Pet insurance can be confusing, even for those in the veterinary field! With so many companies offering so many different policies, and each with their own specific way of making a claim, it can be easy to get bamboozled! Here are our top tips and jargon busters whether you’re looking at taking out a new policy or just want to make a claim on your current policy. If you already have a pet insurance policy, be sure to have a copy of your policy documents saved somewhere and have a read through so you know what to expect if you need to make a claim. It’s a good idea to send your veterinary practice a copy of your policy documents so they have them on file when you need to make a claim.
Policy year
This will be the year from when you took the policy out.
Policy limit
This is the amount of money your insurance company will pay towards vet fees. This may be per policy year, per condition or both. A ‘time-limited’ policy will have restrictions on how long this limit will last, whilst with a ‘lifetime’ policy this limit will renew each year.
Fixed excess
This is a fixed amount of money that your insurance company will not pay towards the claim. For example, if you are claiming £500 with a fixed excess of £90, the most your insurance company will pay out is £410. This usually will apply per condition and per policy year.
Co-payment
This is in addition to your fixed excess and is a percentage of the claim that your insurance company will not pay and you will be expected to cover, it is usually in place on policies for older pets although can be on any policy depending on which insurance product you buy. For example, if you are claiming £500 with a fixed excess of £90 and co-payment of 10%, the most your insurance company will pay out is £369.
Pre-existing conditions
Illnesses that your pet had prior to taking out the insurance policy.
Exclusions
These are conditions that your policy will not cover. These may be pre-existing conditions or treatment not included in your policy such as neutering, dental procedures or costs associated with breeding.
Caps on certain treatments
It is important to be aware of the small print in any policy you are planning to buy. Many policies now include caps on what they will pay out for certain treatments, procedures or conditions. A popular condition to cap is ‘cruciate disease’, it is a common orthopaedic condition in dogs and usually requires expensive, specialist surgery to treat, any caps on this may lead to higher bills later on.
Some policies may also cap diagnostic procedures such as MRI or CT scans, it is worth remembering that these are expensive but incredibly useful diagnostic tools, usually performed at veterinary referral centres. There is no way of knowing if your pet will need this in their lifetime as they are used for all species for a vast range of conditions.
Emergency or out of hours veterinary care, laboratory fees, consultations or hospitalisation fees are common things that have limits in place on some policies, be aware of this when taking out a policy as these are common, routine fees for all patients.
Making a claim
Read our how to claim guide for a more in depth look at the process of making a claim. In most cases your veterinary practice will need to fill in a claim form (either paper or online) and provide medical notes and invoices. If in doubt, speak to us, we process all claims to be paid to the policy holder free of charge and we’re always happy to provide as much assistance as possible. We also keep a database of how most pet insurance companies require a claim to be started as they are all slightly different.
New claim or continuation?
When your pet becomes sick or injured in insurance terms they have a new ‘condition’. In some cases the diagnosis can be obvious like a cut to their paw or a bout of gastroenteritis, in others it may be a set of symptoms with no known cause. When claiming, your vet will let your insurance company know their diagnosis or a summary of the condition. When claiming for a new condition for the first time your insurance company will deduct a fixed excess. If your pet requires further treatment for this condition after the initial claim has been submitted, we call this a ‘continuation claim’. A fixed excess is not deducted again unless you have entered a new policy year. You can claim for a condition at the end of treatment or at any point throughout treatment as long as you have settled the outstanding balances with your veterinary practice. There is no penalty for this, just be sure to let your veterinary practice know when you are ready for the claim to be submitted. Remember, your insurance company may have a time limit for you to notify them of a condition you plan to claim for.
What can I claim?
Routine care like neutering, vaccinations and parasite control will likely not be covered by an insurance policy. However, if your pet needs any vet care for an illness or injury there’s a good chance it will be claimable, it just depends on your type of policy. And remember, pet insurance isn’t just for the big operations or procedures, you can claim for consultations, one off treatment and ongoing medication too.
If in doubt, ask your vet practice or speak to your insurance company!
And finally……. is it worth claiming?
If the cost of vet treatment is above your excess amount then yes, it is worth putting a claim in. Many people are worried that if they claim for anything their premium will increase. Many insurance companies do promise that this is not the case and you will not be penalised for claiming. Your premiums will increase each year as your pet gets older so make use of the policy that you have.
Call us on 01435 864422 if you have any questions about pet insurance or making a claim.
