If you are thinking about buying pet insurance, here is a brief summary of the most important things you should look for in the policy…although after reading this article you may decide that it isn’t worth it.
Lots of Exclusions
Policies will usually exclude pre-existing conditions. They may also exclude numerous other things, such as dental treatment, vaccinations and de-sexing.
Stuck with the Same Insurer?
It may not be easy to change insurers…
For example, if you buy the policy when your pet is still young, the exclusion in relation to pre-existing conditions may not seem too important. However, as the years go buy and your cat or dog starts to have more health issues, if you try and change insurers, you might find that the new insurer will exclude conditions which your pet has developed, but which would not have been excluded under the original policy.
Policies commonly have a lower limit which they pay in respect of certain common incidents. One typical example is tick paralysis. It’s worthwhile checking in advance whether this ailment is covered at all, and if so, what is the sublimit which applies to it.
Policies can Change Every Year
When it comes to pet insurance, you can’t “set and forget”. These policies can change every year when you renew. For example, when the insurer pays a vet bill, they commonly require a co-payment from you, for example 20%. But when you do the annual renewal, the co-payment percentage might go up to 30-35%.
These policies are expensive, there are lots of exclusions, and there is minimal government regulation protecting you, compared to “normal” health insurance policies. So, before you buy, you really do have to do your research and read the fine print.