Pet Insurance: What to Check Before Your Policy Renews

If you have pet insurance, you have probably noticed the premium going up at each renewal. It is one of those costs that starts off reasonable and then quietly climbs year after year, especially once your pet passes middle age. The temptation is to just pay it and move on, but a quick review before your renewal date could save you a significant amount or, more importantly, make sure you are actually covered for what you think you are.

Why Do Premiums Keep Going Up?

Pet insurance is priced largely on risk, and the biggest risk factor is age. As your dog or cat gets older, the likelihood of health problems increases, and the insurer adjusts the premium accordingly. Vet costs have also risen sharply in recent years, which pushes prices up across the board. It is not unusual to see a 10 to 20 percent increase at renewal, and sometimes more.

Lifetime vs Time Limited Policies

This is the most important distinction in pet insurance and one that many people do not fully understand until they need to make a claim. A lifetime policy covers ongoing conditions year after year, as long as you renew without a gap. A time limited policy only covers each condition for a set period, usually 12 months, after which it is excluded.

If your pet develops a chronic condition like arthritis or diabetes, a lifetime policy will continue to cover treatment. A time limited policy will stop covering it after the first year. Switching from a lifetime policy to a cheaper time limited one might save money now, but it could leave you exposed to large vet bills down the line.

Check Your Excess

Many pet insurance policies have two types of excess: a fixed amount and a percentage of the claim. Some insurers increase the percentage excess as your pet gets older, meaning you pay a larger share of each claim. Check the renewal documents carefully. If your excess has crept up to 20 or 25 percent on top of a fixed fee, you could be paying a substantial chunk of any claim yourself.

Pre Existing Conditions and Switching

This is the catch with pet insurance. If your pet has a pre existing condition, a new insurer will almost certainly exclude it. That means switching providers is only straightforward if your pet has a clean bill of health. If they have ongoing conditions, you are generally better off staying with your current provider and negotiating if possible.

When to Start Comparing

About three to four weeks before your renewal date, start looking at what else is available. Use comparison sites to get a sense of the market, and read the policy documents carefully rather than just comparing headline prices. A cheaper policy with lower cover limits or higher excesses is not always a better deal.

Keep Your Policy Details to Hand

Having your current policy details, claim history, and renewal date in one place makes the whole process easier. Orlo can help with this by storing your pet insurance documents and reminding you when renewal is approaching, so you have time to review and compare rather than rushing a decision at the last minute. It is a small bit of preparation that can pay off both financially and in peace of mind.