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| Understanding Pet Insurance |
Click to go: Home > Pet Insurance > Understanding Pet Insurance
This guide written by Tesco Insurance explains why you should have pet insurance, the
benefits of taking out a policy, and how to choose the most suitable policy for you. It
tells you what to look for, and the questions you should ask about the level and
duration of cover you receive. Finally, the guide provides a handy checklist of points to
consider when you take out pet insurance.
This section covers the following relevant information:
How does pet insurance work?
What does pet insurance cover?
Why do pets need insurance?
How do I choose a policy?
Exclusions
How can I buy pet insurance?
How do I claim?
Important considerations
How does pet insurance work?
Insurance works on the generally simple idea that the risks of many can cover the
mishaps of a few. So, instead of everyone paying out of their own pocket every time
something goes wrong, everyone clubs together, spreads the risk and pays a fraction
of what they would otherwise have to.
The principles of pet insurance are the same. You pay your premium and hope that
your pet stays healthy for the rest of its life. However, if your pet should unexpectedly
fall ill, have an accident or even swallow something it shouldn't, your insurance
company will pay to put it right out of the collective money pot.
Although pet insurance provides cover against life's unexpected emergencies, it won't
cover you for routine or preventative treatment such as worming tablets or regular
injections. This is no different from any other form of insurance though. For example,
you can't claim for your car's regular service on your motor insurance, although you
can claim for repairs if you have an accident.
What does pet insurance cover?
Vet fees
The most important aspect of a pet insurance policy, and the main reason why people
insure their animals, is to cover vet fees. There are three main levels of cover offered -
although there are different variations available - and it's important to know which type
of cover you're buying.
Level one - This type of cover has a maximum limit on the amount it will pay out for
each condition, and a limit on the length of time a condition can be claimed for (usually
12 months from the onset). Once the maximum monetary or time limit has been
reached the condition will no longer be covered. This is commonly referred to as a 12-
month policy.
Level two - The second type of cover involves a maximum limit on the amount paid out
for each condition. There's no time limit though, so you claim for as long as it takes to
reach this monetary limit. This is generally more expensive than level one and is
suitable for long-term conditions.
Level three - This is commonly referred to as a 'cover for life' policy. It offers a fixed
amount of cover for vet fees each year, and when you renew your policy the amount
you can claim is reset. For example, a cat that was diagnosed with arthritis, that first
started during a period of insurance, would be covered for this condition during its
lifetime, and the owner would pay an excess each year. This type of cover can be
expensive but is suitable for long term, ongoing conditions.
Third party liability
Most companies will offer an element of third party liability cover, although this usually
only applies to dogs. It covers any damage they may cause to someone else or their
property, which you are legally liable for. For example, if your dog was to get hit by a
car, you'd have to cover the cost of your pet's injuries, but you may also be liable to
cover the cost of damage to the car - which could run into thousands of dollars.
Additional features
Other items may be covered by a pet insurance policy. These typically include:
So there's a lot more to pet insurance than meets the eye! If you want to find out more,
read on...
Why do pets need insurance?
Each year 1 in 3 cats and dogs fall ill or are injured, and with no animal NHS the
average emergency visit to the vet will set you back around @$200. Treatment is
becoming more effective as technology improves, but this has caused vet bills to rise
steadily. So if your pet was to have an accident or need emergency medical treatment
it could end up costing you hundreds, if not thousands, of dollars. Take a look below at
some of the most common reasons for going to see a vet:
Cuts/lacerations
Lameness
Road traffic accident
A growth
Abscess
Bites
Foreign body (swallowed)
Gastro-enteritis
Ear infection
Pet insurance would cover all of these common conditions - and it doesn't have to be
expensive either. It can start from just a few dollars a month, enabling you to avoid
most of these unexpected costs, whenever they arise.
How do I choose a policy?
There are a number of things you need to consider when taking out pet insurance. Not
only can the policies vary in the level of cover they offer, but each company will apply
their own additions, conditions and exclusions, which means there can be great
differences between them. It's important to make sure that you compare like with like
when choosing pet insurance and pick the policy that best meets your needs and
budget.
Cost
The basic level of pet insurance costs much less than you may think, and, although
some policies may not cover you against every eventuality, it's usually better to have
some cover than none at all. The more comprehensive the level of cover, the more
expensive the policy is going to be. However you should take care to ensure you are
not paying for more cover than you need.
Different companies often use different methods to work out the cost of your premiums.
Some companies consider the breed of the animal, its age and where you live. The
benefit of this is that you are charged according to your own circumstances.
Other companies make you pay the same as everyone else - even if their animals pose
a higher risk than yours. This means that if there is a rise in claims, the company may
put the price up for everyone, rather than just for those who are making the claims.
