Being a pet owner is a big responsibility. Not only is the pet reliant on you to be fed, groomed and exercised, you'll also get to deal with injuries and illness. These can result in expensive vet's bills should the pet get a serious injury or a long-term illness. And that's where pet insurance comes in.
Pet Health Insurance
Pet insurance provides cover for all sorts of things, including offering a reward if the animal is lost or stolen. It may also pay kennel fees if you go into hospital, cover the cost of cancelled holidays if the animal becomes ill and pay compensation if it damages property or causes an accident. However, in many people's minds, the purpose of pet insurance is to deal with vet's fees and so that's the main area of consideration when choosing a policy.
For medical bills, you'll need to see what's covered and the extent of the payout. Many policies set a limit for vet's fees, which may be an annual limit or a maximum amount payable for each condition. There are also excess levels, where you are expected to pay the first part of each claim. This may mean you pay the full cost of minor treatments but could result in lower premiums.
Some companies have the options of lifetime and time-limited cover. The former might be the one to go for if you're concerned about your pet having long-term or recurring illness that will incur vet's expenses for many years. This type of policy continues to pay out, once an illness develops, as long as the policy is renewed continuously. It is particularly suitable for pedigree dogs and cats that are likely to get chronic illnesses that can continue into the pet's old age. Companies are often reluctant to offer new policies for pets that are approaching old age, sometimes setting a maximum age for new policies. It is advisable, therefore, to take out such a policy when the animal is young so that it can then be continued beyond the age limit.
A policy with time-limited cover gives protection for a set period after an illness or injury. This typically pays out up to a twelve-month period and a maximum amount. Such policies are cheaper but less comprehensive although they still offset the high cost of treatment.
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