The Different Types of Pet Insurance Explained - Which One is Right for Your Pet?

Pet insurance is complicated at the best of times, and we know how in the daze and excitement of bringing home a new pet, you may forget all about it, or opt for coverage which isn’t going to help your pet as they get older.

But fortunately, we’re here to break it down and explain the various types of pet insurance to make sure you have the best information to pick a policy to suit your needs.

So you’ve just Googled pet insurance and feel blown away by the multiple options available. What do they all mean and which one should you choose?
 
To make it a little easier, we’ve listed the different types with an explanation of how they all work.

Accident-Only

Accident-Only policies are there to only cover injuries when your pet is involved in an accident. It’s considered the most basic form of pet insurance, and is one of the cheapest types of policy, as it offers the least amount of coverage.

How it works: You choose a limit, and you can only make claims up to that limit for accidents. You will not be able to make any claims for illnesses.

Average cost: They are normally around £5 - £10 per month.*

Time-Limited

A Time-Limited policy covers you for vet bills for accidents, injuries & illness. It is know as "condition-based" policy, as you have limits on the amount you can claim for for each specific condition.

How it works: You choose a limit, and you can make claims up to that limit. Once you make a claim you have a certain amount of time (normally 12 months) to claim for that specific condition. Once either the time or the limit has been reached you will not be able to claim again for that condition.

Average cost: Around £15 - £20 per month.*

Time-Limited policies are a great option for older pets that will probably only have a few more conditions before they pass away. They are more problematic for younger pets, as once the condition is excluded you will struggle to find coverage again due to pre-existing conditions.

Maximum Benefit 

Maximum Benefit is another "condition-based" policy that covers you for vet bills for accidents, injuries & illness.

How it works: With a Maximum Benefit policy, there’s generally no time limit on how long you can claim which means you can keep claiming for the same condition until you reach the limit. You will again choose a limit, and you make claims up to that limit.

However, much like the Time-Limited policy, once you make a claim for a certain condition,  you can only claim up to the limit for each specific condition, and then you will never be able to claim for that condition again.

Average cost: Around £15 - £20 per month.*

Lifetime

Lifetime policies do precisely what it states on the tin; it covers your pet for their lifetime as long as you renew your policy every year. 

How it works: You choose a limit, and you make claims up to that limit each year. As long as you keep renewing, your limit refreshes each year so that you continue claiming for both new and existing conditions already claimed.

Average cost: Upwards of £25 per month.*

*The price of a policy is dependent on a number of factors such as your pet’s age, breed and the limit and excess selected. These figures are only meant as a guide to highlight the difference in the type of policies.

There are lots of important factors to consider when choosing a pet insurance policy. This includes the cost of the premium, the excess, and coverage levels. You know the basics of the different types of pet insurance policies, select the correct type of policy is dependent on your needs, both from what is covered and what you can financial afford.

The vast majority of pet owners select a Lifetime policy (around 70%) due to comprehensiveness and the peace of mind of knowing that they will be covered year-on-year. Maximum Benefit and Time-limited account for around 25% of the policies select with the remaining 5% of pet owners electing for an Accident Only policy.

Comparing policies couldn’t be easier than comparison sites such as Compare The Market, Money Supermarket, Confused and Go Compare. Here you can easily browse and adjust your needs to find suitable policies for your pet.

The Waggel way

At Waggel, we've taken the complexity out of pet insurance with our straightforward approach.

When we entered the market, we noticed that pet insurance had become overly intricate, leaving many pet owners feeling regretful about their policies later on. Our mission was clear: simplify pet insurance. We believe it's our responsibility to ensure you have the right policy, not the other way around.

After five years of dedicated work, we're proud to say we're close to achieving our mission. At Waggel, we exclusively offer Lifetime policies with various limits and excess options, allowing you to find a policy that fits your budget and coverage needs.

By focusing solely on Lifetime policies, we've sidestepped the issues associated with condition-based policies like Time-Limited and Maximum Benefit. This focus has enabled us to continually improve our policy based on feedback from our customers, eliminating the frustrating surprises that plagued pet owners for so long.

Our single policy focus also streamlines our operations, ensuring unparalleled service from our Customer Champions who are experts in what we offer.

Explore what Waggel has to offer—it's simple and easy, just the way it should be. Click here to get your quote.

Pet insurance exists to protect you from unexpected costs relating to your pet’s veterinary treatment and vet bills. Whilst your pet may be fit and healthy now, this may not always be the case.

At the end of the day, the type of pet insurance you choose is entirely your choice and depends on your unique situation. You need to take account all the factors such as your dog's age, breed, and any long-term or recurring conditions they may already have been diagnosed with.

Lots of people don’t take out pet insurance because they think it’s a waste of money. However, when disaster strikes, they’re left paying thousands in vet fees which could have easily been covered by their pet insurance provider. Make sure to check out our blog on the alternatives to pet insurance.

When thinking about taking out pet insurance, it’s best to do your research and look for insurers who also include cover for things such as dental treatments and cancer (hint: we do, according to your policy terms). If you need more help, read our blog on the ins & outs of pet insurance.

Reading the fine print of any policy is very important and can help you to determine what’s covered and what isn’t. At Waggel, we don’t put any hidden nasties in our policy wording and state clearly what is and isn’t covered. Make sure you

So there we have it. The world of pet health insurance can be a little confusing, but we entered the game to make it simpler for all. This means removing confusing clauses and stating simply what we cover.

Above we’ve touched upon the different types of insurance and what works best depending on your own circumstances. 

Though Lifetime policies, like that offered by us, can offer the best protection we understand this isn’t possible for pet owners so still want to help you make an informed decision so you can choose the right policy type and help cover unexpected veterinary costs.

Our top takeaways from this piece? Don’t forget to read the fine print and most importantly enjoy every second with your furry friend!