Pet health insurance policy definition of "annual policy limit"
The maximum amount that the policy will pay in any Annual term.
What is an Annual Limit?
An annual limit is the maximum amount of money the pet insurance company will reimburse you for covered losses within one year. The amount varies depending on your individual pet insurance plan.
How do Annual Limits work?
At Odie, you can choose an annual limit of $10,000 or $40,000 for the year. You will choose your particular annual limit during the quoting and checkout process. The amount you choose will dictate the maximum amount the insurance company will reimburse you in a year after you've met your deductible.
Let's say your annual limit is $10,000 and your pet's eligible claims total $12,000 worth of reimbursements that year. The insurance company will reimburse you a maximum of $10,000 for the year -- the rest is up to you to pay until your policy renews.