When you welcome a new pet into your family, one of the first things to do is register your pet with the local vet, and obtain an insurance policy. However, many of us forget to do latter, leading to extremely high vet bills in the event of an emergency. Whether you have a cat, dog, rabbit, hamster or horse, obtaining the right pet insurance should be a priority.
What your pet insurance policy covers will differ between providers, so it is extremely important that you carefully check the wording of your policy. Most insurance policies will cover vet bills if your pet is taken ill or has an accident, they could even offer compensation in event of cancellation of a holiday. There are various levels of cover available with pet insurance, most offer the cover in three different levels, gold, silver, and bronze. The names for these levels of cover will differ between provider too, but they essentially mean the same thing. Basic pet insurance policies will generally offer cover for the following:
• Vet Fees
• Holiday Cancellation
• Boarding Fees
• Advertising or Rewards
• Third Party Liability
• Accidental Damage
The majority of insurance policies will usually cover your vets fees in full, but not always, so it is extremely important that you check your policy. Some insurance providers offer discounted annual premiums by allowing the customer to pay an excess fee, similar to car insurance. It is often assumed that pet insurance is similar to human health cover or life insurance, but pet insurance is actually a form of property insurance, this is why you are not usually reimbursed until after your pet has received care. As pet owners often struggle with excessive vet bills, some insurance companies are starting to offer to pay the vet direct, cutting you out of the process, and thus saving you the hassle of paying the bills upfront.
As you can see pet insurance varies, from the level of cover, to the way in which you are reimbursed, to what animal you wish to insure, and as such it is highly recommended that you seek a quotation from a qualified insurance provider to receive a plan tailored to your needs.