Types
of Pet Insurance
There
are generally three types of Pet Insurance Policies available:
Life Long Pet Insurance
This
pet insurance is renewed every year and conditions which have
arisen since taking out the insurance will continue to be
covered. There are no exclusions placed on the insurance policy
once the animal insurance is in place. Life long insurance
may be divided into two parts:
- Insurance
that pays out a maximum amount every year for each condition
claimed for. Excess will normally be deducted once a year
for ongoing conditions and for each new condition claimed
for.
-
Insurance which pays out a maximum amount each year for
all conditions claimed for.
If
the period claimed for spans two policy periods the excess
may normally be deducted for each period. Some companies increase
the premium and excess for older pets. The advantages are
that both short term and long term treatment are covered.
The disadvantages are that this type of insurance more expensive.
Individual
Condition Pet Insurance
This
pet insurance is renewed every year and the insurance policy
will normally pay out a maximum amount for each condition
and there is no time limit over which it can be claimed. The
insurance policy excess may be deducted each year for ongoing
conditions and new claims. If the time period claimed for
spans two policy periods the excess may be deducted for each
of these periods. Once the maximum amount has been claimed
that specific condition will be excluded from further insurance
cover. Some companies can increase the premium and excess
for older pets. The advantage of this type of insurance is
that it is less expensive than life long pet insurance and
should cover most short term and medium term illnesses. The
disadvantages are that you may run out of insurance cover
for expensive long term veterinary treatment.
Annual
Pet Insurance
This
type of pet insurance is renewed every year and annual insurance
cover can be divided into two categories:
- The
insurance policy will cover a condition for twelve months
from the onset of that particular condition.
- Some
insurance policies may only cover the condition until the
insurance renewal date.
The
policy will pay out a maximum amount for each condition claimed
for and any excess is deducted for each condition claimed
for. If the period claimed for spans two policy periods an
excess may be deducted for each of these periods. After twelve
months any condition claimed for in the previous year will
be excluded from the insurance cover. Once an insured pet
reaches a certain age the insurance premium may rise and the
policy excess will usually increase. The advantages of this
type of pet insurance as that it is less expensive cover against
accidents and short term illness. The disadvantages are that
medium term and long term health problems are not covered.
It is always worth remembering that any pet health problems
claimed for will be excluded if you decide to upgrade your
pet insurance cover.
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