Admittedly, pet ownership is a fulfilling experience. Nothing can replace the unconditional love offered by a four-legged, furry companion. On the other hand, having a pet means accepting financial responsibility if the animal gets injured or sick, and veterinary bills can be costly. Consequently, setting up a pet insurance plan is a good financial security source if your pet requires medical attention for a chronic or urgent condition.
Pet Insurance Explained
Pet Insurance is a policy that covers your domestic pets. For instance, dogs and cats as long as they’re healthy. Most pet insurers will cover the animal for their entire life. Pet insurance often covers more than just veterinary bills; it also covers travel costs, theft, and emergency kenneling.
How Pet Insurance Works
To stop owners from getting insurance when their pet is already unwell, pet insurance companies generally enforce a waiting period before coverage comes into effect and insist on a mandatory health checkup. However, for accident coverage, the waiting period is usually a couple of days.
When you’ve to use the insurance, you must cover the veterinary bills at first and then file a claim. The pet insurance company will assess your claim and, if authorized, either send a check in the mail or deposit the funds in your account. Your settlement is dependenton how your plan is structured. The following are the key features:
- Deductible: This is the total amount you’ve to pay before coverage kicks in.
- Compensation level: After paying the deductible, the pet insurance company will pay a percentage of the bill, typically 50 percent to 100 percent.
- Yearly maximum: Your pet insurance company will specify the maximum amount they will pay in medical bills annually. You’ll have to cover any extra charges above the maximum.
The Benefits Of Getting Pet Insurance
1. Cost Reduction
If you purchase pet insurance, it’ll help eliminate some of the expensive medical bills; so, you simply have to pay for the small deductible amount in addition to a very reasonable monthly premium. This is very beneficial, especially if your dog or cat ends up needing emergency treatments and costly surgical operations.
2. Availability of Different Policies
Another advantage of getting insurance for your pet is the fact that there are different coverage policies available. These policies may cover a wide range of veterinarian procedures, visits, and medications. There’re even all-inclusive pet policies that are very helpful in cases when your pet suddenly suffers from an illness or when sudden medical needs arise from time to time.
3. Offsprings are Also Covered
There are some policies that also cover the offspring of your pet. This is very helpful in ensuring that the first few weeks of their lives are safe and healthy.
4. Third-Party Liability
Aside from the benefits listed above, there are also policies that offer third-party liability coverage, which can protect you against any lawsuit. Lawsuits may arise when your pet’s actions had caused injuries and accidents, such as dog bites. The insurance company can assure you that you are covered in case of unpredictable events.
Pet Insurance Frequently Asked Questions
Do I need it?
Over 50 percent of visits to the veterinary are unintended because of accident or illness to pets and 1 out of every 3 pets require veterinary treatment yearly following injury, illness or accident. These are often expensive costs which pet insurance policies can insure you against.
Additionally, your pet insurance policy can also cover advertising and reward costs if your pet is lost or stolen.
What do I need to know?
When you purchase Pet Insurance, your insurer will usually issue documents like:
- The Pet Insurance Policy Document – dictates all the terms and conditions of your policy
- The Pet Insurance Policy Handbook – contains more details about your pet insurance
Read and make sure you understand your pet insurance policy document. If there are insurance terms you’re not sure of then check the explanations in the Insurance Glossary
How to pick the best pet insurance policy for you?
There’re usually different levels of pet insurance covers obtainable where different events or values are covered. Typically, the higher the monthly payment, number of aspects covered, and the greater the value of cover.
Where do you buy your pet insurance?
Make sure you shop around and get at around three to four proposals to ensure you’re getting competitive quotes. But don’t just focus on the price, consider what is covered under the policy and check the details in terms of exclusions.
Pet policy will help you save a lot of money on veterinary bills. It’ll guarantee that your pet gets proper medical care when needed. Pets face day-to-day risks even when they are limited to the home. They could eat inappropriate food, get injured or develop emergency health issues. A good pet insurance policy will help you handle any unforeseen circumstances.