What is pet insurance?

The pet care industry has grown immensely over the years, and with it followed pet insurance, a version of health insurance for animals.

This optional protection helps protect our furry friend and ourselves from any unforeseen financial burden that surprise veterinary bills may bring.

In this WealthRocket article, we’ll dive into the topic of pet insurance, answering all of your questions, from what it is and how it works, to choosing the right policy for you and your four-legged friend.

Pet insurance is insurance that protects your pet in the event of a medical emergency or medical non-emergency. It provides coverage that lessens the financial burden that comes with a costly vet bill.

The minimal annual costs of pet ownership are more expensive than most realize. In the first year alone, spending money on the basics like food, collar, leashes, toys, and food bowls is just the beginning. Then comes routine care, including preventive vaccines and annual exams.

Pet insurance works like regular insurance. When it’s time to use the insurance, the first step is to pay the vet clinic out of pocket, then submit a claim with the insurer, who will issue a reimbursement once the claim is approved.

There are a few terms you should become familiar with before purchasing any form of pet insurance. After all, there is so much information to sift through when trying to find the right partnership.

Monthly policy fees and premiums vary depending on very specific factors. All companies rely on tiny details which depend on your pet, such as location, species, breed, and age, among other factors.

If there are any previous notes regarding illness or injury before purchasing the pet plan, insurance companies will generally not offer any level of support.

Here’s a breakdown of some of the most common causes of cost.

Location

Big, highly populated cities have higher vet clinic costs and higher insurance premium rates.

Breed

Specific breeds may have common known issues which will require veterinary care. Some insurers might refuse to cover ailments that specific breeds are prone to and usually don’t cover pre-existing conditions.

Age

Age is a major contributing factor to the price of pet insurance. For example, medical issues are next to none in younger pets, while older pets may experience more health issues.

Pet insurance companies offer support during tough times, but exam fees for yearly check-ups, routine vaccines, and medications are paid out-of-pocket by the pet owner.

Pet insurance comes in two variants: comprehensive and accident only.

Comprehensive plans are a little more complex, offering different levels of insurance coverage, supporting both accidents and illnesses that may arise throughout a pet’s life.

Accident-only plans exist to help people who are forced into a stressful situation when the unexpected occurs.

The weight of emotions that comes over anyone when a pet is in pain while attempting to calculate financial obligations is not easy.

Some companies even offer add-ons to basic plans. Paying more of a monthly fee will reel in more support from the insurer.

Selecting the right plan is individual to each animal and their human. The easiest way to start the process of finding the right pet insurance policy for your pet is to ask a vet.

Researching insurance company review on the internet is another route. At the same time, word-of-mouth references can help field whether or not specific policies will work with your pet’s needs and your budget.

All pet insurance companies will offer free quotes on their websites. Your pet’s quote will be in after five minutes of your time entering your pet or pets’ information. Trupanion and Petsecure are some of the many popular pet insurance providers available in the US and Canada.

The rise in popularity of pet insurance has happened for no other reason than it adds support to any pet owner.

Whether it be using the customer service department as a sounding board to help make sound decisions for an animal’s care or for financial support in emergency times.

All pet insurance companies have their pros and cons, but one will always benefit your pets’ needs more than others.

Don’t rule out the insurers who offer higher premiums and lower deductibles. Remember that the more fees paid upfront result in more illness coverage and support in the future. Some companies offer an unlimited payout cap, which may be worth the ease of mind.

The pet insurance industry grew for love for animals, wishing the best treatment for our four-legged friends. We spend big money on trendy collars, and matching leashes, so why be frugal when it comes to our pets’ health. They deserve the best love.