Did you know that you can get insurance for your pets? Yes, it’s true! It is one of the best ways to add peace of mind in moments of uncertainty, create a financial safeguard, and be a responsible pet parent.
Pets can sometimes be like kids. They get into things, get sick, and sometimes have accidents. They also have their own unique lifestyles. With all the care and love pets are showered with, having an insurance plan for your pet can be of great benefit to you.
As with health, car, auto, and home insurance, there are numerous plans and options to consider for selecting a pet insurance plan. You want to carefully review all the information so you can pick out the best plan for you.
When getting ready to go with an insurance plan, there are three things you should know about choosing an insurance plan for your pet.
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What the Plan Covers and Doesn’t Cover
It is best to do your due diligence and read the small details. Know everything about your pet insurance plan entails.
You want to know the ins and outs of determining a plan that is both feasible and best suited for your pet.
Most pet insurance plans cover accidents, illnesses, and wellness. Each coverage type, including the pet insurance cost and options, is based on the provider.
An accident-only policy coverage, vet bills are covered for injuries related to accidents, not accidents caused by illnesses (with this coverage be sure to inquire about third-party coverage).
For both accident and illness policy coverage, vet bills are covered for accidents and a range of illnesses like hereditary conditions.
Comprehensive policy coverage, also known as “nose-to-tail” policy, covers a range of areas including accidents, illnesses, diagnostic tests, surgeries, treatments, and wellness routines or practices like vaccinations and regular vet visits.
Wellness policy coverage covers wellness-related medical costs. These would include checkups, flea and heartworm prevention, and the like.
Depending on the insurance options, there are some things that are not covered. For example, some pet insurance plan options may have breed specification, extra costs based on breed, exclusions of preexisting conditions, claim amount limitations.
Lines also get blurred on accidents and accident-related to illness. For this reason, reading the fine print is pertinent.
See what information you can get via samples or consultations to review for limitations, exceptions, and copayments. The better informed you are, the better of a decision you can make.
What It Will Cost
On average, nearly half of Americans who have pet insurance save money, and the costs for pet insurance plans can vary greatly.
Pet insurance can range greatly in pricing for both cats and dogs. This drops considerably for premium-only plans.
For other small pets and exotic species, it will vary and may be more challenging to find a reasonable policy plan.
Cost can be impacted by numerous factors. Some of these factors may be the pet’s breed, age, region, and ultimately, the coverage type.
As pets get older, the insurance plan is likely to increase by a certain variable with each renewal.
As the pet type is of particular importance, let’s take a look at breeds for a moment. Purebred pets will often have more expensive plans, as well as those with hereditary diseases. When it comes to pricing for pet insurance plans, dog breeds have the widest pricing range.
Your more expensive dog breeds to insure include
- Bulldogs,
- Dachshunds,
- Dalmatians,
- Great Danes,
- Mastiffs,
- Pit bulls,
- Portuguese water dogs,
- and Shar Peis.
It is also important to note that it is more expensive to get an older pet on an insurance plan.
Due to this, it is highly recommended to get pets covered as early as possible, preferably in their early years (kitten and puppy stages).
As pet insurance is an added expense, don’t be afraid to ask about discounts. Asking one simple question can help you save on cost.
It is possible for families with 2 to 3 pets to secure 5% discounts and families with 4 or more to claim 10% discounts. Obtaining discounts can help you save even more.
Not Every Insurance Provider is the Same
No one business is alike and while they may have similarities, you will want to research and get to know the companies that offer pet coverage. A great place to start is with your own employer.
Some employers offer pet insurance with company-specific benefits and additional discounts.
Compare pet insurance providers so you have a strong understanding of those differences and similarities. Look at what will influence premiums such as the deductible you select, deductible type (annual or per-incident), co-insurance, and annual limits. Research which pets offered coverage.
Pet insurance policies can come with an annual or per-incident deductible. Normally, the higher the deductible (the amount of money paid out of pocket before insurance is applied), the lower the monthly pet insurance bill.
In most cases, after the deductible is met, pet bills can be sent in for reimbursement (between 70-90% based on plan).
Vet the insurance provider’s reputation. It is wise to investigate company track records, looking into the number of years the company has been in business, the number of policies in effect, and real-life reviews.
You should avoid insurance companies that are very small, have slow reimbursement speeds, and have higher lifetime costs. Companies proven trustworthy and reputable are the best way to go.
In Summary
Pet insurance can be an excellent tool and resource when properly utilized. While it does come at a cost, like most things, it can be extremely advantageous in emergency cases, pet wellness, and longevity, and quality of life.
Our pets deserve the best. That means being responsible and setting up assurance for their best well-being. Discover how your pet can benefit from an insurance plan and it can be of advantage to you by investigating available options. It will be of avail in the long run and exactly what your family needs.