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Pet Insurance Explained
Pets are important members of the family, however without adequate pet insurance you can end up paying heavily for vet's fees if your animal falls ill and needs treatment. There are different types of pet insurance available and each is designed to provide tailored cover for dogs, cars, horses, rabbits or exotic pets.
Potentially the most important aspect of pet insurance is the financial contribution it provides towards veterinary fees. Pet insurance providers differ in the way they cover treatment so it is important to check whether the level of cover is sufficient before committing to a policy.
Policies which place limits on the maximum length or cost of treatment for each condition are often cheaper than those which offer ongoing cover. Limited cover policies can be perfectly adequate for individuals whose major concern is the cost of veterinary treatment following an accident or serious injury. Life of condition policies are designed to cover the treatment of ongoing conditions such as eczema or arthritis and will continue to pay out as long as treatment is needed and premiums are met.
Most pet insurance policies provide cover for 3rd party liability and will protect you financially if damage is sustained to either property or an individual as a result of the actions of your animal. Additionally, most offer compensation for the death or loss of a pet. This will either be a specified amount or in the case of more expensive pets such as pedigree dogs or exotic pets, the insurer is likely to pay out the current market value of the animal or the equivalent purchase price.
Policies may also contribute funds to cover advertising for a lost pet, boarding fees if the owner is hospitalised and compensation if a holiday has to be cancelled due to pet illness. Additionally, pet travel insurance components may be included or available as an addition to the policy.
If your pet has any pre-existing medical conditions it is important to disclose them to an insurer prior to purchasing a policy and finding out whether they will be covered. It is also important to check whether there are any age restrictions on a policy; many insurers will not cover pets over a certain age in standard policies but offer 'older pet' policies with similar benefits to supplement this.
As the majority of pet insurers do not believe if no claims discounts so as to ensure that treatment is not withheld for financial reasons, the number of claims you make on your policy is unlikely to affect the annual premium. However, many insurers do offer multi-pet discounts when more than one animal is insured on the same policy.
By comparing not only the cost but also the details of several pet insurance policies, you should be able to provide your pet with comprehensive level of insurance cover.
