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However, as a general rule of thumb it will often refer to any animal that requires insurance other than a cat or dog, or a horse (which is usually covered by specific equine insurance policies).
Some other common pets such as a hamster or goldfish won't be classed as exotic pets, but it's very rare that an owner would consider it worth insuring these pets.
What makes an exotic pet insurance policy different? There are several reasons why the potential payouts, and thus the premiums, may be higher with exotic pets.
These include the following:
- High-value pets such as rare birds or reptiles are potentially at a greater risk of being stolen.
If you have a policy which pays for replacing the pet, the payout will also be higher in these cases. - It's also more likely that you will be able to get insurance against a high-value pet dying and receive a payment for replacement costs.
It's usually harder to find this type of cover for a dog or cat as there is a much wider disparity between the financial cost of replacing such a pet and the sentimental value the owner places on their death. - Less common animals may require more specialist treatment from vets which can be more expensive.
Rarer pets often require specialist care by owners and some insurers may take account of the risk that you won't have the knowledge to provide this. - Liability if your pet injures property or another person may vary.
Clearly a dog is probably more likely to attack a human, but another animal may cause more damage if they do, for example if they carry rare diseases.
A major one is the duration of the policy.
Some policies only cover up to a certain financial limit each year, regardless of the claims.
Whilst others limit claims for a single condition to a particular time such as a year, meaning you'll only ever get payouts for a year after diagnosis, even for a long-term condition such as diabetes.
Some policies allow the insurer to make an annual decision about renewing or canceling the policy, while others guarantee you can renew every year, but may have an upper limit on the pet's age.
Is it wise to use an exotic pet insurance provider? There are certainly some good reasons to consider a specialist firm.
They may be able to offer better premiums as they have a clearer understanding of the risks and potential payouts involved with a wide range of exotic pets.
A specialist may also have a better understanding of the claims process and may even be able to help with finding a vet who is particularly qualified for your pet.
However, these advantages shouldn't deter you from checking with more general insurers to see if you can get the best value for money.
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