What types of pet insurance are available?The most essential aspect to look out for is the type of cover provided for veterinary fees. There are basically three types of Pet Insurance Policies available. OverviewLife Long CoverThe pet insurance policy is renewed annually and conditions which have arisen since taking out the policy will continue to be covered; i.e. there are no exclusions placed on the policy once the animal insurance cover is in place. Life long cover may be divided into 2 categories: · A policy which pays out a maximum amount each year for each condition claimed for. An excess will usually be deducted once a year for ongoing conditions and for each new condition claimed for. · A policy which pays out a maximum amount each year for all conditions claimed for. If the period claimed for spans two policy periods the excess may be deducted for each period. Some companies may increase the premium and excess for older pets. Advantages Short- and long-term treatment is covered. Disadvantages More expensive. Individual Condition CoverThe pet insurance policy is renewed annually. The insurance policy will pay out a maximum amount for each condition and there is no time limit over which it can be claimed. The policy excess may be deducted each year for ongoing conditions and new claims. If the period claimed for spans two policy periods the excess may be deducted for each period. Once the maximum amount has been claimed that specific condition will be excluded from future cover. Some companies may increase the premium and excess for older pets. Advantages Less expensive premiums and should cover most short- and medium-term illness. Disadvantages May run out of cover for expensive long-term veterinary treatment .
Annual CoverThe pet insurance policy is renewed annually. Annual cover may be divided into two categories; · Policy will cover a condition for twelve months from the onset of the condition. · Some policies may only cover the condition until the renew date. The insurance policy will pay out a maximum amount for each condition claimed for. An excess is deducted for each condition claimed for. If the period claimed for spans two policy periods an excess may be deducted for each period. After 12 months any condition claimed for in the previous year will be excluded from the insurance cover. Once insured pets reach a certain age the insurance premium may rise and the policy excess will increase. Advantage Less expensive cover against accidents and short-term illness. Disadvantage Medium- and long-term health-care conditions are not covered. It is worth remembering that any pet health conditions claimed for will be excluded if you decide to upgrade the pet insurance cover. |