Looking after your pet - what cover will you need for vets’ fees?
According to Defaqto, pet insurance policies vary widely in how they cover vets' fees so it is important for owners to understand what their policy, or potential policy, would provide if their pet needs treatment.
With National Pet Month having started on the 2nd April, now is a good time for pet owners to review what cover their current or prospective insurance policy would provide if they needed to make a claim for veterinary fees.
Although price will always play a role in which product someone chooses, given this variation between policies in terms of how they cover treatment, it is important for people to understand the features offered by different pet insurance policies to ensure the cover they have meets their (and their pet's) needs.
Mike Powell, Defaqto's Insight Analyst for General Insurance, said: "When purchasing pet insurance, it is critical for owners to get the decision right first time. The financial consequences of getting it wrong can be severe. For example, if a pet develops a life-long condition but is under an insurance policy that provides limited cover for treatment, changing policy will be difficult - due to the pre-existing condition - and the owner will therefore have to meet the full cost of treatment indefinitely.
"Cover for vets' fees is the most significant element within pet insurance policies. However, there is wide variation in how policies approach treatment claims so it is important for people to match the type of cover they need with what potential policies offer. When looking for cover pet owners should therefore focus on the features and benefits that different policies provide, and not just base their decisions on price, to avoid the risk of incorrectly insuring their pet."
Defaqto's tips for pet owners when looking for insurance:
Take time to research or speak to a vet about which conditions your pet may be prone to as treatment could potentially be costly - by putting adequate pet insurance in place pet owners can safeguard against these costs
Always check and understand how claims for veterinary fees are paid and be aware of any restrictions in cover, and check the amount of the excess and whether it's payable for each claim.
If you are looking to change insurers, remember that generally most insurers will exclude cover for ‘pre-existing' conditions
If you are unsure of the cover offered, it is essential that you speak directly to the provider to clarify any points
Defaqto's Star Ratings for pet insurance aim to help people understand the overall level of features and benefits different policies offer. Taking a wide range of elements into account, Defaqto has given each pet insurance policy on the market a rating from 1 to 5 depending on how comprehensive they are.
People can visit defaqto.com/star-ratings/pet-insurance to access Defaqto's Star Ratings for pet insurance.