Looking for pet insurance can be a little confusing. Here are a few kinds of common policies.
Kinds of Pet Health Insurance
Maximum Benefit
This is a middle-of-the-road plan that covers most new conditions for the lifetime of the policy (unless there is no time limit). This means that if you need to make a claim more than once for a condition, you can.
Typically considered a mid-budget option, maximum benefit pet insurance policies usually cover each new medical condition up to the financial limit, for as long as the insurance policy remains in force (as there is no time limit on your claim). This means you could claim more than once for a certain condition, year after year.
After the financial limit is met, any pre-existing conditions are excluded from being claimed.
If your claim runs over multiple years, you’ll pay for the policy excess, yearly. With elderly pets, policy excess and the premiums may increase, as they will likely need more medical attention.
Lifetime
This is a more high-priced policy option because it is one of the most comprehensive policies available for a pet. If you renew yearly, this policy can cover the life of your pet.
With a lifetime policy, any new medical condition will be covered up to the monetary limit that is set by the policy. If that policy limit is reached during the middle of the year, then coverage will stop until that policy is renewed. When the policy is renewed, then the policy limit becomes reinstated for the year, and any condition will continue to be covered.
Lifetime policies vary, so some may not last for the lifetime of your pet. If the pet is older, premiums, as well as policy excess, might increase. It’s important to look over the wording very carefully to make sure that your pet is covered for its lifetime.
Whichever policy type you end up buying, it is important to read the terms and conditions of the insurance provider and the policy wording carefully before purchasing. Your new policy may not cover your animal for a short number of days after the policy starts for example 14 days.
Your policy may require you to carry out regular treatment such as annual jabs. These costs are not normally covered by the policy.
Any pre-existing conditions must be declared otherwise your policy may be void.
Accident Only
If a sudden, unexpected injury occurs within the 12 months of the policy, the “Accident-Only” policy will cover any vet fees. Usually, this kind of policy is used for minor accidents or injuries and is a cheaper option than other policies.
Time-Limited
A “time-limited” policy means that you can file a claim for any eligible medical condition (that is up to a specified amount). For up to 12 months, each new condition is covered; but if the limit is reached within 12 months, the condition isn’t covered. It then becomes a pre-existing condition and becomes excluded from any future claims.
Highly Rated Pet Insurance Companies For 2021
- For Value Priced Pet Insurance: ASPCA; Healthy Paws
- Best For Full Coverage: Trupanion; Figo
- Best For Behavioral Issues & Alternative Therapies: Pumpkin Pet Insurance
- Best Pet Dental Insurance: Embrace
- Best For Preventative Medicine: PetFirst
- Best Exotic Pet Insurance: Nationwide
Read through any policies that you are considering well, and take some time to decide. Most pet insurance companies are very good about providing clear information about policies and will give you a quote within an hour or two if you need it. Your pet will appreciate you making sure they can get the care they need in the future.