You should be able to tell roughly how each company charges by the questions they
ask you. If they want to know more detail about your pet, you know that you are
probably being considered on an individual basis.
Most policy contracts are on an annual basis and the cost of the insurance can usually
either be spread over the year by paying monthly or as a one-off annual charge.
Sometimes you can save by paying by a particular method, such as by direct debit.
Excess
The excess is the part of a claim that you have to pay from your own pocket.
One of the main purposes of an excess is to prevent people claiming for minor ailments
that only cost a small amount to treat, but cost insurance companies a lot to process.
Without an excess everyone could claim for everything and, ultimately, the cost of
insurance would have to rise dramatically. By charging an excess insurance companies
can keep premiums lower, making cover more affordable.
Different companies offer different types of excess:
Fixed excess - This type of excess is fixed at the outset, and stays the same regardless
of the size of your claim.
Percentage excess - This is where the excess is based on a percentage of your claim
(usually after a fixed minimum has been applied), so the more you claim the higher the
excess.
Annual excess - If a single condition spans two policy years the excess will be taken
twice.
Variable excess - The excess can vary according to the area in which the pet lives
and/or the pet's age.
Most companies will charge you an excess for each condition you claim for, so if you
have to claim for two different problems in one year, you'll have to pay two excesses.
Exclusions
Different insurance companies apply different exclusions. Some may refuse to cover
older animals or certain breeds if they feel they are too high a risk. Other companies
may refuse to cover your pet for certain conditions, such as arthritis or hip trouble,
which certain breeds of dog are especially prone to. Make sure you check the
exclusions to ensure the cover provided meets your individual needs. Possible
exclusions may be:
Most insurance companies won't insure your pet for a condition that started before you
took the policy out. How strictly this general rule is applied will vary between companies.
For example a dog that has suffered from arthritis in one joint prior to the insurance
starting may be excluded from all arthritis cover by one company, just the specific joint
by another, or for any bone and joint problems by another.
Changes in terms for older pets
Check what happens to your policy as your pet gets older. Some companies may
increase the premiums or excess as your pet gets older. And sometimes they change
from charging a flat rate excess to a percentage excess instead.
Age limits
Many companies won't insure your pet for the first time if it's past a certain age. This is
usually 8 or 10, but it can be as low as 5 years old depending on the breed. Whilst
generally speaking, most companies who will insure your pet will insure them for life,
there are some companies who won't. So, even if your pooch is already insured, once it
hits the company's cut-off age, insurance may cease or cover may be restricted.
Additional benefits
Some companies offer important additional benefits at no extra cost. For example, a
phone line to help you find a vet in an emergency.
Company reputation
You may be better off choosing a company that has a proven and good reputation that
you can trust to deliver a reasonable level of service. Speak to friends and family about
which companies they recommend. Remember also that the company name on the
policy is not necessarily the company that underwrites the risk or administers the sales
and claims process.
How can I buy pet insurance?
Common ways to buy policies are by post, over the phone, or online.
How do I claim?
Although companies will differ in their requirements, it's generally very simple to make a
claim. Some companies will allow you to make a small claim for vet fees over the phone,
without having to complete any paperwork. However, for larger and more complicated
claims you'll probably be asked to complete a claims form. You'll then need to pass this
onto your vet, so that the surgery can add necessary medical details, such treatment
received and costs incurred.
If the claim involves a third party you must notify your insurance company in the first
instance, so that they can liaise directly with the third party.
Important considerations
As you can see, there are a number of things to consider when taking out a pet
insurance policy. Below, we've included a checklist of the key points.
Things to consider
Does the cost of the policy suit my budget?
Is the level of vet fees cover appropriate for me?
What are the exclusions and how will they affect me?
What are the excesses and how are they applied?
Does my pet have any pre-existing conditions that affect the cover?
Will the terms and conditions stay the same when I renew the policy?
Will the company insure my pet as it gets older?
What happens to the policy's terms and conditions as my pet gets older?
Do I want to pay my premium on a monthly or annual basis?
Should I have third party liability cover?
What additional benefits are important to me?
What do I know about the company's reputation?
Taking out pet insurance is a wise decision and one that you should be pleased you
made in the long term. Buying a policy is easy and the benefits can be considerable.
Pet insurance gives you peace of mind and can literally save you thousands of pounds
for just a few pounds a month.
benefits of taking out a policy, and how to choose the most suitable policy for you. It
tells you what to look for, and the questions you should ask about the level and
duration of cover you receive. Finally, the guide provides a handy checklist of points to
consider when you take out pet insurance.
This section covers the following relevant information:
How does pet insurance work?
What does pet insurance cover?
Why do pets need insurance?
How do I choose a policy?
