Pet insurance is a popular topic amongst pet owners. Many people are familiar with insurance for their dog or cat but less aware that they can insure other pets including rabbits. As with any insurance product there are often a large number of options available. Deciding which one best suits your needs can be very challenging. This article intends to talk through things to read about when you are researching different policies to help you make an informed decision.
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This is not financial or insurance advice. We are not qualified to give you any advice on the type of policy you should or shouldn’t take out. We would always advise you to speak to an independent insurance broker or trained financial advisor before making any decisions.
First things first, do I need insurance? Are there any alternatives?
This is a very personal decision and can only be made by looking at your own financial situation and deciding if an insurance policy would be worth it for you.
Veterinary costs for all pets including rabbits can be very high. These costs can accumulate rapidly if your pet becomes unwell or needs specialist treatment and hospital stays.
Pet owners who choose not to take out pet insurance will have to pay for the full cost of treatment themselves. So it is worth calculating if this is something you can afford to do or not. It is also worth being aware that depending on what insurance policy you take out you may or may not still have to pay some cost towards the treatment and in some cases the insurance won’t cover the cost of treatment at all. We will discuss this further below.
Insurance excess, what is it?
Most insurance policies will charge an excess. This is a fee you pay to the insurer every time you make a claim on the policy. Much like with other insurance products you may already be familiar with such as car and home insurance, it works in the same way.
When looking at an insurance policy for your rabbit it is important to know what the excess will be should you need to use the policy. If the excess would be unaffordable to you then this could prevent you using the policy. So it’s important to make sure you are happy with the excess amount you sign up to. It is also worth noting some insurers will charge a different excess for different types of claims so always make sure you know this information in advance before taking out a policy.
Exclusions, why are these important?
Some insurance policies will exclude certain conditions from being insured. The reason for this will vary from insurer to insurer so you are best to talk to each insurer you are considering individually with a full breakdown of your pets medical history to find out what they will and won’t be covered for.
Examples of things that may be excluded by some insurers include existing conditions your pet is already receiving treatment for, or conditions they have been treated for in the past. This will not be the same with every insurer so it is really important you talk to them individually and understand what you will and won’t be covered for.
Lifetime policy vs time limited policy
Some pet insurers provide a life time policy. This means the animal is covered for their whole life from when you take out the policy as long as you keep up with the premium payments and adhere to any other terms and conditions set out by the insurer. These policies can be worth considering as they often will provide cover for your pet for their whole life. So any conditions they develop during that time are unlikely to be excluded the following year. As a result these policies are often more expensive than time limited policies.
Time limited policies are insurance policies which are taken out for a period of 1 year or similar. And then at the end of the insurance term you can get a new policy for the following year and so on. These policies, as they are not lifetime policies, are more likely to exclude conditions in the next year’s policy that your pet has been diagnosed with. As a result they can be cheaper than lifetime policies. But they may lead to more conditions not being covered by the insurer; particularly long term conditions which need treatment every year.
Policy limits, what are they?
When you are researching different insurance policies for your rabbit you will come across figures stated for different things. For example insurer X will cover you for £3000 of vet fees. They will then give a breakdown of what things they will cover under vet fees. It’s important to look at this as some insurers will cover dental fees to a certain amount, others won’t. It is also worth talking to your veterinary surgeon about what the costs are likely to be for different things that could affect your pets health. For example a complex dental procedure; a hospitalisation stay for gut stasis or a fracture repair. And then working out if the policy limit you are taking out is likely to be enough to cover your pet should any of these things occur.
Obviously we can’t predict the future, and there is no way of knowing for certain what your costs may be, but you can get a rough idea if a policy’s limits are likely to suit your requirements and work out if you would be able to afford to pay the difference if they don’t.
Summary:
- Pet insurance can be a minefield and its important to seek professional advice from a qualified insurance broker or financial advisor before taking out a policy
- Always research each policy individually and be aware of the excess, exclusions, policy limits and type of cover you are receiving for your personal circumstances before you sign up to any policy
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