With energy bills rocketing, you may be seeking different ways in which you can save some money on your monthly outgoings… could pet insurance be one of them? Having some sort of pet Insurance is always a good idea and something we strongly recommend. But when there are so many different products on offer and many different companies with different terms and conditions, it can be difficult to determine which insurance is best for you. And if the insurance will serve its purpose when you need it the most.
Table of contents
Pet insurance works by the client paying a small amount of money every month. In return, the insurance company will pay out for vet bills which fall within the inclusions of their terms and conditions of the contract. These terms and conditions may vary greatly and include variations in, but not limited to:
- the number of conditions that can be claimed for within a certain time period,
- the number of times you can claim for the same condition,
- the maximum value you are allowed to claim for,
- whether the condition is considered an accident or not.
This last clause is what I want to focus on in this blog.
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Accident Only Insurance – is it worth it?
Accident only insurance will cover you for any condition (within their terms and conditions, finance limit, and time limit) that is considered an accident. You will still be required to pay a monthly fee for this insurance cover. Although the monthly fee may be lower, the insurance company is only liable to pay for your veterinary bills should the cause of illness be considered an accident.
The benefits of accident only pet insurance:
- Smaller monthly fee
- Some insurance is better than none at all
- Will cover the large, unpredictable veterinary bills
The downside of accident only pet insurance:
- Only covers accidents
- You still need to pay the excess fee and monthly fee
- There may be conflict regarding what an ‘accident’ is
When should it be considered?
Because pets quickly become part of the family and you will always want to do as much as you can to benefit your pet’s health. If you struggle financially, being covered by the most thorough pet insurance you can afford may be beneficial. This is because they are more likely to pay out on your behalf. If you are struggling more financially, you are less likely to be able to afford large veterinary bills especially if they arrive suddenly, with no forewarning. Lack of funds for veterinary bills can be extremely emotionally draining for owners. It is difficult for vets to give precise estimates on the exact value each treatment protocol will cost, because it depends on how quickly the animal heals, concurrent illnesses, infections and response to drugs.
Accidents can be very, very expensive. You will still need to cover the excess fee in order to claim the rest of the veterinary treatment fee back; however, accidents are almost always a shock and harder to find the money for. Therefore, if you feel you could cover your veterinary bills for known illnesses, regular check-ups and repeat medications, but may struggle to find the extra finances for sudden, large bills, accident only insurance could be the optimum product for you.
However…
Accident only insurance means you will not be covered for any illnesses that your pet has nor (crucially) will you be covered for any accidents related to the condition your pet has. This can often make it difficult when deciding what an accident is and could result in failed claims. Knowing whether an emergency is considered an accident needs to be a quick decision, as you need to know if your pet is going forward with a treatment plan.
If your accident-only pet insurance is slow to communicate, you may not know whether they will cover the bill; making it even harder to make the decision as to whether to move forward with emergency treatment. In order to prevent this from happening, you should make sure your contact details are up to date. And you know how best to communicate with your insurance company. You should also be very familiar with your terms and conditions. This is so you already know which circumstances they are likely to pay out in.
The bottom line…
If you can only afford a smaller outgoing each month then accident only insurance may be for you as it is more affordable. The downside to this is that there is usually a financial cap on the amount per ‘accident’ that you are able to claim back. In the most severe cases, this may not cover the cost of the treatment your pet needs to get better.
To conclude, there are many pros and cons to accident-only insurance. But in the end, you get what you pay for.
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