And if they require surgery or develop a chronic condition that necessitates regular vet visits and medication, the costs can quickly add up.
Pet insurance can be a cost-effective way to protect yourself from unexpected vet bills.
This guide will explain the various policies and recommend some of the best pet insurance providers and products.
What are the various kinds of pet insurance?
Pet insurance is classified into five categories.
1. Accident only
The most basic pet insurance will only cover you if your pet is in an accident. These should be clearly labeled "accident only," but be cautious because this is not always the case. These policies are much less expensive, but you are also much less likely to use them. They will not suffice for the majority of pet owners.
2. Only third-party liability
These policies do not pay anything if your pet is injured or ill and requires veterinary care, but they will cover any legal fees or compensation owed if your pet injures someone, causes an accident, or damages someone else's property. These policies are typically available only for dogs.
3. Time-limited policies
These types of insurance have a time limit, usually 12 months, for which they will cover an injury or a new condition diagnosed in your pet. You will be unable to make any further claims once you have reached the time limit or the maximum payout. These are fine for one-time illnesses and injuries, but they leave you vulnerable if your pet develops a chronic condition that lasts for years.
Pets are such an important part of our lives, so it’s important to make sure they’re covered by the right pet insurance. Choose from our different types of cover, from Lifetime to Time Limited. You can choose a level of cover to suit you and your budget, and keep your furry friends happy
4. Policies of maximum benefit
Although these appear to be the most comprehensive types of coverage, this is not the case. Maximum-benefit policies, like time-limited insurance, impose a monetary rather than a time limit on the amount of coverage for treating a condition.
They also have sub-limits within the overall limit at times. For example, the maximum payout per condition could be £5,000, with an additional cap of £1,000 for MRI scans. Once these caps are reached, you will be unable to file any additional claims for that condition.
5. Lifetime warranties
These are the most comprehensive types of pet insurance available. They do have limits, but only on the amount they will pay out per year. When your policy renews each year, the limits reset, allowing you to continue claiming for conditions discovered after you purchased the policy.
There are two types of lifetime policies: those with annual limits for all treatment and those with annual limits for each condition.
What are the best pet insurance companies?
Our top three pet insurers are listed below.
Many Pets Best for: customer experience and highest cover limit
Key features
- First place in our customer experience ratings
- Complete policy receives five stars in our product ratings,
with £15,000 in medical expense coverage.
£3 million in liability insurance (only for dogs)
Why we give it a rating: ManyPets, which recently rebranded from Bought by Many, is a newcomer to the pet insurance market. However, it has a stellar reputation for customer service and some of the most comprehensive policies on the market.
Since autumn 2020, it has been at the top of our customer experience ratings and has never been less than gold rated.
Its Complete policy receives five stars in our product ratings, indicating that it is one of the most comprehensive policies on the market, with reasonable excesses and no nasty fees or charges.
The policy provides annual coverage of up to £15,000, the most of any pet insurance policy.
This sum ensures that you will always be able to provide the best care for your pet.
ManyPet's Regular and Value policies are also strong, receiving four stars in our product ratings for those who cannot afford the Complete policy.
Tesco Bank Best for: full lifetime cover
Key features
- No increase in excess as the pet ages
- Low compulsory excess of £60
- Customer experience is not as strong
Why we rate it:
In our tables, Tesco Bank has the most five-star-rated pet insurance products.
The limits on its Premier pet policies range from £2,000 to £10,000, allowing it to offer a variety of price points to accommodate a variety of budgets.
Most pet insurance companies charge an additional excess when the pet reaches a certain age, which is usually eight. This usually means that the customer must pay about 20% of the claim. Tesco is one of the few insurers that does not charge pet owners an age- related excess. It also has a low mandatory excess of £60.
Another notable feature of Tesco Bank is that it allows customers to immediately file a claim for an injury to their pet, whereas most providers require you to hold the policy for two or three days before filing an injury claim.
If something happens to your pet, all Tesco policies cover holiday cancellation up to £5,000, as well as £200 for euthanasia and cremation if your pet dies. Tesco, on the other hand, performs poorly in our customer experience ratings, ranking 16th in Spring 2022.
John Lewis Best for: pets that travel
Key features
- 180 days of overseas travel coverage
- Bronze ribbon for customer service
- Up to £12,000 in medical expenses
Why we give it a rating: Both John Lewis' Plus and Premier policies cover 180 days of overseas travel per year, which is double the next-best provider on the market.
Furthermore, they provide £3,000 in holiday cancellation insurance if your pet becomes ill and forces you to cancel, as well as up to £12,000 in medical treatment while abroad.
You can choose your compulsory excess at John Lewis, with a minimum of £60 and a maximum of £500. Because of this flexibility, you can change the cost of the policy each month.
The Premier policy covers vet fees up to £12,000 per year, which is one of the market's highest limits, and the Plus policy covers up to £7,500. Both receive five stars in our product reviews.
The Premier policy covers vet fees up to £12,000 per year, which is one of the market's highest limits, and the Plus policy covers up to £7,500. Both receive five stars in our product reviews.
John Lewis also ranks 14th out of 28 companies in terms of customer experience, earning a bronze ribbon.
Pets are such an important part of our lives, so it’s important to make sure they’re covered by the right pet insurance. Choose from our different types of cover, from Lifetime to Time Limited. You can choose a level of cover to suit you and your budget, and keep your furry friends happy.
How do excesses function?
Pet insurance excesses differ from other types of insurance excesses. An excess is the amount of money you must contribute to any claim yourself.
When your pet is young, the compulsory excess - as well as any voluntary excess you pay to reduce the cost of the premium - is usually deducted from the treatment payout.
This is frequently done on a condition-by-condition basis, so if you have to file multiple claims for the same condition, the excesses should only be deducted once.
However, as your pet ages – typically after the age of 8 for dogs and 10 for cats – many insurers begin to impose a "co-payment" excess of around 20%.
This means you must pay 20% of the cost of any claim made under the policy. One insurer that does not do this is Tesco Bank.
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