No, there are three main types of policies for pet insurance – accident only, accident + illness cover and comprehensive. Each insurer will have different policies and conditions which you will need to consider carefully.
The excess is your contribution towards a claim and is typically made up of a compulsory and a voluntary amount. The insurer sets the compulsory amount, while you state the additional voluntary amount that you're comfortable with; you should find that the higher you set the voluntary excess, the lower your premium will be.
Pets are often seen as part of the family, so making sure they're covered with pet insurance in case they become sick or have an accident can be a good idea.
Policies can also provide cover should your pet die, become lost or stolen, attack a third party or damage property.
2017 Pet Plans Australia