Pet insurance is a unique way to protect your pet and your wallet. You can be safer by signing up with a providerFor a wide range of ailments, treatments and visits – all of which were previously paid for out of pocket. Insurance policies can be valuable and affordable but both potential policyholders should familiarize themselves with such protections.
In some ways, pet insurance works like most others– The insured pays for a plan (either monthly or annually) and the provider covers the pet for a pre-defined set of issues. But there are other ways (especially when it comes to ) that pet insurance differs from other, more well-known insurance policies.
Accordingly, there are some important points a prospective pet insurance policyholder should first understand. You can start now by getting a free pet insurance quote so you know exactly what to expect.
3 Important Things to Understand About Pet Insurance
Young pets are cheaper to insure
Younger pets are generally healthier pets. So expect to pay less for thatKittens and . They’re less likely to need consistent veterinary care so the insurer won’t have to chip in as much. In other words: Don’t wait to get pet insurance and expect it to be cheap. The sooner you insure your pet, the more likely you are to secure a lower rate.
Just a few notes on thatDogs and cats are more expensive to insure than others. So, being the same age, you can generally expect to pay more for Newfoundland and Jack Russell Terrier dogs than English Springer Spaniels or Goldendoodles. Similarly, Abyssinian and Persian cats are more expensive to insure than Bombay and Siberian breeds.
Plug in your pet’s age now and find out what it will cost to insure them.
There are many providers in the market
While pet insurance may not be as familiar to Americans as life or health insurance, that doesn’t mean coverage options are limited. In fact, there are many suppliers in the market that offer a wide arrayand coverage.
There are accident-only plans that can protect against things like broken bones or swallowed items (and are usually cheaper). And have more robust accident and sickness plans as well as comprehensive pet insurance policies. Some pet insurance providers offer all three while others will limit the types of policies you can apply for.
So do your homework and shop around. By getting price quotes from at least three providers you will be able to establish a baseline to determine which provider is right for you and your pet. You can easily compare some of the top providers in the market using the table below.
It works on a reimbursement basis
Pet insurance provides some much-needed financial support for your furry friend. But understand that financial improvement won’t happen the day you visit your vet. You have to pay upfront and then submit a claim to the provider. Depending on your policy type, you will be reimbursed for most or all of the services rendered.
“There are two main factors that determine your reimbursement for an approved claim: your deductible and your reimbursement rate, both of which you choose when you sign up,” Pet Insurer Brought to you by the dodo explains
“Your deductible is the amount of veterinary care you have to pay for each year before we can reimburse you for a claim. So if your annual deductible is $300, you have to pay $300 worth of approved veterinary care before we start reimbursing you. to be paid,” said the insurer.
“Your reimbursement rate is the percentage of an approved claim that we can cover. For example, if your reimbursement rate is 80% and you submit a claim for $500, we can cover up to $400.”
So, yes, pet insurance can help ease the financial burden of numerous visits to the doctor. Just understand that it will not be provided immediately.
Pet insurance offers multiple benefits to owners: both financially and medically. To get the most out of a plan, however, it helps to get started early before policy costs increase with an older pet. Also shop around for providers to find the best one for your needs. And remember that it works on a reimbursement model, so be sure to have cash or a credit card with you the day you visit the vet.
You can now get a customized pet insurance quote.