Vet fees can really escalate, particularly if your pet needs expensive surgery or suffers from a recurring condition like diabetes.
A maximum benefit pet insurance policy could be for you, if you’re looking for a good level of cover at a decent price. Read on to find out how this type of insurance works and see some pros and cons for going down this route.
Maximum benefit pet insurance is one of the four main types of insurance policies you can get for your furry friend.
It’s not quite as comprehensive or pricey as a lifetime policy but it certainly offers more protection than accident-only and time-limited policies.
With a maximum benefit deal your pet should be covered for accidents and illnesses with no time limit. So unlike with a time-limited policy you can claim for the same condition year after year.
This could save you from paying through the roof for a recurring problem like arthritis or diabetes for example.
However, there is a financial cap for each condition your pet suffers from. So the policy will stop paying for veterinary treatment for a certain illness or injury at a certain point, typically at about the £1,500 mark.
However, the maximum payout limit will depend on the provider and policy you choose.
The key difference is lifetime pet insurance offers your furry pal far more protection for each individual injury or ailment.
With a maximum benefit policy the insurer will only hand over so much money for each specific injury or illness.
Say your pet suffers from arthritis and the policy limit is £1,500. Once vet fees for your pet’s arthritis reach that amount, you’ll have to start paying out of your own pocket.
You won’t have this problem with a lifetime pet insurance policy though, as these limits are refreshed each year.
Maximum benefit pet insurance will typically pay for vet bills that result from the following:
A maximum benefit policy can help when your pet dies, or if it needs to be put down due to illness or injury.
A maximum benefit deal can compensate you the purchase price of your pet if it goes missing. It might offer financial help for advertising and reward costs too.
It’s crucial you report that your pet is missing to the police too, otherwise the insurer might refuse to pay out.
Should your dog damage someone else’s property or if it hurts or kills someone, then the insurer will pay for any court costs.
A good policy should cover you for hundreds of thousands of pounds worth of third-party liability fees.
Each insurer will have reasons why it won’t pay out. However, typical reasons a maximum benefit pet insurance policy won’t pay out include:
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