Pet insurance – considerations

If you’re taking out pet insurance it's worth putting the same thought into choosing a policy as you would with car or home insurance. Cover levels can vary widely between providers and there are also a number of important provisions and exclusions to look out for.

Here we look at some of the most important pet insurance considerations.

What type of policy do you need?

Broadly, there are three types of pet insurance policy:

- Cover for a set period: This covers your pet for a pre-determined period, typically 12 months. Though it is the cheapest level of cover available, it means that if your pet is still being treated when the policy term ends no further treatments are provided.

- Cover per condition: This makes a contribution towards treatments up to a certain limit per condition.

- Lifetime cover: Offers a cover limit per condition, per year. As long as you renew the policy, your pet will continue to receive treatment for ongoing conditions.

What about cover?

Remember that not all policies are the same – so look into exactly what is and isn’t offered by an insurance company. Some of the factors to look out for include:

- Veterinary fees: Pet insurance policies are designed to cover vet’s fees, but there may be significant differences in what is and isn’t covered – for example will the pet be covered for cosmetic treatments (such as teeth de-scaling) or for the provision of special diets?

- Accommodation cover: If you were unable to look after your pet in an emergency situation – such as if you required in-patient hospital treatment – will your pet insurance policy cover kennel/cattery fees?

- Death benefit: Will the insurance company pay out if your pet dies due to an accident or illness, and what are the conditions that apply to this cover?

- Missing pet cover: Look for a policy that will help towards the costs of advertising if a pet is lost or stolen. Examine the terms and conditions carefully, however – you may not be covered if the pet is lost due to your negligence, such as if you left a garden gate unlocked.

- Third party liability: If your dog injures someone or damages their property you could be held liable for damages as you are responsible for the dog’s actions. Third party liability can help you cover these costs – bear in mind that third party cover does not apply to cats as they are deemed ‘free spirits’ and cannot be controlled by their owners.

Read the terms and conditions…

Examine the terms and conditions thoroughly before you agree to a policy. In particular, look for exclusions – these are circumstances in which your pet will not be covered. For example, your pet may not be covered against certain common diseases or ailments. Most policies do not include standard veterinary visits such as for flea/tick treatments and annual vaccinations.

Most pet insurance companies will not cover any pre-existing conditions your pet may have – they may still offer cover but will not payout for any treatment towards the existing condition. In addition, there may be policy limits based on the age of the pet. Generally dogs and cats above the age of eight are classed as ‘older pets’ by insurance companies and are considered at greater risk of developing illnesses. As such, you may be required to make an additional contribution towards any potential claims if you have a pet in this age group.

Check to see whether a pet must meet any specific medical requirements before your insurance applies. For example, it may be necessary to get your pet vaccinated against certain illnesses as a stipulation of a policy. You may also find that cover does not apply immediately – there may be a set period from taking out the policy until you can make a successful insurance claim.

What about multiple policies?

Generally, pet insurance only applies to one pet even if you have two or more pets in your household. However, you may find that a multiple pet insurance policy is worth considering.

Multiple pet insurance will cover two or more pets and may even earn the owner a substantial discount for insuring several pets with the same company. However, there are also multiple pet insurance policies available that actually allow you to cover several pets under one plan. Should you choose this option, bear in mind that accident and illness limits may apply to all the pets you are insuring collectively, rather than each pet individually.

Where can you get pet insurance?

The pet insurance market is increasingly competitive and so it’s worth shopping around before deciding on the right deal for you. Comparison websites can compare deals from multiple providers with one search – just remember to ensure that the quotes are like for like by examining the terms and conditions and the cover features available.