5 things you need to know (that pet insurance companies don’t tell you)

Whether you are buying pet insurance for the first time or making a repeat purchase for another pet of yours, there is some policy information that is crucial to you and your four-legged friend. It’s information you will not find easily on companies’ websites but that you absolutely need to know before buying. Here’s what they don’t (always) tell you.

1. 14-day waiting period

When you first take out cover, a waiting period applies. It’s generally 14 days but can be less or more, up to 28! During that time your pet is covered for accidents but not for illnesses.

Worse, if your pet develops an illness during that time, you will not only be unable to claim for it but it will also be excluded from your policy as classed as pre-existing. So if you’re currently looking for pet insurance, don’t delay. Sort it out today and don’t leave yourself open to trouble.

2. Percentage excess – co-insurance

Especially for older pets – but not limited to, some companies have introduced a % excess that must be paid on top of the normal fixed excess when you make a claim.

This isn’t always communicated clearly and is often just stated in the policy wording. Make sure you double check before you buy because you could be in for a shock when you finally put that claim through. It could make a massive difference to what you pay and can run in hundreds of pounds.

3. Time limit to send a claim form and other restrictions

Not only polices are the same when it comes to claiming. Regardless of the type of cover you have, conditions apply to the claiming procedure. Some companies allow you to make a claim within 6 months of the health problem arising, some within just 30 days.

Also, some pet insurance providers insist that you report any sign of an illness or a medical problem straightaway, regardless of whether you take your pet to the vet or make a claim. If you don’t follow the claiming procedure stated in your terms and conditions, then your claim may be rejected, so ensure your read it carefully and abide by it at all time.

4. Conditions imposed on various types of treatment

In pet insurance, the more treatment options, the better. Some insurers can cover a wide range of therapies but, in most instances, conditions (restrictions?) apply. Again, this is generally not clearly stated anywhere apart from the small prints of the terms and conditions. Some common conditions I’ve seen in pet insurance policies:

all complementary treatments must be recommended by the vet and pre-approved by the insurer first
dental cover is subjected to your pet having an annual dental check – that is not claimable
behavioural treatment is only accepted if carried out by certain national associations
clinical diet food is only applicable for treating bladder stones and crystals

5. Your premium will increase year after year

Your policy premium will increase year after year, at least if you stay with your current insurance company. There’s absolutely no chance that your premium may decrease one day. There’s no such thing as a no claim discount in pet insurance. This is because unlike your car or house insurance, the fact that your pet is a year older means that it is more likely to develop an illness. So, it is more likely to cost the insurer in claims and therefore the premium increases.

Also, one shouldn’t underestimate “vet inflation“, i.e. the rise in veterinary treatment costs which is believed to be between 10% and 15% every year. Insurers take this into account to give you a standard increase on your premium at renewal.

Finally, if you have claimed, you may be classed as a ‘claimer’ (as opposed to non-claimer) and may be given an even bigger premium increase.

A final piece of advice

These are only a few facts that you should be aware of before purchasing pet insurance. It’s not meant to put you off but just to ensure that you make an informed decisionand know what you’re buying.

Remember that if you have any queries on pet insurance you can ask the expert for a personalised answer and compare pet insurance.

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