Pet Insurance pays the veterinary costs if one's pet becomes ill or is injured in an accident.
Some pet insurance policies will also pay out when the pet dies, or if the pet is lost or stolen.
The purpose of a pet insurance policy is to mitigate the risk of incurring significant expense to treat ill or injured pets. As veterinary medicine is increasingly employing expensive medical techniques or drugs, and as owners have higher expectations for their pets' health care than previously, the market for pet insurance policies has increased.
UK Policies usually pay 100% of vets fees.
The owner of the cat, dog, horse, rabbit, bird or exotic animal will usually pay the amount due to the Vet, then send in the claim form to receive reimbursement..
In the event of a very high bill, some veterinarians will allow the owner of the pet to put off payment until the pet insurance claim is processed.
Some insurers pay veterinarians directly on behalf of customers.
Traditionally, most pet insurance plans did not pay for preventative care (such as vaccinations) or elective procedures (such as neutering). Recently however, some companies in the UK have been offering routine care coverage.
In addition, companies often limit coverage for pre-existing medical conditions, thus giving owners of the pet an incentive to insure even very young animals who are not expected to incur high veterinary costs while they are still healthy.
Some insurers offer options not directly related to pet health, including covering boarding costs for animals whose owners are hospitalized, or costs (such as rewards or posters) associated with retrieving lost animals.
Some pet insurance policies also include travel cancellation coverage if owners must remain with pets who need urgent treatment or are dying.
Some UK pet insurance policies for dogs also include third party liability insurance. Thus, for example, if a dog causes a car accident that damages a vehicle, the insurer will pay to rectify the damage for which the owner is responsible under the Animals Act 1971.
