What is pet insurance excess?

When you make a claim on your pet insurance, you will usually pay something towards the cost of treatment. This amount is called the excess. It’s a way to share the cost of care and helps keep insurance costs affordable. Different types of excess Pet insurance can include more than one type of excess. Here are the ones you’ll usually see:

• fixed excess - this is a set amount you pay for a claim, it stays the same unless your policy states otherwise.
• co-payment (percentage excess) - this is when you pay a percentage of the remaining vet bill after the fixed excess. It’s usually for older pets, once they reach age 6, who are more likely to need treatment.

When co-payment is added

Co-payment is worked out after the excess is taken off. If the vet bill is £1,000 and your excess is £100, you pay that first. What’s left is £900. If your co-payment is 20%, you pay £180

So in total, you pay £280 and the insurer pays £720

Why do you pay more excess for older pets?

As pets get older, they are statistically more likely to need treatment at the vets. Higher excesses help insurers manage the increased cost of claims for older animals.

When you pay the excess

How often you pay the excess depends on your policy. It can be:

• once per new condition
• once per policy year for each condition
• every claim, which is less common

Check your policy documents to see how your excess works. This helps to avoid surprises if you make a claim.

How your excess can affect your insurance cost

Choosing your excess can change the price of your policy. Think about what works best for you and your budget.

• a lower excess means you pay more for your insurance
• a higher excess means you pay less for your insurance, but more if you claim.

Summary

A pet insurance excess is the amount you pay when you make a claim. It helps keep costs down and ensures insurance stays fair and affordable. If you are interested in pet insurance, find out more with Co-op Pet Insurance.