INTRODUCTION
Given that unforeseen veterinary treatment frequently incurs expenses amounting to hundreds of pounds, it is unsurprising that pet owners may find it challenging to finance unanticipated medical care for their animals. Pet insurance safeguards against unforeseen expenses associated with your pet’s medical treatment and contributes to a longer, healthier life for your pet.
Acquiring pet insurance promptly upon obtaining a new pet is crucial. Securing coverage for treatment of an accident after it occurs is typically unfeasible, and most policies exclude coverage for pre-existing medical disorders.
Pet insurance contracts typically delineate a maximum payout for each component of coverage.
Policies may encompass coverage for:
• Veterinary expenses related to diagnosing and treating illnesses and/or injuries. This often includes consultations, examinations, tests, x-rays, MRI scans, pharmaceuticals, dressings, surgical procedures, and hospitalization expenses. Alternative therapies frequently incorporated include acupuncture, homeopathy, and herbal remedies, alongside complementary treatments such as physiotherapy, osteopathy, chiropractic, and hydrotherapy.
• Third-party responsibility, applicable if your pet injures an individual or damages another’s property for which you are legally accountable.
The acquisition cost of your pet in the event it is lost, stolen, or succumbs to injury or disease before a designated age. Specific insurance policies necessitate paying the entire annual fee, even if your pet passes away midway through the year and a claim is submitted. If payments are made monthly, any outstanding instalments will be subtracted from the claim settlement.
• Expenses associated with advertising to locate your lost or stolen pet and the remuneration offered for its recovery.
• Hospitalisation to cover the expenses of caring for your pet in the event of your emergency medical treatment requiring hospitalization.
• Reimbursement for holiday expenses if cancellation occurs due to your pet requiring emergency surgery shortly before the commencement of your holiday.
• International veterinarian expenses for emergency medical care for your pet when traveling abroad under the Pet Travel Scheme.
WHAT PET INSURANCE CAN COVER
Select the pet insurance policy that most effectively meets your current and future requirements. Most new policies will not reimburse expenses for pre-existing medical disorders in pets; therefore, initially selecting the most appropriate insurance is crucial for ensuring coverage.
Most pet insurance policies are annual contracts, and to secure the complete coverage amount, renewing your policy each year may be necessary. Coverage for veterinarian bills is typically limited to treatments administered while the insurance policy is active, and there is no assurance that the insurer will renew your policy. We advise clients to consistently review their Terms & Conditions, as policies may vary among providers.
COMMON EXCLUSIONS IN PET INSURANCE INCLUDE:
• PRE-EXISTING ILLNESS OR INJURY – Any condition associated with a prior illness or injury exhibited by your pet before the commencement of the insurance. This often encompasses ailments and injuries that may recur or manifest in several regions of your pet’s body. Suppose your pet had an ear infection before obtaining your current policy. In that case, your insurance will likely exclude coverage for treatment of any future infections in either ear, irrespective of whether you filed a claim under a previous policy.
• WAITING PERIOD—The initial duration of the policy during which veterinary treatment is excluded, generally lasting 14 days. Insurance coverage commences for illnesses that first manifest symptoms or occur after this period. Specific guidelines have an equivalent or shorter duration for injuries.
• ROUTINE AND PREVENTATIVE TREATMENT – Vaccinations, spaying, neutering, flea, worm, and tick
treatments, grooming, nail trimming, and dental care. Expenses incurred from these procedures may also
remain uncovered.
• PREGNANCY AND PARTURITION – Matters about pregnancy, childbirth, and the care of any progeny are
typically excluded from coverage.
COMMON CLAIMS
Some of the most common claims made are for:
• Gastro intestinal issues
• Tumours
• Skin problems
• Muscular skeletal issues
• Wounds
• Arthritis
TYPES OF PET INSURANCE POLICY
There are a wide range of different pet insurance policies on the market, catering for different needs. Policies can differ, so it is important to ensure you check and understand what your policy covers.
LIFETIME POLICIES
Also referred to as lifelong, life coverage, reinstatement, repopulating, or renewable benefit policies.
What topics do they address?
Lifetime insurance provides coverage for your pet’s new medical conditions and injuries. This indicates that the policy will not cover any pre-existing disease or injury.
• Your pet is insured for a specified amount annually, contingent upon continuing the insurance coverage. Once the total maximum is attained within the policy year, your pet will not be eligible for more treatment for the remainder of that year. Upon each policy renewal, the total sum of funds is reinstated.
