Voluntary Excess on Pet Insurance UK: Is It Worth It?
Most pet insurance policies come with two types of excess: a compulsory amount set by the insurer, and an optional voluntary excess that you choose yourself. Understanding how voluntary excess works and when it makes financial sense to increase it could save you a meaningful amount each year.
Key takeaways
- Voluntary excess is an additional amount you choose to pay on top of the compulsory excess, usually in exchange for a lower premium.
- A higher voluntary excess saves money on premiums but means you pay more out of pocket if you do claim.
- Only set a voluntary excess at an amount you could realistically afford to pay at short notice.
How Voluntary Excess Works
When you make a pet insurance claim, you are required to pay the excess before the insurer covers the remainder. The compulsory excess is fixed by the insurer, but the voluntary excess is an additional amount you choose to take on. For example, if the compulsory excess is £100 and you add a £100 voluntary excess, you would pay £200 of each claim yourself. In exchange, your annual premium is typically lower.
Does a Higher Voluntary Excess Reduce Your Premium?
In most cases, yes. Insurers offer a lower premium in return for a higher voluntary excess because you are agreeing to absorb more of the cost of smaller claims. The reduction in premium varies by insurer and policy type, but it can be worth calculating how many claim-free years it would take for the premium saving to outweigh a larger excess payment in the event of a claim.
When a High Voluntary Excess Makes Sense
A higher voluntary excess tends to make financial sense if you have some savings set aside to cover unexpected vet bills, and if you would mainly use insurance for larger, more serious treatments rather than routine or minor conditions. If you are likely to make frequent small claims, a lower excess may work out better despite the higher premium.
The Risk of Setting Excess Too High
Setting your voluntary excess higher than you can realistically afford to pay could leave you in a difficult position when a claim arises. You would be required to pay the full excess before the insurer contributes, and if funds are not available, you may not be able to access treatment promptly. Only choose an excess level that you are confident you could cover at short notice.
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Common questions
Compulsory excess is a fixed amount set by your insurer that you must pay on every claim. Voluntary excess is an additional amount you choose yourself, usually in exchange for a lower annual premium.
This depends on your financial situation. A good rule of thumb is to choose an amount you could genuinely afford to pay from savings without significant stress. If in doubt, start lower and reassess at renewal.
On most pet insurance policies, excess is paid per condition or per claim rather than once annually. This means if your pet has multiple unrelated issues in a year, you may pay the excess multiple times.
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