Same as humans can be insured, pets too can be insured. And as in the same way, human insurance is of different types, pet insurance too has different types. It is useful to know what these types are, because if you are planning to get your pet insured, searching for the right plan and provider may take much of your time if you don’t know the basics.
All the pet insurance plans are basically of three types, viz. annual cover, per condition cover and life long cover.
Annual Cover – The annual cover as the name suggests is only for 12 months and has a fixed amount for each illness. Once the limit of 12 months is over from the start of the illness i.e. from the date of the first treatment, the illness is not covered. Thus it covers treatments for diseases, injuries and surgeries, either for 12 months or till the upper limit per condition is attained. Even sometimes the maximum amount to be claimed is also restricted. Under this cover, the same illness is not covered again. This type of cover is the cheapest but being inflexible, is inappropriate for long term illnesses. It is ideal to cover unplanned treatments for example surgeries and short term illnesses.
Per Condition Cover – This too has fixed amount per illness. In this cover there is no time limit, though some insurance providers set a time limit, usually of 12 months. Here you can claim any time as needed and for a new illness which is not claimed for earlier. However once the amount is reached the illness is not covered no matter how long it takes. This cover too doesn’t cover same illness again and is inappropriate for chronic illnesses. It is also cheaper and is ideal for shorter treatments.
Life Long Cover – This cover has a fixed amount per year. The claim per year should not surpass the limit. The cover is continual and is renewed per year. It is an all-embracing policy. You can claim any number of times and so you can give your pet the best medical treatment no matter how costly it is. When the policy is renewed, the amount is reset. Under this cover, you can claim for the same illness that too with the same insurance provider. This cover is appropriate for chronic illnesses. This is an expensive type of policy and extra fees which are quite high are charged per claim. Premiums too are the highest among the three types. However it is worth it because it gives your pet life long cover and the best medical care.
Thus when you know about the types of pet insurance, you can make a wiser decision while buying insurance for your pet.