Pet Insurance: Five Things to Check Before and After Taking Out Cover

For many of us, pets are part of the family. However, while we can plan for food, vaccinations and routine care, an out of the blue illness or injury can be less easy to expect, let alone the added vet bill brought with it.

Pet insurance can help with certain unforeseen veterinary and other associated costs. But not all policies work the same way, even when they look similar on the surface. Cover type, duration, claim limits, and how much you pay yourself can all vary. So, whether you're considering pet insurance for the first time or already have a policy, here are five things worth checking.

1. Start with the type of cover

Pet insurance isn't one standard product. Broadly, there are three common types of cover:

• Accident-only cover  

This is designed to cover eligible veterinary costs resulting from an accident, rather than illness.

• Time-limited or annual cover

This provides cover for an eligible illness or injury for a specified period and/or up to a specified financial limit.

• Lifetime cover

This offers ongoing cover for eligible conditions from year to year, provided the policy remains in place and subject to its terms and limits.

 Importantly, a lifetime policy can still carry annual limits, limits on particular conditions, and other exclusions. Before comparing prices, check which type is on offer and how long an eligible illness or injury remains covered. Also, be reassured that you're not immediately locked in once you sign up as a statutory 14-day cooling-off period lets you cancel for a refund, minus pro-rata time on cover and admin fees.

 2. Consider your pet's existing medical history

Your pet's health and medical history matters when taking out insurance, as policies may exclude conditions or symptoms that existed before the policy began. Make sure you provide the medical history requested and check how any existing conditions will be treated.

This is also important when switching provider, as a condition that developed under your existing policy could be treated as pre-existing by the new insurer. If you've recently adopted or rehomed a pet, check what history the insurer requires and supply any veterinary records available.

 3. Check how much you would need to pay

The price isn't the only figure worth comparing. Policies can include a cover limit (the maximum payable under a given part of the policy), an excess towards an eligible claim, and, depending on the policy and your pet's age, a further share of the treatment cost you contribute yourself (so even eligible treatment may not be paid in full). These figures can matter as much as the premium when weighing up overall cost.

 4. Know what isn't covered

Knowing what a policy excludes matters just as much as what it includes. Pet insurance generally protects against specified unexpected events rather than every cost of ownership, so routine and preventative care (vaccinations, flea and worm treatment, neutering) may not be included. This differs from a pet healthcare plan offered by a vet practice, which is built around predictable, routine care rather than unexpected illness or injury.

Other common exclusions include dental treatment, pregnancy or breeding, and pre-existing conditions, and a waiting period may apply before claims can be made. Don't assume a treatment is automatically covered. Read the exclusions and waiting periods before cover begins.

 5. Remember that your pet (and your policy) can change over time

Pets change as they get older, and so, often, does the cost and shape of their cover. Breed, age and health history can all affect premiums, excesses and contributions over time, which is part of why there's no single "average" price for pet insurance.

It's also worth thinking about what happens if your pet develops an ongoing condition. Whether treatment stays covered long-term comes down to your policy type and its limits. With lifetime cover, for instance, the annual fee limit for that condition typically resets each year, as long as you keep renewing and stay within the policy's terms.

So when renewal time rolls around, don't just let it happen automatically: check whether anything's changed with your premium, excess, contribution or other terms. And under the Central Bank of Ireland's Consumer Protection Code, insurers can't auto-renew your policy without you opting in first, so you should always get the chance to look it over before it kicks back in.

Before you decide

Pet insurance differs considerably between policies, so understanding what you're buying (and revisiting it at renewal) is what tells you what to expect if you ever need to claim.

Need More Assistance?

If you have further questions, you can contact Insurance Ireland's Information Services team:

Email: feedback@insuranceireland.eu
Tel: (01) 676 1820