Pet Insurance

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About pet insurance

Pet insurance is more properly termed Pet Health Insurance and, as it sounds, it is an insurance policy that provides health coverage for your pets. Typically this means cats and dogs, but you can also get insurance policies for other pets as well.

Pet health insurance, like other forms of insurance, is a gamble. You're betting your pet will need it, and the insurance company is betting the odds are in its favor that it won't. And just to put the odds more in their favor, they include limits on their coverage (both in the BOLD print as well as the fine print, so make sure you are thorough when you do your research to avoid nasty surprises when you make a claim).

Cost of Pet Insurance
Pet insurance rates typically range from about $11 per month for an accident coverage plan to $50 for a premium policy and most companies have discounts for multiple pets. So when you are figuring out whether it makes sense to purchase this insurance remember pet insurance can cost anywhere from about $130 per year and up.

Comparing Pet Insurance Companies
There are many different pet insurance policies available to choose from. Even the ASPCA is now offering an insurance plan bearing their name, aspca pet insurance, but the truth is most pet insurance policies are underwritten by just a few insurance underwriters (in the case of the ASPCA pet insurance, the insurance company that actually provides the pet insurance is Hartville Insurance Co.) and the insurance underwriter is the one who sets the guidelines on coverage and benefits.

Here are some questions you will want to have answered when you evaluate pet health insurance plans:

1. What am I currently spending per year on pet health care?
      (Look at this figure and at the age of your pet). Next ask yourself if your pet did have a health crisis, would you be able to cover the cost of an expensive vet visit and hospitalization? This is the number one reason that most pet owners purchase pet health insurance. Even though the costs of the insurance are currently more than the vet bills they pay now, there is peace of mind that they will not be in the position of choosing whether to let their pet live or not based on their finances. They will pay their pet insurance premium but don't have the discipline to put that same money aside in case they need it for a pet health emergency.

2. Does my pet currently have any existing conditions that will not be covered by pet insurance?
      (Like human insurance, pre-existing conditions are usually not covered, nor may hereditary conditions such as hip dysplasia. Again, read the fine print and ask questions)

3. What is the waiting period before coverage begins?
      Most insurance plans have a waiting period before coverage begins, so make sure you know what the waiting period is.

4. Is there a deductible with the plan I am considering?
      Lower priced plans typically require that you pay a higher deductible for each claim that you make. Many premium plans have no deductible.

5. Is there a cap on the amount the insurance company will pay for claims per year or per occurrence?
      Some plans limit the amount they will pay per occurrence, per type of illness annually, and over the lifetime of the policy.

6. Can I use my regular vet with the plan or do I need to use one that is part of the plan?

7. Is there an age limit for coverage?
      (some plans will not cover pets over 8 years of age, and others do provide coverage, but the premiums are increased. If your pet is older, you should inquire about senior dog pet health insurance or senior cat pet insurance)

8. How are my claims paid?
      Does my veterinarian bill the insurance company or am I reimbursed? (for a very costly procedure, this can be an important question to have answered).

9. What is covered by the plan?
      Items such as cancer and alternative/holistic treatments are covered under some plans and not under others. Wellness, spaying and neutering and other increasingly popular treatments may not be covered.

10. Investigate the company offering the insurance.
      You can do a web search to see what other pet owners have said about the company. You can see how the company is rated at Best Rating. Also investigate what you need to provide in order to make a claim and how long the company takes to pay on a claim made.

11. Read the fine print.
      Some pet insurance companies have a 'schedule of benefits' that list how much the insurance company is willing to pay for certain procedures, illnesses or accidents. Sometimes these are low amounts so even if the insurance company provides coverage, it may only cover a small portion of what you will be charged by the veterinarian.

12. Does the company I work for offer pet insurance as an employee benefit? Some companies such as Home Depot and several restaurant chains do offer pet insurance to their employees.

What is the best pet insurance???
One size does not fit all. The best thing you can do is compare rates and coverages pet insurance companies provide and decide for yourself. On this site you canAnother thing you can do is fill out an application online for pet insurance to get a quote.

Relate:Veterinary Pet Insurance | Pet Insurance Compare | Pet Insurance guide
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