Guide to pet insurance
6. Paying for your pet insurance
There are a number of issues to consider when it comes to paying for your pet insurance.
Firstly, it is important to compare pet insurance policies before you buy because some providers will offer better cover, free incentives, discounts for buying cover for more than one pet and higher online discounts.
A key part of the decision making process should be checking over the terms and conditions of each policy you are considering. This way you can compare the amount of cover you will receive for the cost of the premium plus check for the specifics relating to exclusions and limitations detailed within the policy.
It is also worth considering whether you or not to reduce the excess attached to the policy by paying a higher overall premium. The excess is the amount you will have to pay for (generally 10-15% of the total claim) before the insurance payout will kick in, so the lower this is the better. The more you choose to reduce the excess, the more the cover will cost.
When it comes to actually paying for your pet insurance, you will probably be better off paying over the internet because there are large online discounts to benefit from across all providers.
Often, providers will offer you the option of spreading the cost of your premium over 12 months. Some providers will do this at no extra cost, but most will charge interest for this service.
It is also worth considering how the insurers will pay you in the event of a claim. Some pet insurance providers will pay the vet directly in the event of your pet needing treatment. However, some insist that you pay the vet first and then claim your money back from them.
If you think you would be hard pushed to find the money to pay for treatment for your pet, you may be better off buying a policy from a provider who will pay the vet directly.
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