Pet Insurance can come
in many flavors.
The most basic pet insurance plans
will only cover injuries and accidents such as car accidents, broken
bones, swallowing foreign objects or poisons. These insurance plans will
often cost around the 15-20 dollar per month mark. Although these are
quite cheap, they are limited in what they cover.
Tip!
According to financial research company Defaqto, pet insurance can be a
minefield for owners and its complexity is deterring consumers from
taking out cover.
The slightly more expensive pet
health insurance plans will cover your pet against illness as well.
These insurance policies will cover against long term treatment for
diseases such as cancer or other illnesses such as flu. Another often
overlooked benefit of these more expensive policies is boarding for your
pet. This can be invaluable if you yourself are taken ill and your pet
needs to be homed whilst your are hospitalized or otherwise unable to
care for your pet.
Tip!
There are various levels of pet insurance to choose from, including
Senior and Standard Pet Coverage plans. The Standard packages insure
pets up to ‘eight years' old, while the Senior policies will cover
pets over the age of eight.
When deciding which pet insurance
policy to take out, don't just look at the monthly cost. Take into
consideration exactly what is covered for your pet and whether you are
getting what you pay for. As a guide, here are some of things you should
be asking :
Does it matter
how old my pet is? - Some pet insurance policies will
not cover pets over a certain age or will have a higher premium for
older pets.
Am I insured
if my pet goes missing or is stolen? - Sometimes pets can go
astray or get stolen. Should this happen, will your pet insurance policy
cover the cost of advertising and or the cost of putting up a reward for
safe return of your pet? Some policies will even reimburse the purchase
price of your pet.
Is third party
liability cover for my pet available? - Nowadays, with claims
for compensation becoming more and more common, it makes sense for you
to insure yourself in case your pet causes damage to somebody else or
their property. Third party liability cover against this up to an agreed
value.
Will I have to
pay an excess if I make a claim? - Most pet insurance health
policies will carry an excess. This simply means that for any given
claim, you as the policy holder will be liable to pay a certain amount
towards the claim. More often than not, the policies with a lower
monthly premium will have a higher excess. It is best to confirm that
the excess is something you can afford before taking out an insurance
policy for your pet.
As with most insurance policies, there
are limitations and exclusions. It is wise to look into this before
taking out any policy. It's much better to find out now what is not
covered than when you wish to make a claim. In particular, check for
limitations on how soon you can claim after the policy is taken out.
Some policies will not allow a claim before a certain number of weeks
have passed. Also check to see if preventative treatments are covered.
Things such as fleas, worms, vaccinations, pregnancy etc.
Something else to consider, is whether
you will get a discount for insuring more than one pet. Some insurance
companies will offer a 5% discount or similar if you insure all your
pets on one policy.
If you require optimum coverage for
your pet, you will find that insurance companies will allow you to add
extra cover for a given charge. Additional cover may include:
Holiday cancellation - If your pet is
ill and you need to cancel a holiday to get treatment, some policies
will provide reimbursement for this.
Hospitalization Of Owner - If you are
taken ill, your pets boarding costs will be covered.
Taking your pet abroad - Quarantine
costs and emergency expenses when abroad can be covered. |
