The Ins and Outs of Pet Insurance
Most of us consider our pets to be a part of the family. Whether referring to man's best friend, a feline companion, a bunny or a parrot, these animals are able to form some very real attachment within our lives. Much like humans, pets can get sick or become involved in accidents from time to time. This is the reason why pet insurance is so very important. These policies will vary depending upon your needs and therefore, choosing the correct plan can sometimes be a bit challenging. This article is meant to represent a how-to guide so that you will be able to appreciate the packages which exist and the specific ones that might be the best solutions.
A Basic Breakdown of Pet Insurance Plans
Much like human plans, there are a number of levels of protection that you can provide for your pet. These three variants are:
- Lifetime coverage
- Non-lifetime coverage
- Accident-only plans
Lifetime coverage tends to be the most comprehensive plan available and as such, it can also be quite expensive. This is great if your pet has any ongoing issues or suffers from chronic illnesses. Within this category, you can opt for a plan that allows you a specific number of visits to the veterinarian each year or one that is limited in terms of the annual costs. Once the yearly period is at an end, your insurance will once again renew. This can also be called a “revolving” insurance policy.
Non-lifetime coverage is your second option. This is less expensive than lifetime plans and yet, it is also less comprehensive. If you happen to hit your yearly claims limit, you will likely be required to pay out-of-pocket costs. Unfortunately, chronic conditions such as arthritis or eye problems may NOT be covered within this policy. If you have a young or healthy pet, this could be the best option. You will always be able to switch to a lifetime plan as your furry friend ages.
Finally, accident-only policies are another choice. Illnesses are NOT covered within these plans. As the title suggests, only accidents and injuries will be covered. While this can be offered as a stand-alone option, it is not uncommon for accident clauses to be included within either of the variants mentioned above.
Choosing the Best Plan
How do you know which one may be right for you and your pet? First, you will need to take into account the current health of your pet. Some metrics to think about are:
- The age of the animal
- Is the pet or breed prone to develop specific conditions over time?
- Are there any congenital defects?
- How much money can you afford to spend per year?
- Will you be forced to pay an early termination fee if you decide to opt out of the policy in the future?
Answering these questions is the best way to select the best provider.
Top Pet Insurance Providers
As of 2016, there are several firms which offer superior levels of service. A handful of these are:
Tesco is a leading provider of insurance for cats and dogs. Average limits can be as high as £10,000 pounds per year. Dental fees are covered within their plans. There is also no maximum age limit for veterinarian fees.
- Sainsbury's Bank
Sainsbury's Bank is another option to consider. Their yearly coverage limit of £13,000 pounds is slightly higher than Tesco while multiple pet discounts are available.
- MORE TH>N
MORE TH>N is a third option. This coverage starts as early as when the pet is 8 weeks old. Maximum levels are £12,000 pounds and a discount of up to 10 per cent is available when signing up online.