• Certain lifetime insurance will delineate a fixed sum to be disbursed for each illness or injury within the year. Once the limit for a particular disease or injury is attained within the policy year, no additional claims for that treatment will be compensated for the remainder of the year.
• The coverage must be renewed to guarantee your pet is covered for new treatments for illnesses and injuries in the subsequent policy period (often one year). This indicates that the policy will cover a chronic or persistent disease or injury requiring treatment for one year in the subsequent year. The disease or injury can be covered unlimited times, provided the insurance coverage remains active.
TIME-RESTRICTED POLICIES (USUALLY 12 MONTHS)
What topics do they address?
• These policies consist of two components.
1. A predetermined amount allocated for treating each disease or injury of your pet and
2. Treatment for each illness or injury will be provided for a specified duration. Policies generally encompass the expenses associated with treating your pet for a specific sickness or accident for 12 months from the onset of that condition, provided the policy remains active. The time restriction pertains not to the policy’s lifetime but the maximum coverage period for an illness or injury.
• Upon the conclusion of the designated period or reaching the stipulated monetary limit for a specific disease or injury, whichever occurs first, your pet will no longer be covered for that particular condition for the remainder of the policy term.
• Numerous time-restricted policies limit all instances of an illness or injury. Suppose the same ailment occurs in another leg, eye, or ear after the 12 months for the initial episode has elapsed or the available funds have been exhausted. In that case, your pet will not be covered for this subsequent episode. Insurers regard these as recurring conditions associated with the prior incident and will consider them a single condition for the policy’s duration.
MAXIMUM BENEFIT POLICIES
Also known as money limited policies or per condition policies.
What do they cover?
• Maximum benefit policies provide a fixed amount of money for each illness or injury to help pay for your pet’s treatment for as long as the money lasts.
• Your pet is covered for each illness and injury until the maximum amount has been spent, as long as the insurance policy remains in force and payments are kept up-to-date. To ensure your cover lasts for as long as money lasts, you must renew your policy at the end of each policy period (usually a year) and make payments on time.
• There is no time limit on reaching the amount. Once the full amount of money has been spent, the treatment of illness or injury will not be covered again.
• If your pet has received treatment for a particular illness which then appears in another part of the body at a later date, e.g. a different leg, ear or eye, many maximum benefit policies will view this as the same condition. This means that the maximum amount of money will only be available once, not for each time your pet has the illness or injury, even if that is in another part of the body. Insurers see these as recurring conditions related to the previous episode so will treat as one condition, for the duration of the policy.
ACCIDENT ONLY POLICIES
What do they cover?
• Accident only policies provide a fixed sum for each accidental injury to help pay for your pet’s treatment.
• Accident only policies may also include an amount towards the cost of emergency treatment for an illness.
• Some accident policies will have a 12-month time limit. This will cover treatment by a vet for 12 months from the date vet treatment starts per condition.
• If cover is limited to a 12-month treatment period, or your pet’s treatment will continue past your renewal date, you must renew your policy at the end of the policy period and keep your payments up-to-date to ensure your pet remains covered for future accidents that may require treatment.
MAXIMUM BENEFIT POLICIES
Also known as money-limited policies or per-condition policies.
What do they cover?
• Maximum benefit policies provide a fixed amount for each illness or injury to help pay for your pet’s
treatment for as long as the money lasts.
• Your pet is covered for each illness and injury until the maximum amount has been spent, as long as
the insurance policy remains in force and payments are updated. To ensure your cover lasts for as
long as the money lasts, you must renew your policy at the end of each policy period (usually a year)
and make timely payments.
• There is no time limit on reaching the amount. Once the full amount of money has been spent, the
treatment of illness or injury will not be covered again.
• If your pet has received treatment for a particular illness that later appears in another part of the
body, e.g., a different leg, ear, or eye, many maximum benefit policies will view this as the same
condition. This means that the maximum amount of money will only be available once, not for each time
your pet has an illness or injury, even if that is in another part of the body. Insurers see these as
recurring conditions related to the previous episode so that they will treat them as one condition
for the duration of the policy.
ACCIDENT ONLY POLICIES
What do they cover?
• Accident-only policies provide a fixed sum for each accidental injury to help pay for your pet’s
treatment.
• Accident-only policies may also include an amount towards the cost of emergency treatment for an
illness.
• Some accident policies will have a 12-month time limit. This will cover treatment by a vet for 12 months from the date vet treatment starts per condition.
• If the cover is limited to a 12-month treatment period, or your pet’s treatment will continue past
your renewal date, you must renew your policy at the end of the policy period and keep your payments
up-to-date to ensure your pet remains covered for future accidents requiring treatment.
