As a responsible pet owner, it’s a top priority to give your dog or cat the insurance plan they deserve. Getting the exact cover that your pet needs is essential throughout their lifetime. It can save you from expensive vet bills while having peace of mind. But how do you find pet insurance with no excess?
What is Percentage Excess in Pet Insurance?
The percentage excess is an amount the policy owner should pay for an insurance claim. It varies for every insurance company, and owners can choose to pay a higher percentage excess to reduce their premiums. It is beneficial because it gives you manageable costs based on your pet’s needs.
If there are no claims made during the policy year, owners can save money for future use. However, if you didn’t make any claims for the year, the insurer will deduct the excess first. Therefore, it’s not worth claiming for lower vet bills than the excess.
Often, the excess percentage is applied to new conditions where claims are made within the policy period. If you claim for your pet’s continued condition within the same period, it’s important to note that the excess may only be applied once.
Moreover, policy owners should also be aware that insurance may increase the excess once their pets turn nine or at any age indicated by the insurer. Some pet insurance companies may ask owners to pay a certain percentage or co-payment towards their claims on top of their excess.
In some cases, insurers may altogether remove the percentage excess, but you will be asked to pay a higher co-payment. Other insurance companies may ask owners to pay whichever higher of excess and co-payment. The excess increases over time because pets experience illnesses as they grow old. As a result, it gives insurers higher claim payments.
Is It Worth Claiming on Pet Insurance in the US?
Perhaps, you’re still wondering if pet insurance is worth your money. One thing is for sure; it’s not compulsory. However, the benefit of saving yourself from unexpected vet bills is enough reason to say that it’s worth claiming on pet insurance.
According to pet insurance companies, there is an overwhelming increase in veterinary care needs. And since it is also becoming more sophisticated, medical care for animals is getting expensive. If you get quality vet treatment for your sick pet today, expect to spend thousands of dollars.
Hence, it’s essential to get your dogs and cats covered for medical treatments necessary to save their lives. The following are the advantages of getting pet insurance plans in the US:
ü 12-month coverage. This policy offers a percentage of vet fees for one year from the first treatment. However, the condition for the treatment that was claimed will be excluded when the 12-month cover is already used or the vet fee limit has been exceeded.
ü Maximum benefit coverage. It offers a percentage of vet fees for every condition. The conditions will be covered continuously without time limits until the condition’s policy limit has been reached. Every condition with exhausted limits is automatically excluded from the coverage.
ü Lifetime coverage. It is probably the most all-inclusive policy you can find in the market. Lifetime coverage covers illnesses and accidents according to the entire policy limit without any time restrictions. For every renewal, the insurer resets the limit for vet fees. Meaning, you can claim again after reaching the policy limit in the previous condition.
Who Has the Cheapest Pet Insurance?
Finding the cheapest pet insurance is easier when you shop around and compare the rates. The best way to do this is to check out pet insurance websites and ask for free quotes. But if you don’t have the time to do your research, we have some trustworthy recommendations for you.
The following are pet insurance options that offer low excess:
M&S Pet Insurance
There are different cover options for this insurance—the Premier, Standard, and Essential coverage levels. If you want a lifetime policy, you can choose between the Premier and Standard policies. The excess you choose is deducted from every injury condition or illness claimed.
Tesco Pet Insurance
It offers Premier, Extra, Standard, and Accident Only policies. The excess is taken for every illness or injury condition claimed. The only difference it makes from other pet insurance companies is that Tesco doesn’t change the excess even as pets get older. Even so, premiums may increase over time. If that happens, you can increase your excess to reduce the premium.
Paws and Claws
It offers six insurance policies wherein two are lifetime. The excess percentage is similar to Tesco’s and can be paid for each condition every year. A co-payment of 15% will be paid once your dog or cat turns 8. Also, there will be excess for death, personal injury, or property damage caused by your pet.
What is Classed as a Pre Existing Condition Pet Insurance?
Some policies are designed for pets that are already suffering from certain health conditions. For instance, a pre-existing condition pet insurance offers vet cover for the first policy year, increasing if you don’t claim within that year.
On the other hand, the insurer won’t cover any conditions that dogs and cats have received treatment for within three months before the policy starts. There will be a certain amount for every claim made for pre-existing conditions and an annual policy excess for new situations.
Some insurers also ask for a percentage for pre-existing conditions. If your pet is under nine years old, it will more likely be 20% of the claim. For nine years or older, the percentage would be 40%. Make sure to check this with the insurance company before buying a policy to avoid confusion. So, do you have a specific insurance plan that you want to buy for your pet?