On Thursday, 05 September 2013 ASIC released a report regarding improvements made to pet insurance product disclosure statements (PDS) and marketing material. Previously their main concerns were;
• Insufficient disclosure on pet insurance benefit amounts and excess payments.
• Some websites and PDS did not make clear limits to the amount cover provided per year and/or per illness or accident.
• Some websites and PDS did not make clear pre-existing conditions could be excluded even if the symptom / condition occurred many years before hand.
• Some websites and PDS did not make it clear they excluded cover for diseases that have a vaccine even if you have vaccinated your pet put they still catch the disease.
ASIC has discussed these issues with pet insurance providers and they have agreed to increase disclosure regarding these issues on their PDS, Websites and promotions material. ASIC will also continue to monitor disclosure to ensure it is adequate for consumers.
Further information regarding the report can be found here ASIC Pet Insurance Review Report.