Pet insurance for pre-existing conditions
A pre-existing condition is any condition, illness, injury or accident that started before your pet’s policy began. It could also be a condition or illness that manifests itself in the first 14 days of your new policy. Like many other insurers, we don’t provide pet insurance that covers pre-existing conditions, so it can be a good idea to insure your pet before they develop an illness or condition.
While older pets are more likely to develop conditions, younger pets can also get ill or injured and require a trip to the vet. With treatment bills rising, it can be a lot easier on the finances to have insurance than deal with being hit with a bill for hundreds – perhaps even thousands – of pounds.
In 2016, the average insurance claim for cats and dogs was £676. Age is also a factor when insurance companies work out your premiums. Insuring an older pet is typically more expensive than getting cover for one that’s younger because the likelihood that they’ll get ill is much greater.
Protection for all needs and ages
When it comes to pet insurance, two of our most common policy options are Lifetime and 12 Month. Each of these policy types is divided into different levels of cover. There is also a third option known as Accident Only which covers your pet’s treatment in case of an accident up to the cover limit.
In simple terms, the major difference between Lifetime and 12 Month policies, aside from cost, is ongoing treatment of conditions.
Lifetime is our most comprehensive policy. It provides cover for new conditions or accidents that occur over the course of your pet’s whole lifetime as long as the policy is renewed.
12 Month policy provides cover for the twelve months after a condition occurs as long as the policy remains in force. Your pet has 12 months cover from the onset of each new condition and once the financial limit has been reached or 12 months has passed, whichever is sooner. Where it differs from Lifetime cover is that any on-going treatment required as a result of this condition after the 12 months or, if under 12 months, in excess of the financial limit is excluded. Any condition, illness, injury or accident that falls under these terms will now be treated as a pre-existing conditions, with no further cover.
For the life of your pet
Across the industry, mid- to high-level Lifetime cover accounts for 72% of pet insurance policies held by owners. Like any other type of insurance, cheapest is not necessarily the best and for the majority of pet insurance policy holders value for money and getting the right protection for their pet is what counts. With pet insurance for existing conditions not offered by most providers, a Lifetime policy, bought while your pet is young, can provide valuable protection and peace of mind.
The above is only a summary, for more information about our Pet Insurance and to view our key documents which include the product features and the limitations and exclusions that apply. Please click here.
Source: Mintel Pet Insurance Report 2017