Pet Insurance Excess Explained
How Does Pet Insurance and Excess Work?
Insurance is insurance, and there will likely be an excess to pay at one point or another. Pet Insurance is no different.
But with different types of excess, cover types having their own excess terms, your pet's age and when you bought a policy, we know how confusing excess is. So, to help demystify pet insurance excess, here's a guide to how we do things at Everypaw.
What is Pet Insurance Excess?
An excess is an amount you pay when you submit a vet fees pet insurance claim. The frequency and amount you pay will depend on your policy and the excess available when you buy a policy.
Here at Everypaw, when you take out a policy, we want to give you the flexibility to choose a policy and an excess that suits you and your pet. Everypaw has two types of excess, and they are:
- A set excess
- A set excess plus a voluntary % excess
A voluntary % excess, also known as a co-payment, co-insurance or claim contribution, is an additional excess amount you can pay to help make your policy more affordable.
A set excess is also payable for third party liability claims, however, it’s not the same amount as the vet fees set excess.
The Set Excess
A set excess is a fixed amount you will pay when you claim. The amount you pay will depend on the options available when buying a policy.
If there are multiple set excess options, you can choose a high set excess to lower the price of your policy. This will reduce the cost of your policy, but you will pay more if you need to make a claim.
The Set Excess Plus Voluntary % Excess
A voluntary % excess is an amount you can select that can lower the price of your policy. The percentage amount can vary depending on the options available when you buy a policy. Choosing a higher voluntary % excess will reduce your premium, but you will pay more if you need to make a claim.
When you need to make a claim, you will pay the set excess plus your selected voluntary % excess. We calculate the percentage of the voluntary % excess after we've deducted your set excess.
Pet Insurance Excess for Overage Pets
When your pet reaches the upper age of their policy, their excess may change. This will depend on when you bought your policy, the species of your pet and the excess options you chose when you took out a policy. The upper ages of our policies are:
- For cats, the change happens at the renewal after their 10th birthday.
- For most dog breeds, it's at the renewal after their 8th birthday.
- For the dog breeds listed below, it's at the renewal after their 5th birthday.
- For rabbits, it's at the renewal after their 5th birthday.
Beauceron, Bernese Mountain Dog, Bulldog, Bullmastiff, Deerhound, Dogue de Bordeaux, Estrela Mountain Dog, Giant Schnauzer, Great Dane, Irish Wolfhound, Leonberger, Mastiff, Neapolitan Mastiff, Newfoundland, Old English Bulldog, Old English Sheepdog, Poodle (Standard), Pyrenean Mountain Dog, Rhodesian Ridgeback, Rottweiler, Shar Pei, St Bernard, Standard Poodle, Tibetan Mastiff, Utonagan.
The Set Excess OR Overage Percentage
If you bought your policy before 13th March 2024, your excess will change when your pet reaches the upper age of their policy. It will change to either the set excess OR a percentage of the claim amount.
- For cat and dog policies, it will be either the set excess or 25% of the claim amount, whichever is more.
- For rabbit policies, it will be either the set excess or 15% of the claim amount, whichever is more.
The Set Excess Plus Voluntary % Excess for Overage Pets
For policies with a voluntary % excess, the excess may change when your pet reaches the upper age of their policy. This depends on the voluntary % excess chosen when the policy was bought.
If you bought a policy on or after 13th March 2024, the excess you need to pay would depend on the options selected when you bought your policy.
- For cat and dog policies with only a set excess, the excess payable would be your set excess plus 25% of the claim amount.
- For policies with a set excess and a voluntary % excess of 25% or less, the excess payable would be your set excess plus 25% of the claim amount.
- The excess will remain the same for policies with a set excess and a voluntary % excess of 30%.
- For rabbit policies, your excess will be the set excess plus 15% of the claim amount.
How Often is Excess Paid on Claims?
For Lifetime Pet Insurance policies, the excess is payable per condition, per year. You need to pay the excess on your policy for each condition you claim for. And if it's an ongoing claim over two, three or four+ policy years, you'll need to pay the excess again every policy year you claim for that condition. The excess is payable per condition for Max Benefit or Time Limited policies.
If your claim is for an ongoing condition and your excess is the set excess plus voluntary % excess, the voluntary % excess will be deducted from every continuation claim.
Max Benefit and Time Limited policies are only available through price comparison websites. Please be aware that the excess may differ when bought through price comparison websites. The price of the excess is subject to change.
Frequently asked questions
You will find your excess on your Certificate of Insurance and in the Everypaw Pet Portal.
Yes, your pets can have different excesses. Whether you're looking to take out insurance for multiple pets in one or have a new pet looking for Everypaw Pet Insurance, you can choose the excess that suits you and your different pets.
Perhaps you feel your dog's policy is OK with just the set excess but select a set excess plus a voluntary % excess for your cat. Depending on the options available to you when you take out a policy, you might want all pets with a voluntary % excess, each with a different percentage.
While voluntary % excess may take a while to understand, it's there to give you flexibility when it comes to your policies.
As your pet gets older, the risk of them having to go to the vet more often increases. This can lead to more claims, which can have an overall impact on the price of your insurance. Adding this change of excess to your policy can reduce your premium's cost and make cover affordable for older pets.
You can't change your excess once you have taken out a policy. That's why it's essential to review the excess amounts thoroughly and choose the amount that works for you now and in the future.
You won't need to pay the excess if you need to claim for one of our additional benefits that isn't covered by vet fees, e.g. Theft and Straying or Finding Your Pet. If you need to make a claim for Third Party Liability, you will need to pay an excess of £250. The remaining amount will be paid towards the costs of any compensation or the fees for damage your dog has caused to someone else's property.
Some providers may offer pet insurance no excess policies but do your research. If a policy has little to no excess, the price will likely be more expensive costing you more money in the long run.
If no excess works for you, great. But do your research first and make sure you have the right cover for you and your pet.
The best thing to do when it comes to covering your pets is to do your research. It is not just about the insurance cost or the excess on the policy but also about your pet's breed.
A strong and hearty breed can mean fewer trips to the vets and fewer claims. Some breeds suffer from breed related issues and are more likely to suffer health issues. If your breed is robust with few common conditions, you might find a policy with a high excess might work for you as there may be less of a need to make a claim. If your breed is known to suffer health conditions, a simple set excess may help.
