How Pet Insurance Works
Pet insurance works in much the same way as any other type of insurance. You insure your home against damage or theft, you insure your car against much the same, sometimes you even insure yourself against illness or injury; the reason we do all this is to give ourselves financial peace of mind should the worst happen.
With pet insurance, you are essentially paying to cover one of two things; either treatments on your pet by a registered vet or for help with the recovery of your pet should it be lost or stolen. There are different pet insurance types that you can take out depending on the kind of pet that you own and the type of coverage which you require.
Once a policy is in place, pet insurance works in much the same way as any other type of insurance. You make financial contributions into your scheme every month after having agreed an excess and then if something should happen to your pet which requires you to pay out of your pocket (e.g. a surgery) you can claim for financial assistance from the insurer.
| Insurer | Policy Name | Policy Type |
Maximum Vet Cover |
Online Discount |
Multi Pet Discount |
Get a Quote |
|---|---|---|---|---|---|---|
|
Pet Emergency |
|
£1,500 | 20% |
|
|
|
|
Pet Insurance |
|
£3,000 | 20% |
|
|
|
Premier |
|
£7,000 | 15% | 5% |
|
|
|
Standard |
|
£4,000 | 15% | 5% |
|
|
Essential |
|
£4,000 | 10% | 15% |
|
|
Value |
|
£1,500 | 10% | 20% |
|
|
|
Standard |
|
£3,500 | 10% | 20% |
|
|
|
Superior |
|
£6,000 | 10% | 20% |
|
|
Lifelong Extra |
|
£6,000 | 10% | 5% |
|
|
|
Advanced |
|
£6,000 | 10% | 15% |
|
|
|
Lifelong Plus |
|
£4,000 | 10% | 5% |
|
|
Essential |
|
£3,000 | 10% |
|
|
|
|
Classic |
|
£4,000 | 10% |
|
|
|
|
Ultimate |
|
£12,000 | 10% |
|
|
|
Option 1 |
|
£3,000 | 12 months for 9 | 5% |
|
|
|
Option 2 |
|
£7,500 | 12 months for 9 | 5% |
|
The insurer will either liaise directly with the vet performing the procedure or will require receipts as evidence of how much money has been spent and what it has been spent on. It really is that simple. However, it’s not just an unlimited supply; most insurers will put limits on how much you can claim in a given year and many will put restrictions on how many times you can claim for a certain illness. Thus, the insurance may well not pay for everything but it will certainly help for the most part.
How much you have to pay each month will vary from company to company, from policy to policy and from pet to pet. The cost of insuring a very healthy animal will be a lot less than insuring an older animal which has a history of medical problems. This makes it just the same kind of discretionary process which medical insurers use when considering which human clients to take on. It may seem unfair but the insurers are ultimately trying to run a business and make a profit, thus they aren’t going to take on a client or a pet which they feel could present them with a potentially large payout.
When applying for pet insurance you will need to disclose the previous medical history of your animal and copies of any certificates or vet examinations. The company will then use this information to determine how much it will cost you to insure your pet. When most people come to consider pet insurance, they feel as though they have already spent enough on feeding and housing their pet and can’t quite bring themselves to part with the extra money for making monthly contributions to an insurance scheme. However, veterinary bills can sometimes be the most expensive aspect of keeping a pet so you could soon find yourself out of pocket if you are not careful.