Exclusions
How can I buy pet insurance?
How do I claim?
Important considerations
How does pet insurance work?
Insurance works on the generally simple idea that the risks of many can cover the
mishaps of a few. So, instead of everyone paying out of their own pocket every time
something goes wrong, everyone clubs together, spreads the risk and pays a fraction
of what they would otherwise have to.
The principles of pet insurance are the same. You pay your premium and hope that
your pet stays healthy for the rest of its life. However, if your pet should unexpectedly
fall ill, have an accident or even swallow something it shouldn't, your insurance
company will pay to put it right out of the collective money pot.
Although pet insurance provides cover against life's unexpected emergencies, it won't
cover you for routine or preventative treatment such as worming tablets or regular
injections. This is no different from any other form of insurance though. For example,
you can't claim for your car's regular service on your motor insurance, although you
can claim for repairs if you have an accident.
What does pet insurance cover?
Vet fees
The most important aspect of a pet insurance policy, and the main reason why people
insure their animals, is to cover vet fees. There are three main levels of cover offered -
although there are different variations available - and it's important to know which type
of cover you're buying.
Level one - This type of cover has a maximum limit on the amount it will pay out for
each condition, and a limit on the length of time a condition can be claimed for (usually
12 months from the onset). Once the maximum monetary or time limit has been
reached the condition will no longer be covered. This is commonly referred to as a 12-
month policy.
Level two - The second type of cover involves a maximum limit on the amount paid out
for each condition. There's no time limit though, so you claim for as long as it takes to
reach this monetary limit. This is generally more expensive than level one and is
suitable for long-term conditions.
Level three - This is commonly referred to as a 'cover for life' policy. It offers a fixed
amount of cover for vet fees each year, and when you renew your policy the amount
you can claim is reset. For example, a cat that was diagnosed with arthritis, that first
started during a period of insurance, would be covered for this condition during its
lifetime, and the owner would pay an excess each year. This type of cover can be
expensive but is suitable for long term, ongoing conditions.
Third party liability
Most companies will offer an element of third party liability cover, although this usually
only applies to dogs. It covers any damage they may cause to someone else or their
property, which you are legally liable for. For example, if your dog was to get hit by a
car, you'd have to cover the cost of your pet's injuries, but you may also be liable to
cover the cost of damage to the car - which could run into thousands of dollars.
Additional features
Other items may be covered by a pet insurance policy. These typically include:
- The purchase price if your pet goes missing, is stolen, or is fatally hurt in an
accident - Money towards advertising and a reward if your pet goes missing
- Cover for boarding fees if you have to go into hospital for a specified length of
time - Cover if you have to cancel or cut short your holiday because your pet goes
missing or needs emergency treatment
So there's a lot more to pet insurance than meets the eye! If you want to find out more,
read on...
Why do pets need insurance?
Each year 1 in 3 cats and dogs fall ill or are injured, and with no animal NHS the
average emergency visit to the vet will set you back around @$200. Treatment is
becoming more effective as technology improves, but this has caused vet bills to rise
steadily. So if your pet was to have an accident or need emergency medical treatment
it could end up costing you hundreds, if not thousands, of dollars. Take a look below at
some of the most common reasons for going to see a vet:
Cuts/lacerations
Lameness
Road traffic accident
A growth
Abscess
Bites
Foreign body (swallowed)
Gastro-enteritis
Ear infection
Pet insurance would cover all of these common conditions - and it doesn't have to be
expensive either. It can start from just a few dollars a month, enabling you to avoid
most of these unexpected costs, whenever they arise.
How do I choose a policy?
There are a number of things you need to consider when taking out pet insurance. Not
only can the policies vary in the level of cover they offer, but each company will apply
their own additions, conditions and exclusions, which means there can be great
differences between them. It's important to make sure that you compare like with like
when choosing pet insurance and pick the policy that best meets your needs and
budget.
Cost
The basic level of pet insurance costs much less than you may think, and, although
some policies may not cover you against every eventuality, it's usually better to have
some cover than none at all. The more comprehensive the level of cover, the more
expensive the policy is going to be. However you should take care to ensure you are
not paying for more cover than you need.
Different companies often use different methods to work out the cost of your premiums.
Some companies consider the breed of the animal, its age and where you live. The
benefit of this is that you are charged according to your own circumstances.
Other companies make you pay the same as everyone else - even if their animals pose
a higher risk than yours. This means that if there is a rise in claims, the company may
put the price up for everyone, rather than just for those who are making the claims.
You should be able to tell roughly how each company charges by the questions they
ask you. If they want to know more detail about your pet, you know that you are
probably being considered on an individual basis.
Most policy contracts are on an annual basis and the cost of the insurance can usually
either be spread over the year by paying monthly or as a one-off annual charge.
