Types of pet insurance and how they work

We’re here with the riveting topic of… (drum roll, please) pet insurance! While we can all agree it’s no topic that’ll make broadway, it’s a key cornerstone of responsible pet parenting, and a fact of pet-loving life. 

Why? Well it’s not all walkies, cuddles and fetch, y’know - life happens, so do accidents and health complications. So to dodge lofty vet bills and care for your floof’s health, getting the right pet insurance policy early on is a no-brainer. 

Whether you’ve recently adopted a puppy-shaped bundle of excitement, your moggy is getting on a bit or you’re welcoming pet sitters, pet insurance is important at any stage and will give you peace of mind throughout. To help you find the policy that’s right for you and your fluffy friend, let’s dive into the types of pet insurance, the costs, the benefits and more. Hold onto your hats.

How does pet insurance work?

Getting pet insurance is an important part of responsible pet parenting. Any pet insurance journey starts with getting a quote, and ends with finding the right policy to suit your fluffy family member. If you’re wondering what pet insurance covers, there’s no simple answer - each policy varies. Generally speaking though, pet insurance policies are in place to (most commonly) cover the costs of vet bills, should your beloved fluffy get sick, injured, or have an accident.

Types of pet insurance

1. Accident Only

2. Condition-based (max-benefit & time-covered)

3. Lifetime 

When choosing which is the best pet insurance policy for pets and by default, their humans, cheaper (or more expensive) doesn’t always mean better. To help you understand the key types of pet insurance, let’s get our paws on the details. 

1. Accident Only 

Accident only policies cover exactly what they say on the tin - accidents. It only accounts for around 5% of all policies given the limited coverage.

According to Waggel’s claim stats, accident claims only account for 27% of all claims. It will definitely be the cheapest option, but just be aware that you aren’t able to claim for any illnesses or diseases. 

2. Condition-based (maximum benefit & time-covered)

Condition-based policies cover more than accident policies, in that the policies cover accidents, illnesses and diseases. However, they do have a major caveat in that once you claim for a condition, you will only be able to claim up to your chosen limit or for a certain time period and then the condition is excluded, and you will never be able to claim for that condition again. It is also highly unlikely that another insurer will allow you to claim for that condition. There are two types of condition-based policies - maximum benefit and time-covered. 

• Maximum benefit: You select a limit and you are able to claim up to that limit. Once that limit has been reached for a specific condition it is then excluded from your policy. 
• Time-covered: You have a limit and timeframe, normally 12 months, to claim for a condition. Once the limit or time has been reached, then the condition is excluded from coverage. 

3. Lifetime 

It’s no surprise that the most popular type of pet insurance is lifetime cover, which accounts for around 80% of all policies purchased by pet owners. It’s the most comprehensive form of pet insurance, paying out for treatment over your pet’s lifetime. Whichever lifetime policy you opt for, you’ll agree upon annual limits for cover which will replenish every year.

And there’s a reason lifetime cover is getting the limelight here - forward-thinking pet insurance companies, like Waggel, solely offer lifetime cover. Why? Well, lifetime policies cover you for the rest of your pet’s life (as long as you renew, of course). The ongoing cover gives you peace of mind and your pet support for recurring conditions and accidents, no matter how old. 

How much does pet insurance cost?

How long is a piece of string? With so many pet insurance companies and policies out there, we can’t give you a ballpark figure for the cover you’ll get. We’re sure you’ll agree though that you know your fluffy family member better than anyone else, so get a quote for lifetime cover that insures your pet for ongoing conditions such as cancer, hips and dental. 

What is the best pet insurance for me? 

While you know your fluffy, scaley or even shelled family members better than anyone else, negotiating your way around the pet insurance world sometimes feels no quicker (or easier) than convincing a Spaniel that it’s time to leave the dog park. The best place to start your journey with pet insurance (a thrilling one, it shall be), is to get a quote. Waggel cut out the noise, smoke and mirrors, with a no nonsense digital platform that’ll give you a quote in less than 30 seconds. Why do we love the waves Waggel are making in the pet insurance world?

1. Lifetime cover means no need to worry about recurring illnesses or condition caps.
2. Broad spectrum cover for dental, cancer, hips and more.
3. The simple, online platform makes it easy to get a quote and find a policy to suit your fluffy friend.
4. Up to £10K annual coverage including recurring health conditions gives you peace of mind.
5. Adjustable rates are designed to meet your financial needs.
6. Easy-to-use member dashboard to make tracking your claims and understanding your policy as easy as ready, steady, walkies.

Want to know more about the importance of pet insurance?

Learn about the benefits of pet insurance- a vital part of responsible pet parenting (that goes alongside fluffy sofa snuggles and day-long walkies by the beach).