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What is Pet Insurance?
Pet insurance is a form of insurance coverage that pays a portion of your eligible vet bills, up to an agreed amount. Vet visits are sometimes general check-ups and yearly vaccinations, but can also involve treatment for an injury or illness that impacts your pet, and in serious cases surgical procedures may be required.
Pet insurance requires you to pay a premium – usually monthly, but it depends on your provider – in order to receive coverage for injuries and illnesses outlined in your insurer’s Policy Booklet.
You choose your policy level and then pay a premium to maintain your coverage. It’s important to do your research and find a product that aligns with your pet and your lifestyle.
After your pet is treated by a vet, you pay your vet directly and then make a claim with your insurance provider, who will pay you a portion of those expenses if the claim is accepted. Some insurance companies offer gap only payments which means you can claim the benefit at the time of seeing your vet. This can be very useful as you don’t have to pay the whole vet bill up front, only the gap. Not all insurance companies offer gap only but it is worth looking our for it.
Read the Documents
It is important to read the insurance provider’s Policy Booklet to get the correct amount of coverage: This can range from basic through to comprehensive.
Many insurance premiums will not pay any portion of preventative health care matters such as vaccinations, flea/ tick prevention and your pets annual dental scale and polish. These are considered the cost of owning a pet and not an illness or injury. Desexing operations are also rarely covered under an insurance policy.
Need Help?
It’s vital that owners get the right policy, first time, that will live up to their expectations.
Read through our overview of what to check with your insurance company and if you are still unsure, call The Village Vet (Pymble Vet Clinic on 9499 4010 or Killara Veterinary Hospital on 83505678) if you need help.
Check your Pet’s Breed
Some insurers will assess cover costs according to the breed of your dog. This is based on the average longevity of the breed and the associated health issues of that particular breed. The Village Vet can ensure owners are aware of common breed-related issues. Some insurers will cap their coverage when a breed turns a certain age.
Sub-Limits
Sub-limits act as a limit of how much you can claim on an insurance policy per year to treat certain conditions. Sub-limits are often applied to more common conditions or injuries, with amounts tending to vary between insurers. This could have a big impact on your financial outlay when your pet needs a condition treated where a sub-limit is applied.
Just as different policies have different levels of cover, you will also find sub-limits can vary significantly between insurers. Sub-limits become increasingly important if your pet is at a higher risk of certain conditions that are subject to sub-limits.
Pre-Existing Conditions
A pre-existing condition is an illness or injury that occurs before an insurance policy’s start date, or during the policy’s waiting period. In the insurance world, there are two types of pre-existing conditions to be aware of – temporary and permanent.
1/ Temporary pre-existing conditions
These refer to any condition experienced by the pet for a period of time, that is no longer present as a result of treatment. For example, a broken bone, once healed, does not pose future health related issues.
When temporary pre-existing conditions have been identified, a vet may advise that since the pet is now fully cured, the condition is no longer relevant to your pets ongoing health. This will be subject to an official, vet issued health check.
2/ Permanent pre-existing conditions
These are chronic in nature, with the onset occurring prior to the policy’s start date, including waiting periods. For example, diabetes or allergies has ongoing health implications.
What is an Insurance Health Check?
A health check for your pet is very similar to a physical examination you would receive by a doctor. The Village Vet will look over your pet to check their health, as well as consult with their medical records to assess the current state of any health conditions they may have previously had.
These health checks can be used to verify that a condition is no longer relevant to your assessment. Depending on the insurer’s policy, your waiting periods may then be waived when the health check is provided and you may have immediate access to cover for your pet depending on the policy you have chosen. Exclusions will only apply for any ongoing health issues.
However, not all insurers will waive their waiting period so this must be checked with the respective Policy Document.
Make an appointment here for your pet’s insurance Health Check.
Some questions to ask your prospective insurer:
- What excesses are involved?
- Do the excesses change with certain breeds or age?
- Is there an age limit?
- Are both accidents and illnesses covered once my pet becomes a senior?
- Is there a waiting period? When can I make my first claim?
- Please clarify exclusions for my pet’s breed or age and can I have a written copy?
- When does a medical complaint stop being covered, due to being deemed “chronic” or ongoing?
- What would happen if I wanted to cancel my pet’s insurance?
- Do they offer gap only payments?
In summary:
- Compare different providers and the inclusions of their policies
- Ask for a policy wording booklet
- Call each company for further advice
- Decide on accident only or accident & illness
- Consider routine healthcare as well – add up routine healthcare costs per year, does it make the extra monthly premium worthwhile?
- Take into consideration your pet’s breed and age, does that mean a higher premium?
- Insure your pet as early as possible, before any medical conditions develop
- Keep in mind senior pets do require more frequent medical treatment due to illness, so get in early.
Pet insurance can have restrictions but can be vital in some scenarios. If you are still seeking more advice you can jump onto Choice website where you will find the pros and cons of pet insurance and may help you decide if you need pet insurance for your pet.
As always we are here to help. Call The Village Vet at any time on 9499 4010 (Pymble) or 83505678 (Killara). Our staff are trained in how to best advise you on pet insurance choices.
