You may have plenty of insurance, but what if you can’t protect what is most important to you?
Pets become important parts of the family, and if you are a pet mom or dad yourself, you know that the love you share with your animals is just as significant as the love you share with other humans. That’s what it feels like for many pet owners. We let these little animals into our hearts and would do anything to help them. However, expensive vet bills mean that loving pet parents often go into major debt to help their furry friends.
This is where pet insurance comes in. But what is pet insurance, and how can it help protect your pet?
What Is Pet Insurance?
Pet insurance is a kind of health insurance plan focused on pets. Owners who pay qualifying vet bills upfront will be reimbursed later by submitting a claim to their insurance carrier.
Different carriers have different pet insurance requirements and regulations. For example, some require you to pay a deductible and others don’t. And depending on the carrier, you may also need to pay a certain percentage of the vet bill.
Most of the time, pet insurance programs end up costing a few hundred dollars per year. That may seem like a lot, but the insurance protection is worth it when you are facing an expensive bill that you otherwise might not be able to afford.
How Does Pet Insurance Work?
Pet insurance works by having pet owners pay for vet bills upfront and then later filing a claim for reimbursement. As with your own health insurance, you may need to pay a deductible, and you’ll need to pay close attention to the reimbursement level and annual maximum amount of your pet’s insurance.
For example, let’s say that you get a surgical bill from your vet for $1,000. First, you’ll need to pay the deductible; if the annual deductible is $200, you’ll need to pay that out of pocket before insurance pays anything out. And the reimbursement level determines how much you’ll get. For example, with a 100% reimbursement, the remaining $800 would be covered. But at 50% reimbursement, $400 would be covered and you’d need to pay the rest.
Finally, the pet insurance will include a maximum annual amount. As with your own health insurance, your carrier won’t pay anything above this maximum amount. Keep in mind that you may need to take your pet for regular health checkups to stay insured.
What Affects Pet Insurance Premiums?
How much your pet insurance premium costs may be affected by several factors. This includes species, breed, age, and location.
In terms of species, some animals may be cheaper to insure than others. For context, cats usually cost less to insure than dogs. And some breeds are more expensive to insure, especially if these breeds historically suffer from health issues.
As for age, younger animals are cheaper to insure than older ones (this is generally true of humans as well). Even pet location matters: if you live in an area with a high number of pet health claims filed, your own premium may be more expensive.
What Does Pet Insurance Not Cover?
Pet insurance often does not cover hereditary conditions, pre-existing conditions, dental problems, or behavioral problems. Additionally, pet insurance does not cover preventative care, grooming, hip dysplasia, or routine checkups.
It’s very important to know what is and is not covered, so you don’t get a nasty surprise after submitting a claim. Remember, though, that not all pet insurance plans are exactly alike. Whenever you are confused about what is and is not covered, you should ask your carrier to be on the safe side.
Get the Best Pet Insurance Coverage Today!
Now you know more about what pet insurance is. And when it comes to taking care of our furry friends, do you know where you can find the best coverage at better prices?
Freeway Insurance is here to make you rethink insurance. From car insurance to health insurance and everything in between, we’ve got you covered. We can quickly and easily provide you with an online quote for pet insurance. Or feel free to give us a call at (800) 777-5620. Finally, you can also visit us at an office near you.