't get any cover at all?
Below, our step-by-step guide will answer all
your questions.
How does pet insurance work?
Pet owners can choose from four main types
of cover: "accident only", ''per condition with a
time limit''; ''per condition''; and ''lifetime''
cover.
"Accident only": very basic cover
This insurance covers a pet if they need
veterinary treatment after an accident, but not
if they have an illness. Some policies may also
have a time limit for the treatment and there is
a fixed sum of money for each accidental
injury to pay for the treatment.
"Per condition with a time limit": basic cover
The cover is one of the cheapest. It will pay
vets' fees for accidents and illnesses, but only
for a maximum of 12 months after your pet
has been diagnosed.
Insurers of this type of cover will often impose
a maximum payout, so, if the cost of a
treatment reaches the limit, you will have to
foot the remainder of the bill.
An insurer may provide a policy, for example,
with a maximum veterinary fee of £2,000 and
a time limit of 12 months. So, if the bill is more
than £2,000 or you go after 12 months, you
will have to pay the extra.
"Per condition, no time limit": mid-level cover
With ''per condition'' cover, insurers provide
cover for a set fee limit, but do not impose a
time limit for how long the treatment lasts.
The cover will continue for any treatment as
long as you renew the policy after 12 months.
Re-occurring illness or injury will not be
covered by this type of policy.
"Lifetime": high-level cover
''Lifetime cover'' is the most comprehensive
type of pet insurance, but also the most
expensive. Insurers will set a high maximum
amount per year – say, £10,000 – but you will
still have to renew the policy each year, and
some insurers can refuse to renew it.
The policy will sometimes cover extras like
dental fees or burial expenses.
For all types of cover, pet owners must pay the
"excess", or first part of any claim themselves.
You can choose to lower your premium rate by
increasing your excess, or vice versa. Usually,
there will be an initial flat-rate excess charge
of around £50.
How much does it cost?
The price of pet insurance varies depending on
where you live and your pet's breed and age.
For example, Rottweilers are one of the most
expensive dogs to insure based on their
breed's history of medical complaints.
If your pet has been neutered and
microchipped, the premiums will often be
reduced.
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