Sometimes you can save by paying by a particular method, such as by direct debit.
Excess
The excess is the part of a claim that you have to pay from your own pocket.
One of the main purposes of an excess is to prevent people claiming for minor ailments
that only cost a small amount to treat, but cost insurance companies a lot to process.
Without an excess everyone could claim for everything and, ultimately, the cost of
insurance would have to rise dramatically. By charging an excess insurance companies
can keep premiums lower, making cover more affordable.
Different companies offer different types of excess:
Fixed excess - This type of excess is fixed at the outset, and stays the same regardless
of the size of your claim.
Percentage excess - This is where the excess is based on a percentage of your claim
(usually after a fixed minimum has been applied), so the more you claim the higher the
excess.
Annual excess - If a single condition spans two policy years the excess will be taken
twice.
Variable excess - The excess can vary according to the area in which the pet lives
and/or the pet's age.
Most companies will charge you an excess for each condition you claim for, so if you
have to claim for two different problems in one year, you'll have to pay two excesses.
Exclusions
Different insurance companies apply different exclusions. Some may refuse to cover
older animals or certain breeds if they feel they are too high a risk. Other companies
may refuse to cover your pet for certain conditions, such as arthritis or hip trouble,
which certain breeds of dog are especially prone to. Make sure you check the
exclusions to ensure the cover provided meets your individual needs. Possible
exclusions may be:
- Treatments that are aimed at preventing a condition e.g. neutering / worming /
flea treatment / vaccinations / nail clipping - Treatment arising as a result of pregnancy or giving birth
- Behavioural problems
- Illness arising within the first 10, 14 or 30 days of the policy date
- Home visits, unless the vet feels this is absolutely necessary for the pet's welfare
- Congenital or hereditary conditions
- Dogs restricted under the Dangerous Dogs Act 1991/ Wolf hybrids or animals
listed under the Dangerous Wild Animals Act 1976 - Pets used for work, racing, guarding or commercial gain
- Dental treatment
- Diet food
Most insurance companies won't insure your pet for a condition that started before you
took the policy out. How strictly this general rule is applied will vary between companies.
For example a dog that has suffered from arthritis in one joint prior to the insurance
starting may be excluded from all arthritis cover by one company, just the specific joint
by another, or for any bone and joint problems by another.
Changes in terms for older pets
Check what happens to your policy as your pet gets older. Some companies may
increase the premiums or excess as your pet gets older. And sometimes they change
from charging a flat rate excess to a percentage excess instead.
Age limits
Many companies won't insure your pet for the first time if it's past a certain age. This is
usually 8 or 10, but it can be as low as 5 years old depending on the breed. Whilst
generally speaking, most companies who will insure your pet will insure them for life,
there are some companies who won't. So, even if your pooch is already insured, once it
hits the company's cut-off age, insurance may cease or cover may be restricted.
Additional benefits
Some companies offer important additional benefits at no extra cost. For example, a
phone line to help you find a vet in an emergency.
Company reputation
You may be better off choosing a company that has a proven and good reputation that
you can trust to deliver a reasonable level of service. Speak to friends and family about
which companies they recommend. Remember also that the company name on the
policy is not necessarily the company that underwrites the risk or administers the sales
and claims process.
How can I buy pet insurance?
Common ways to buy policies are by post, over the phone, or online.
How do I claim?
Although companies will differ in their requirements, it's generally very simple to make a
claim. Some companies will allow you to make a small claim for vet fees over the phone,
without having to complete any paperwork. However, for larger and more complicated
claims you'll probably be asked to complete a claims form. You'll then need to pass this
onto your vet, so that the surgery can add necessary medical details, such treatment
received and costs incurred.
If the claim involves a third party you must notify your insurance company in the first
instance, so that they can liaise directly with the third party.
Important considerations
As you can see, there are a number of things to consider when taking out a pet
insurance policy. Below, we've included a checklist of the key points.
Things to consider
Does the cost of the policy suit my budget?
Is the level of vet fees cover appropriate for me?
What are the exclusions and how will they affect me?
What are the excesses and how are they applied?
Does my pet have any pre-existing conditions that affect the cover?
Will the terms and conditions stay the same when I renew the policy?
Will the company insure my pet as it gets older?
What happens to the policy's terms and conditions as my pet gets older?
Do I want to pay my premium on a monthly or annual basis?
Should I have third party liability cover?
What additional benefits are important to me?
What do I know about the company's reputation?
Taking out pet insurance is a wise decision and one that you should be pleased you
made in the long term. Buying a policy is easy and the benefits can be considerable.
Pet insurance gives you peace of mind and can literally save you thousands of pounds
for just a few pounds a month.
