When considering a product like pet insurance, owners have plenty of options to choose between. For one, there are several types of policies to pick from, each of which offers unique benefits.
Let’s take look at accident only pet insurance.
What is accident cover?
If your pet suffers an unexpected injury, this type of pet insurance policy will help cover the cost of treatment. Costing an average of $20 per month according to ASIC’s Moneysmart website, accident only cover is typically the cheapest type of pet insurance you can take out.
It sports a number of crucial benefits:
- Thousands of dollars worth of cover, so even if your pet requires expensive surgery, you don’t need to sweat the price tag. You may also be able to dictate a higher or lower annual benefit (i.e. being able to claim more each year, or less), which has an impact on the price of your premium.
- Choose your own Most providers allow you to select the vet who you’d prefer to treat your pet.
- Insure more than one pet at a time. Have you decided to grow your family by more than one pet? Perfect – you can choose to cover both of them with the one insurer! You may even be able to save on your premiums, if such a discount is offer by your insurer.
- No age limit. You can cover your pet at any age with this type of policy. By comparison, an accident & illness policy only covers pets seven years and older. That being said, this type of policy leaves you vulnerable to costs incurred if your pet contracts a disease/illness.
- Pets are covered for life. So long as you’re willing to pay for the policy, your pet will be covered by the insurance policy. Be wary that the price to insure pets increases as they age.
What to consider when you’re insuring your pet
There are several things you may need to keep in mind when you take out accident cover.
- You may still have to pay an out of pocket payment and/or an excess when you claim. An excess is a one-off payment owed when you make a claim, while out of pocket expenses are owed when your insurance doesn’t cover the full cost of your pet’s treatment. That said, some policies offer a $0 excess!
- Waiting periods must be observed for certain treatments. For example, you may not be able to claim on cruciate ligament injuries until a certain amount of time has passed.
- Want to upgrade? Then do it early in your pet’s life! You’re always able to insure them with an accident only policy, but illness cover has an age limit. Once your pet grows old enough (usually around nine), they’ll become ineligible for insurance.
There’s more than one type of pet insurance to suit your needs. You should also check out accident & illness, as well as comprehensive insurance, in our guide to different types of pet insurance.