Pet Insurance 101
Everything you need to know as a prospective pet insurance buyer is right here. We'll explain what pet insurance is, what kinds of things it covers, and what to consider before taking out a policy.
Pet Insurance Explained
Pet insurance is still in its nascent stages, with only about 1% of pet owners having coverage. However, the market is booming-the number of policyholders is increasing by double digits every year. The life expectancy of traditional household pets continues to lengthen, while the costs of veterinary care are concomitantly exploding. As a result, more and more pet owners are looking to pet insurance to mitigate the costs of their pets' medical care. When you purchase a pet insurance policy, you pay an annual premium that will depend on the age and type of animal you have. After your pet receives medical treatment, you submit a claim for reimbursement of the charges less your co-pay. Many pet insurance policies also have a deductible of some kind. When you search for online pet insurance quotes, make sure you compare the deductibles and co-pays of the policies you find as well as premiums, as these will also affect your overall costs.
Levels of Coverage
Just as with medical insurance for humans, different pet insurance plans will offer varying levels of coverage. Some plans are much more inclusive than others, but these plans also typically have higher premiums. Pet insurance plans differ most significantly in their coverage of preventive care. Usually, a standard pet insurance policy will not cover routine preventive care, but this kind of coverage tends to offer the lowest online pet insurance quotes. However, most insurance companies offer several coverage options, some of which include reimbursement for preventive care. Almost all standard pet insurance policies will cover accidents, illnesses, surgeries, X-rays, prescriptions, cancer, and hospitalizations. If you are willing to pay higher premiums, some plans will also cover the following treatments and procedures:
- Heartworm
- Vaccinations
- Flea control
- Urinalysis
- Dental care
- Spay or neuter
What to Consider before Buying
Pet insurance can tremendously alleviate the financial burden of veterinary care, but it is not for everyone. Every buyer should make the following considerations before investing in a policy:
- The age of your pet. Online pet insurance quotes will be more costly the older your pet is. Elderly pets may be completely uninsurable.
- Your annual veterinary costs. If you only spend $100-$200 per year on veterinary care for your pet, pet insurance probably will not save you any money once you factor in per-incident deductibles, co-pays, and premiums.
- The type of pet you have. Certain dog breeds have elevated premiums because of their increased risk for health problems. Similarly, dogs cost more to insure than cats.
