What is an excess? What terms and conditions do you need to know as a policyholder? We dig into the pawesome facts to answer the question, “what does excess mean in pet insurance?”
When it comes to pet insurance, we do everything we can to make your life easier to give you more time to spend on the things that really matter, like spending time with your furry members of the family. Which is why we have put together this simple guide to understanding how excess works when it comes to pet insurance.
Not only do we font you with cash BEFORE you see your vet of choice (meaning you aren’t restricted to a specific network of vets), but we want to make sure that, more than anything, your burning questions are always answered. And a common question we get from our clients is about their excess.
Before we get into the nitty gritty of the legal lingo (don’t worry, we break down everything to make sure it’s as simple as possible), let’s first get our paws into what an excess is.
While you’re here, take a look at this pawesome read: Is there a right time to get Pet Insurance?
What does excess mean in pet insurance?
The first thing you need to know is that all short-term insurance policies will include excess fees. And excess refers to the amount you need to pay in for a claim. With us, you only need to pay excess for any in hospital claims for accidents and illnesses.
If you claim for an accident (Spot gets hit by a car) or illness (Spot gets sick) within the first 6 months of your policy, then you will need to pay 25% excess of your claim.
From month 7 of your policy, you will need to pay 10% excess of your claim. Keep in mind that there is a minimum excess amount of R500. This means that if your excess works out to be less than R500, then we will deduct the full R500. This is also known as a compulsory excess amount.
With Oneplan Pet Insurance, you have options
The great thing about our insurance is that we believe in giving you options. Which is why we created two add-on products for you to add onto your policy at an affordable cost. Both of which can help you waive any excess.
Option 1: The Excess Buster, which is an added amount of between R30 and R40 per pet on your monthly premium, will waiver the excess applicable for an in-hospital claim.
Option 2: Pet Med Booster, which is an added amount of between R35 and R85 per pet on your monthly premium, increases the cover limit of your Pet Med Savings AND includes the Excess Buster.
Now that we have whet your appetite, let’s dig into the juicy details of these add-on products.
Oneplan’s Excess Buster
Our amazing Excess Buster is an add-on product that costs the same amount as a dog or cat treat for your furry bestie. With this benefit, available for clients with a Pet Hospital Plan, Pet Classic Plan or Pet Super Plan, we will ensure that all hospital excess amounts are waived. This means you DO NOT have to pay excess for in-hospital fees.
Head’s up – Keep in mind that the Excess Buster will only cover up to your policy limits. This is the max amount of cover you have according to your plan.
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Oneplan’s Pet Med Booster
As any client of Oneplan knows, we include a range of day-to-day cover benefits in some of our plans. Should you wish to increase your Pet Med Savings benefit, which is a savings benefit you can use towards routine care, chronic meds, etc, then you can purchase the Pet Med Booster Add On.
With this benefit, not only will you DOUBLE your cover for Pet Med Savings (activated after a waiting period of 6 months from the date of purchase of this benefit), but this will also include the Excess Buster Add-On. Meaning that, for an extremely affordable monthly cost, you can boost your Pet Med Savings benefit PLUS waive excess costs for in-hospital claims.
Which, if you ask us, is pretty purrfect.
Get in touch with our team of experts
If you have any more questions, don’t be afraid to give us a shout, or pop us a message on the Oneplan App using the in-app chat function. We have a team of experts ready and waiting to answer your questions.
Curious to see how these benefits will work for your pet? Get a quick & easy online quote here.
Your Pet Insurance Family,
Oneplan
