The short version
- The annual benefit limit is the most the policy pays in a policy year. On the plans we checked, limits ran from about $1,500 on single-purpose plans to $25,000.
- The excess is the amount you pay before the insurer contributes. Some policies apply it once a year, others per claim or per condition.
- The co-payment is a percentage of each eligible bill that stays with you, often 10% to 30%. Some insurers raise it as a pet gets older.
- Sub-limits cap particular things inside the annual limit. Cruciate ligament and dental conditions are common examples.
How the three numbers work together
Take an eligible $2,000 vet bill on a policy with a $200 excess and a 20% co-payment. The insurer typically deducts the excess first, then pays 80% of what remains. Exactly how it is calculated is set out in each policy wording, and the order of deductions can differ.
A higher excess or co-payment usually means a lower premium, because you carry more of each claim yourself.
Annual or per-claim excess
This is the detail most worth checking. Southern Cross, for example, says its excess is annual, “not payable per claim or per condition”. Other policies apply an excess to each claim or each new condition, which costs more for a pet that needs several separate treatments in a year.
Co-payments that change with age
Some plans add or increase the co-payment as a pet gets older. Petcover’s Superior plan, for example, adds a 20% co-payment from age 8 and 35% from age 10. A policy that looks generous for a young dog can return noticeably less in its later years.
Where this comes from
Insurer details checked on 26 October 2026. The policy wording always governs.
Keep reading
- Accident-only or accident and illness coverThe first choice every policy makes for you, and the one that decides what a claim can be for.
- Waiting periods (stand-downs)The days at the start of a policy when an illness will not be covered. Insurers apply them strictly.
- Pre-existing conditionsWhy a condition your pet already has is usually not covered, and what “already has” means.
- Age limits for starting coverMost policies have a youngest and an oldest age to start. The oldest age is the one that catches people out.