Pet Insurance: Maximum Benefit Policies
I tend to liken this type of policy to a “pot of gold”…it seems valuable on first appearance, but when it’s gone, it’s gone! Essentially with this type of policy, your cat has a fixed maximum amount of money claimable for each injury or illness. It is really important to clarify with an insurer how much has been specified for veterinary fees (ie the “maximum benefit”) and whether this amount is reinstated each year, particularly if a claim is made.
These policies essentially mean that your cat is insured for a condition until the financial limit is reached (ie usually without a set time limit). The downside of these policies is that some conditions can be very costly and go on to affect your pet for many years (eg diabetes, skin problems) meaning that the “pot of gold” runs out sooner than you might have expected. You are thereafter left to pay from your own pocket.
EXAMPLE
With the example of Molly the diabetic from the previous policy type, she may have a specific amount of money allocated to her condition but if she uses that money up in the first 18 months of treatment, then her owner will still be responsible for paying any veterinary fees related to the diabetes thereafter.
eg Direct Line, Sainburys etc
These policies essentially mean that your cat is insured for a condition until the financial limit is reached (ie usually without a set time limit). The downside of these policies is that some conditions can be very costly and go on to affect your pet for many years (eg diabetes, skin problems) meaning that the “pot of gold” runs out sooner than you might have expected. You are thereafter left to pay from your own pocket.
EXAMPLE
With the example of Molly the diabetic from the previous policy type, she may have a specific amount of money allocated to her condition but if she uses that money up in the first 18 months of treatment, then her owner will still be responsible for paying any veterinary fees related to the diabetes thereafter.
eg Direct Line, Sainburys etc
