We all know pets soon become valuable members of the family. As a result, having pet insurance is extremely important for most people if they want to be able to offer the best level of care to your pet without worrying about the financial complications behind them. The best level of care means being able to offer the best, most appropriate number and selection of procedures and medications to treat a disease or reduce the symptoms your pet is experiencing. The more thorough your vet can be, the more likely they are to find the cause of disease; meaning we can monitor for expected changes and come to a more accurate prognosis.
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Pet insurance lets you plan ahead
Insurance policies allow you to pay a small, monthly sum of money which is controlled and expected. In contrast, your pet becoming ill could be sudden and could require a large financial output… or multiple large financial outputs! This can often mean borrowing money or alternatively, it could make the medical workup and treatment plan unaffordable.
In return for paying your monthly fee to the insurance company, they should pay for your pet’s treatment once the excess fee has been covered. (You should check what your excess is to ensure you do not get caught out). This means that with pet insurance, you should be able to claim back any large, sudden bills that your pet care has accumulated; as long as nothing in your terms and conditions has been breached. Having this financial support can often influence you to choose the most thorough investigation methods, providing your pet with the best care possible rather than trying to budget every decision. In moments of stress and despair, having insurance can be extremely valuable for your own mental wellbeing; as well as your pet’s health.
The “Renewal Trap”
Most policies will include a contract which includes a fixed fee for a set time frame, most commonly one year. Some policies will last for longer than a year which would mean that no yearly renewal is needed. This would be beneficial to you as your pet gets older. This is because they are more likely to accumulate clinical conditions which would make your monthly insurance payments increase. The more likely your pet is to become ill or diseased, the more expensive your insurance will become. So as your cat gets older your pet insurance is more likely to increase. If you can get a longer term, fixed rate insurance, this may save money in the long run. Especially if, within this time, they become ill with a lifelong condition which requires repeat prescriptions, medical check-ups and prescription check-ups.
But don’t panic about it…
Most insurance policies will roll over into the next year without you having to do anything specific. However, they may increase the amount of money they charge you per month.
Strictly speaking, it is your responsibility to learn how your insurance policy works. And whether or not you will need to do something in order to renew your insurance. Checking out how is best to communicate with your insurance company regarding any changes to your policy is important. If you’d prefer a policy which ends after a specific period of time, be sure to communicate this clearly with the insurance policy holders prior to purchasing their product.
However, you should always be aware that for any time period that you are not paying for your insurance, you will not be covered by the insurance company. If you choose to begin paying for insurance with another company, there may be a warm up period in which you will be paying for insurance but will not be covered should anything go wrong with your pet. We do not recommend having more than one insurance policy at once. But please do ensure that you are covered by one insurance at a time.
Renewing each year has its benefits
In particular, you may be able to shop around and look for better deals. You can use comparison websites, speak to friends and look at grouping your insurance policies together with insurance for your car or home etc. to work out which option would be the cheapest and most efficient option for you. You should be very honest when filling in your insurance application. This is because any incorrect or misleading information may result in your insurance policy not paying out. Remember, though, if there is a documented health problem in your cat’s history, it is unlikely to be covered under a new, cheaper policy.
To conclude, you should renew your cat’s pet insurance yearly if your contract is yearly. You can shop around and look for better deals at any point, although bear in mind that there may be fees if you stop your policy before your contract has ended.
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