When shopping for pet insurance, it’s worth doing your homework to make sure that you’re getting the right level of cover at the right price; don’t pay for extended cover that you don’t really need.
Most insurers offer the following policy types:
Time-limited
This is the most affordable level of cover but it does come with some limitations. This type of policy pays a maximum monetary amount per condition for a specific time period. So, if your cat needed a bladder operation for example, you would be covered up to say £2000 spread across a (typical) twelve-month period.
After this, cover for the condition will be excluded from the policy for the remainder of the term and from any future renewals meaning that you’ll have to pay for the treatment from then onwards. This option will cover you for the initial, unexpected bills but you will have to fund any further treatment yourself once the time limit is up, which could prove expensive if on-going treatment is necessary.
Maximum Benefit
Similar to a time-limited policy, you’ll be covered up to a maximum threshold per condition but there is no time restriction for claiming. This type of policy covers conditions up to a maximum amount but there is no time limit on how long you can claim for. However, once you have submitted claims to the value of the maximum benefit threshold (typically £2500), you’ll be unable to claim further for that specific condition; unrelated conditions should still be covered.
Lifetime
A comprehensive policy, this will cover any vet fees for the duration of your pet’s life. The annual premium may increase each year in line with the age (and assessed risk) of your animal.
As there are no time or financial restrictions with this type of cover it is one of the most expensive options, so if it’s peace of mind you’re after then this could be the best choice for you. As always, do check the small print before you buy.
If you have specific needs such as cover for rare, valuable or pedigree breeds then you may find that a specialist underwriter can offer a tailored level of protection. As always, check the fine print and make sure you’re not restricted to unrealistic limitations which don’t offer the cover you really need for your pets.