Is Multi pet discount pet insurance worth it?
Multi pet discount is a common feature of pet insurance for owners that have more than one pet and provides cover even if the pets are of different species. Many pet owners will have more than one pet. Whether it’s because they seek to provide a companion for their pets while they are out or simply because the enjoy the company of several species, all the animals will require cover.
Multi discount pet insurance
Insurers will reward loyalty in several ways and there are two common methods that they use to do this. The most common is a percentage discount for the second and each subsequent policy taken out for a pet. It is exceptionally unusual for more than one pet to be covered in a single policy simply because each animal and indeed each species presents different cover risks and will have different needs.
The second method that that rewards loyalty is fixed fee policies. For some people that insure a lot of pets and we’re talking more than just a couple of dogs and cats, this is the best option. The insurer may decide that because this owner insures a lot of animals, and is not a high level claimant their needs can be underwritten in a different way. Fixed fee figures are often applied when a single policy covers multiple animals and different breeds. If you have different animals spanning a range from dogs, cats and hamsters, to snakes, reptiles and exotic mammals this is probably going to be the policy for you.
How a single pet owner can enjoy multi pet insurance
Every now and then insurers will target a particular group of consumers and provide discounts to them as a group. E.g. a large retail employer may be able to offer substantially discounted insurance policies to their staff through a particular insurer and this may include pet insurance. By being part of this larger group you get to enjoy the pet discount and in some cases the promotion can deep discount to as much as 25% of what you pay on the open market. These offers are often available through sports clubs, unions or if you have another policy with the same insurer.
When multiple pet policies are applied, they may all offer the same cover or the cover may be varied. It is important to check the level of cover for each animal. Simply because your first policy provides you with £2 000 000 public liability cover for dog, doesn’t mean the subsequent policy will do so for your cat. When you have a single policy covering multiple pets, the public liability clause should cover all your pets.
It may also be prudent to check how a single policy compared to multiple policies covers each individual animal and the annual limits for treatment. It is not a very safe situation to be in, if you have five dogs and the overall annual limit for accidents is £1000. You want to be sure that this will be cover offered for each animal.
If you have a pet on a single policy and are then offered a discounted multi pet policy there will be some things to consider. A pet that has a chronic condition such as diabetes or epilepsy and is covered under a current single pet policy may not be covered under a new policy that will exclude pre-existing conditions. If the animal is going to be excluded when you switch over to a single multi pet policy then it may be more cost effective to simply accept a slightly lower discount for multiple pet policies than to try and insure them all under one. If you are assured that the pre-existing condition will be covered in a new policy, be sure to get it in writing.
Overall multi pet discount insurance will be worthwhile to anyone that owns multiple pets. There is only one final thing to check especially when taking out multiple policies. Are you over insured? Does your home insurance cover public liability for your pets and if so will you make further savings by adjusting your pet policy accordingly? Check for exclusions. You may find that breeds that are particularly likely to have certain problems may have that medical condition excluded. Sometimes you can request inclusion for a few pounds extra every month.
Overall pet insurance, whether you’re a single pet owner or own a whole menagerie is not only a safeguard for yourself financially, but also an investment in the welfare of your pet. Consider it carefully when you make a policy decision.