Like choosing any insurance policy choosing a pet insurance policy can be equally confusing due to the vast range of products available on the market. These products will all offer different types of cover and benefits and you should be aware that the cheaper insurance policies will be more likely to have fewer benefits and options than a more expensive one. Therefore, familiarising yourself with each policy and its cover is extremely important.

If the thought of finding the right pet insurance cover is a daunting task then don’t worry as help is at hand as the following article aims to provide you with a guide to choosing the best pet insurance policy.

Fundamentally what you need to know is that from our research on the different types of pet insurance policies is that there are three main types of insurance cover that can be purchased.

The first type of policy is a lifetime insurance policy. This policy as it suggests covers your pet for the whole of their life and therefore it is easy to understand why this cover is the most expensive policy. However, this pet insurance also comes with the most benefits. The policy will ensure that your pet is covered against any illness or injury they suffer and if continuous treatment is required then the cost of this will be covered for the required duration. This cover will ensure total peace of mind for any pet owner.

The second type of policy is the maximum benefit policy. This policy has a limited amount that can be claimed against the cost of veterinary costs. Your pet will therefore be treated until the pre-determined limit has been reached and at this point you will need to pay for the treatment yourself. The pre-determined limited however is based on one condition, therefore if your pet becomes unwell due to another condition you can claim up to the pre-determined limit again. This policy is therefore good for illnesses or injuries that are sequential however they don’t offer the best cover if your pet gets one long problem which requires continuous treatment, as the treatment costs that are paid for are limited.

The third type of policy is an annual twelve-month policy. This policy has a twelve-month time limit attached to it which means you can claim for one condition between the policy’s start and end dates. These type of policies are often the cheapest as they don’t offer very comprehensive cover and aren’t very useful if your pet develops a long standing illness.

It is therefore important that you consider what type of pet insurance policy you want to take out. Pet insurance is important as it can help you financially as you won’t have to pay for unforeseen vet bills which can be extremely expensive. So you should fully consider the type of policy that you want to take out. Even though cheaper policies are attractive in the short-term, you need to consider that if your pet needs continuous or expensive treatment then these cheaper policies will possibly not cover all the costs. Remember, at the end of the day if your policy is not adequate it will be you that will have to foot the bill and in these tough economic times can you afford a lump sum outlay?

Article by Sarah Wain, 25th November 2011. Content correct at the date of publication.

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