Unlike most pet insurers we don’t impose a co-insurance payment on any of our plans. Giving you confidence over what your costs will be in the event that you’ll need to claim.
What is co-insurance?
Co-insurance, sometimes known as co-payment, is an additional payment on top of an excess which you’ll be required to pay in the event of a claim. It is usually a percentage, typically between 10% and 20% of the value of the claim value. The benefit of co-insurance is that it can result in lower initial premium prices, however, in the event of a claim you’ll become liable for additional costs.
The difference between excess and co-insurance
Excesses and co-insurance payments are separate terms but sometimes you’ll see them together. An excess is a compulsory payment made upon making a claim, this is a typical payment applied to most types of insurance, not just pet.
A co-payment is more specific to pet insurance and is used to lower the initial cost of your premium. This works in addition to excess payment, and asks that the policyholder pay a percentage of the claim value – for most insurers this is between 10% and 20%.
Be confident you're covered
Co-insurance payments can leave some uncertainty around the amount you would have to pay yourself. As if you need to claim you’ll be liable for both the excess on your policy, and a percentage of the claim total – the co-insurance payment.
To ensure the most certainty for our members when claiming we have a fixed excess of £100 per claim on dogs under 8 years old and cats under 10 years old. For dogs over 8 and cats over 10 years old then the excess increases to £250 per claim.
We may add an additional excess under our Champ (pre-existing conditions cover) policies for accepted conditions. These are in addition to the standard policy excess.
We won’t ask you to pay a co-insurance payment.
Co-insurance and excess example:
Picture this: A successful claim made for £1,000 on a plan with a £100 excess and a 20% co-insurance payment.
This would result in the policy holder paying £280 towards the claim, with the insurer paying the remaining £720.
- Your excess payment
- Your co-insurance payment
- The insurer pays
Without a co-insurance on the policy, the insurer would pay £900 and the member would pay just the £100 excess.
Common co-insurance and excess FAQs
Do you have plans to introduce a co-insurance payment?
We have no plans currently to introduce a co-payment. We think it’s better that we are clear with members what their payments will be.
When do I have to pay my excess?
You’ll need to pay your excess for each new injury or illness you claim for in each policy year. If your claim spans two plan years for the same treatment you’ll be required to pay the excess each year.
Can I change the level of my excess?
No, currently our excess works on a fixed level depending upon the age of your pet. Dogs under 8 and cats under 10 will have an excess of £100 per claim rising to £250 once they exceed the age thresholds.
We may add an additional excess under our Champ policies for accepted conditions.
Our other insurance features
If you’re insuring 2 or more pets then you’ll receive a 10% discount off your total insurance premium. The offer applies to our Bronze, Silver, Gold, Premier and Premier Plus cover and will be deducted when calculating your quote.
95% claims paid
If the unfortunate situation arrives where you need to make a claim on your policy, we can assist by paying your claim fast and efficiently and often payments can be made directly to your vet – so long as you and they agree. In 2020 we paid 95% of all claims made.
Switch without the wait
It hasn’t always been easy to switch your pet cover, but we’re changing that. Most providers will impose a 14-day wait time for illnesses if you switch, but so long as you are an existing pet insurance holder when you switch to us, we won’t.
24/7 Careline access
The Scratch & Patch Careline which is available 24 hours a day, 7 days a week, is included for all cover levels. Our friendly UK based team are available whether you’re looking for pet care advice or looking for assistance with a quote or a claim.