Understanding the various types of cover can be overwhelming so we have broken this down into the basics.
What are the main types of pet insurance?
If you own a pet, your vet bills can quickly mount up, as treatment has become much more sophisticated over the years. Pet insurance helps you cover veterinary costs.
What type of pet insurance is right for me?
Every pet is unique, and thus there’s a range of different plans to choose from. Here is a brief overview describing the various policy types available, to help you decide which best meets your and your pet’s needs.
Lifetime Cover or Cover for Life pet insurance
Pet insurance providers name their products differently, but don’t be confused by this. Ask this very simple question:
If my Pet develops an illness like diabetes that lasts its lifetime, can I claim for ongoing treatment year after year, if I continue to pay my premiums year after year? If they answer Yes, then it is lifetime cover.
This is the most popular and comprehensive type of pet insurance and is generally priced higher than other types as it covers more conditions and illnesses than most. The higher the amount of cover you choose the higher the premiums will be.
Always check the details of the policy, as some companies restrict the cover available for certain conditions such as cancer treatments or broken limbs. This is often to reduce the amount customers pay for the policy.
Per Condition Polices or Maximum Benefits
This type of policy pays a limited amount for each condition your pet has, and once the treatment costs have reached this limit the policy will stop paying further claims, even if you keep paying.
This is not lifelong cover and the amount you pay for the policy will often be similar to lifetime cover, so be sure to know what you are buying. Again, you can ask a very simple question once you have established the limit of cover you have, say it is £7,000 for each condition…
If my pet has a condition that last for 3 years, and it has £10,000 worth of treatment will it all be paid if I keep paying my premium? The answer is no for this type of cover.
Time Limited Cover or 12 Months Cover
This type of cover will have a monetary limit and a time limit. It will stop paying for the treatment of a condition as soon as the time limit is reached, often 12 months or when the vet fees limit is reached, whichever comes first.
The question to ask here is: Will you pay for the treatment of my pet’s condition if it lasts for its lifetime. The answer would obviously be no.
These policies cost less than the lifetime policies, but of course this is because its not offering support throughout the life of your pet.
Accident Only Cover
This cover as the name suggests does not cover illnesses, just accidents, and often with a time limit and treatment limit.
This is the lowest level of pet insurance and often has very low premiums, but you get what you pay for.
