Suppose you have more than one cat or dog. In that case, a multi-pet insurance policy may be more cost-effective – and easier to maintain – than purchasing individual insurance policies for each animal in your household.
Throughout this tutorial, we’ll go over everything you need to know about how multiple-pet insurance works.
What is multi-cat insurance, and how does it work?
A multi-cat insurance policy operates in the same way as a conventional pet insurance policy, except that it covers a more significant number of dogs or cats under the same policy.
Because you’ll have the same renewal date, the same documentation, and the same insurer for each pet, things will be much easier to manage than if you had separate insurance for each of your pets.
Some multi-cat policies work by joining more than one insurance policy together, allowing you to have different levels of coverage for other animals, which is very convenient. It’s also possible to add new pets to your coverage at any point in time with them.
On the other hand, others will need you to have the same levels of coverage for each pet, so it’s essential to weigh your options carefully.
Generally speaking, multi-pet insurance provides the same level of protection as average pet insurance, which means you should be protected for the following:
- Vet bills: Cover the expense of veterinary treatment
- Cattery or kennel fees: Your insurer would give these fees if you temporarily could not care for your pet.
- Third-party liability costs: covering costs and legal fees if your pet injures someone or damages their property
- Loss, theft, or death of your cat: This insurance covers the cost of replacing your pet if it is lost or if it dies as a result of a sickness or accident.
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Different types of multi-pet insurance
A lifetime multi-pet insurance policy is typically more expensive than a time-limited multi-pet insurance policy. Thus when comparing the two, it is best to go for a less expensive policy.
- Lifetime multi-pet insurance gives coverage up to a maximum limit for each condition each year, per pet, throughout the policy’s validity. If your insurance policy has a limit of £5,000, you will be able to make claims up to this amount for each insured condition for each pet. If you renew your insurance after 12 months, your coverage limit will be reset to the starting point.
- Time-limited Multi-pet insuranceis less expensive than a lifetime policy. The policy covers each ailment for a maximum of 12 months from when the first treatment is received – assuming that the policy is renewed. Using the above example, if you file a claim for a specific condition six months after purchasing your policy, you would be covered for that condition (up to a predetermined amount) for the remaining six-seven months of your current policy as well as the first six months of your following policy – provided you renew with the same insurance company. Your kitty will no longer be covered for that specific illness or condition once the 12-month period has expired or you have reached the fixed sum amount you have set.
Is it less expensive to insure multiple pets?
Multi-pet insurance can be less expensive than purchasing individual policies for each cat or dog, but this is not always the case. It is always good to compare estimates for both choices to ensure you are receiving the best price.
Some insurance providers will provide discounts if more than one pet is insured under the same policy, with reductions ranging from 5 percent to 15 percent on average.
Alternatively, some insurers may offer a fixed savings of approximately £12 per year for each additional pet you insure. As a result, the more pets you have, the more money you will save.
However, it is essential to note that there is usually a limit to the number of pets you may insure under a multi-pet insurance policy, typically between six and ten.
Is it applicable to pre-existing conditions?
Multi-pet insurance does not typically provide coverage for medical illnesses that your pet had before the time you purchased the insurance policy. A pre-existing conditions pet insurance coverage with a specialty provider, which can then be linked to another policy, may be available in some circumstances. However, this will depend on the insurer.
What is the best way to find the most affordable multi-cat insurance policy?
It is critical to search around and obtain numerous quotes in order to compare coverage levels and rates while looking for the best multi-pet insurance policy. Remember that finding coverage for your cat will be more accessible when your pet is young and healthy than when your pet is older and has one or more medical concerns.
Check out multiple pet insurance quotes, and make sure to figure in precisely what you’ll be insured for. You should also consider whether you’d like a lifetime multi-pet insurance policy or one that is just valid for a specific time. Never forget that lifelong pet insurance is more expensive, but it gives a better level of protection.
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What kinds of things might be excluded from coverage?
You’ll also want to keep an eye out for exclusions. For the most part, most policies will only cover cats or dogs after they are at least eight weeks old, and there will almost always be an upper age limit as well.
You may also discover that some breeds of cats and other pets displaying aggressiveness or being the subject of legal complaints are not insured. Don’t forget to inquire about the number of pets that can be covered under single insurance.
Lastly, it helps if you considered the expense of the surplus. This is the amount of money you will be required to contribute toward the cost of any claim, and you will frequently discover that your excess will increase as your pet grows older.
You may also be required to make a contribution known as a co-payment. This is a percentage (usually 10 percent or 20 percent) of the total cost of all therapy less any excess you may have paid out of pocket.
You may wish to seek a multi-pet insurance policy that charges one excess fee rather than one that requires you to make co-payments. While co-payments can assist in lowering the cost of your premiums, they also increase the overall cost of claiming.
Excess and contributions for multi-pet insurance policies
A policy’s “excess” is the amount of money you are responsible for paying toward the costs of any claims you make. You will only receive $700 if you file a claim for $850, and the excess on your insurance policy is $150.
The exact amount varies according to your pet’s age and breed, with the amount often rising over time. As a result, if your pet requires surgery and you require your insurer to cover the cost, you should expect to pay between £50 and £100 or more upfront.
It is possible that the higher the amount of excess you agree to pay when you purchase the insurance, the lower your premiums will be – especially when you choose a voluntary excess on top of the compulsory or statutory excess. While the promise of low premiums can be enticing, it’s crucial to select a total excess that you’ll be able to pay if something goes wrong.
When you submit a claim, your insurance company may charge you a co-payment or contribution, which is a percentage (20 percent – 30 percent ) of the claim, minus the excess you paid.
Is it possible to customize multi-pet insurance to fit my cats’ needs?
Yes, it is feasible to purchase a multi-pet policy that provides varying levels of coverage for each of your pets individually. Consider the following scenario: you want more extensive coverage for your dog than you do for your cat because there is a more significant likelihood that your dog will be stolen for its resale value.
Is it possible to introduce a new pet in the future?
Absolutely. As time passes and your family expands, you will be able to add on more plans as and when you require them.
Is it less expensive to insure multiple pets?
Multi-pet insurance can be less expensive than ordinary pet insurance because many insurers companies discount if you insure more than one animal under the same policy. The savings vary from company to company; some provide reductions ranging from 5 percent to 10 percent, while others offer a discount of $18 per year for each additional pet you cover with them.
Cats are the most common pets covered under multi-pet insurance, with some policies covering both.
For example, if you get insurance for two pets, you may receive a discount of $30; if you purchase insurance for three pets, you could receive a value of $50; and so on.
