Pet insurance can save pet owners money and provide essential peace of mind. Every pet care insurance provider and plan is different, however, so it is important to do your research before purchasing insurance for your pet. Outlined below are five things you should know about pet insurance to help ensure that you get the best coverage for your investment.
What Does the Policy Cover?
The first and most important of the five things you should know about pet insurance is what is covered by a given policy. Most pet insurance providers offer several different plans, which range from limited accident coverage to full coverage of chronic illnesses.
Generally speaking, the more a plan covers, the more it is likely to cost you per month. However, some plans are a better value than others, so shop around for the level of coverage that your pet requires. Some young and healthy pets may be fine with a more basic plan that covers accidents and routine care, but even young cats can develop chronic conditions. Age restrictions are also common, so waiting until your pet is older to purchase or increase coverage may backfire in some cases.
What Are the Policy Limits?
Pets are living longer these days thanks to advances in veterinary care, but these added years and advanced treatment options also mean that veterinary care typically costs more today than it has in the past. Compare both lifetime limits and per-incident limits of any plan you consider to ensure that the one you choose actually covers the majority of veterinary care, including unexpected accidents and illness. Discussed above, age limitations and other exclusions should also be considered.
Can You Choose Your Veterinarian?
Just like health insurance plans for humans, pet insurance plans often designate which veterinarians are covered. A good plan allows you to take your pet to any licensed veterinarian, including specialists and emergency care providers, rather than selecting from a list.
How Will You Be Reimbursed?
When your pet requires veterinary care, whether it’s a routine examination or a major surgery, your reimbursement is generally calculated in one of two ways.
Ideally, the reimbursement is a simple percentage of the overall veterinary bill. This is typically the method that is the most fair and easy for pet owners to understand. If your plan operates on a benefits schedule, the amount of reimbursement may be limited according to what the insurance company is willing to pay at that time.
Does the Policy Offer Lifetime Coverage?
Some pet insurance companies reevaluate your application every year (or whatever the policy term) and many reserve the right to drop your pet or increase rates if the animal develops a chronic condition, which of course is when pet insurance often becomes most important. Read carefully any information regarding preexisting conditions and long term care before selecting a pet insurance company to be sure that you get the best deal.
Other Things to Consider
The five things you should know about pet insurance outlined above are some of the most important factors to understand when selecting a pet insurance plan. However, there are several other things to consider, such as deductibles, fee schedules, and multiple-pet plan options. You might start by asking your veterinarian to recommend an insurance company or coverage plan for your pet. Also remember that customer service and the overall experience can also be important when dealing with insurance companies. If your friends or family have insurance for their pets, you might ask them about their customer service experience with the company they chose.
Now that you have read these five things you should know about pet insurance, you are well equipped to start comparison shopping for the best insurance for your pet. The best plan for your dog or cat depends upon their age, breed, and current medical condition, so what is best for one pet may not be right for another. Remember that certain breeds of cats and dogs are predisposed to certain medical conditions. Educating yourself about your specific pet breed can help you select the coverage that may best suit their future needs.
Pet Insurance Links
ShelterCare (US)
24PetWatch (US)
OSPCA Insurance (Canada)
PetCare (Canada)
