What To Look For When You

Pet Insurance, also known as "vet expenses insurance" or "pet health insurance" pays a benefit to assist with vet costs in the event of illness or injury of your pet, and like insurance for health, car and homes, pet insurance helps people put a little money away now to avoid a major payout later.

Pet insurance is not for everyone, but if you are someone who is willing to spend "whatever it takes" to keep your furry friend healthy, pet insurance could be a smart decision that can help with what can be considerable vet costs and bring immeasurable peace of mind.

So if that sounds like you, and you are looking for cat insurance or dog cover, here are some things to consider whilst you are shopping around:

Maximum annual benefit:The benefit limit for vet expenses insurance is the maximum amount that is paid each year. Check and compare annual benefit limits between the different policies. Also, if the maximum is split between accident and illness that could affect the level of benefit payment. For example, some pet insurance policies may specify a maximum amount payable for accident cover and a maximum for illness cover, whilst other policies may simply have an overall limit and claims up to the limit can be made for either accident or illness.

Changes in benefit limits:Check to see whether the benefit limit changes after a claim has been made.

Cost:How much will you need to pay each month? In general cat insurance is slightly less than dog insurance. But don"t just look at cost alone, cheaper policies may be cheaper for a reason ie they have less cover and / or more limitations. For example, check the co-payment, and identify whether it is per claim or per condition.

Limitations:Most policies have an excess amount which is the amount you pay in the event of a claim. (Also known as a "co-payment".) The higher the excess, generally, the lower the cost of the policy. However, some policies have an excess which is payable for every claim, whilst for others the excess is per condition. This means that if your pet is having an ongoing treatment, then you only pay the excess once for the treatment of that specific condition in the policy year.

Discounts:Some policies include multi pet discounts, or discounts for pensioners and assistance dogs. Take this into account when comparing cost.

Rebates:Some policies may restrict the percentage of the vets bill payable. For example they may pay 70% or 80% of the vets bill, and also include an excess. This would restrict the amount of benefit payable for a claim, but would also make the policy cheaper.

Sub limits:Some policies have limits for benefits for certain conditions, known as sub limits. For example they may only insure dogs for $100 a year for tick paralysis. Other sub limits could include medicines and drugs, radiology and hospitalization.

Age of pet:Check to see whether the benefit payable decreases as the pet gets older.

Renewability:Check to make sure that once in place, your policy is guaranteed renewable. Some insurers renew at their discretion, which could mean that you are unable to keep your insurance, just when you need it the most!

Pre existing conditions:Most policies exclude pre-existing conditions. For this reason its better to get pet insurance before any issues arise. (Like any insurance policy, they are designed to cover unexpected events, not events that you know are likely to occur). Once you"ve been to a vet about a particular condition, it"s unlikely that it will be covered by any insurer.

Waiting periods:Policies are likely to have a waiting period for illness cover, but accident cover generally will start right away. Compare waiting periods to make sure you"re not waiting too long.

Exclusions:After the waiting period is over, are there any conditions that aren"t covered? Some policies may exclude certain "breed specific"conditions, alternatively they may include cover for certain conditions, but it could mean an additional cost.

Claims deadlines:Check to see if claims deadlines apply, and make sure they are reasonable.

Choice of vet:Most pet insurance policies allow you to choose any vet licensed in Australia. Be sure this is the case before you buy.

Prescriptions:A policy without cover for drugs may be cheaper to purchase, but may leave you with more out of pocket expenses.