Owning a pet comes with its costs and medical care is one of them. That’s why it’s important to get insurance to protect you and your pet when unexpected things happen. Pet insurance is a niche product that is very similar to human insurance. It isn’t just limited to cats and dogs but covers various companion animals like birds, fish, rabbits, horses, etc. There are different pet insurance plans for different types of pets and before settling on one, you need to put a couple of factors into consideration.
What pet insurance is best for you?
There are numerous pet insurance companies in the market with each company offering multiple policies. Choosing the right one may get a little overwhelming. How do you narrow down to one insurance provider for your pet? Before buying a pet policy, research thoroughly and ask all the questions you can possibly think of. We advise that you shop around until you find insurance that best meets your needs.
Here’s what to look for when getting insurance for your pet:
The Premium Costs
This is a key factor to consider and is greatly impacted by the insurance company and the type of plan you choose.
The cost of the premiums varies widely; for example, the average accident and illness premiums for dogs and cats are approximately $600 and $350 respectively. This cost can be higher depending on your pet’s age, gender, breed, treatment history, and area of residence.
What is covered and what is not
This is very vital to look into when choosing a pet insurer. Always look at the bigger picture instead of just checking the premium. For starters, you need to ensure that the insurance company has a cover for the type of pet you have.
Secondly, check the coverage options available. The most common plan is accident only, others cover illnesses, and others offer a wellness package. The accident cover comes in handy when your pet gets hurt in accidents. The illness cover takes care of the treatment when your pet ails from diseases such as diabetes, cancer, kidney failure, etc. Lastly, the wellness cover covers routine examination and vaccination.
When the plan you choose has more benefits, it means that your pet will get more care. However, it’s worth noting that the more benefits there are, the more you expect the premiums to be.
Some important benefits to look out for include diagnostics, treatment, alternative therapy, behavioral therapy, hereditary conditions coverage, prescription food, etc.
The pet insurance providers normally impose an annual curb on the cover. For example, the insurer may offer to only pay up to $10,000 annually. This means that if your pet’s medical cost goes beyond that, you will have to pay for it out of your pocket.
In simple terms, this refers to the amount that you’ll have to pay before the insurance company can start offering coverage. Some companies allow their customers to choose the deductible amount. This amount will still need to get paid for, even if the service being sought is covered. For example, if your pet’s policy has a $100 deductible, it means that you’ll have to pay for this out of your pocket before the insurance company can start paying the cover.
Usually, a plan with a higher deductible has a lower premium cost.
Is it worth it getting pet insurance? Yes –your beloved pets will have medical coverage for emergencies, diagnostic tests, and other types of treatment at a reasonable cost. We all wish that our pets stay healthy, so it makes sense to get pet insurance for them.
Remember that the earlier you get insurance for your pet the better. Start when they’re young and healthy before the pet has developed any health problems. This is the best way to avoid being slapped with hefty medical care bills for your pet. The best part is that you can always choose a coverage level that works for you.
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