Should You Buy Veterinary Pet Insurance?

 

Pet insurance is a financial tool that helps protect you against unexpected vet bills. It can also provide peace of mind. But it’s important to read the fine print of a policy carefully before you buy. You want to make sure the coverage includes the services your pet needs.

Before buying pet insurance, check the average cost of veterinary care in your area. This can give you a good idea of how much you can expect to pay out of your own pocket. If you find it’s too expensive, you can consider an a la carte plan. Getting a sample policy will help you compare the coverage options and costs.

Most pet insurance policies include a deductible. The deductible is the amount of money that you will have to spend before the insurance company begins to cover your veterinary expenses. Your deductible can be as low as $200. If your pet gets sick, the deductible will increase. However, if your pet is healthy, a lower deductible can reduce the premium you’ll have to pay.

There are many companies that offer pet insurance, but some may require a per-incident deductible. For example, your dog might have to pay a deductible of $200 every time it goes to the vet.

When shopping for pet insurance, you’ll want to find a company with a good reputation. One way to find out is by searching for reviews of the company online. Another option is to ask your veterinarian. He or she may be able to suggest a good company.

A pet insurance provider might also offer add-ons for extra coverage. Some providers will reimburse you for certain elective procedures, such as spay and neuter surgery. They might also include a dental benefit. Other benefits might include behavioral modification.

 

Pet insurance policies can differ greatly from one provider to another. Many providers limit the number of animals covered. Others set a yearly cap on how much they will reimburse.

In addition, each insurance provider will have its own list of conditions that are not covered. Pre-existing conditions, such as diabetes, can be excluded. Additionally, some insurers will not take your pet if it has a genetic condition.

You should also look into how long your pet will be insured. Most plans are good for three years. After that, the cost of the premiums will begin to rise. Even if your pet isn’t sick, the annual increases can make pet insurance unaffordable. So it’s best to shop around for the best deal.

When evaluating a sample policy, make sure it includes all of the exclusions and restrictions. Check the policy for details on maximum payouts, waiting periods, and any geographic limitations. Also, review the deductible and reimbursement percentage.

If your pet is accident-prone, consider an accident-only policy. Such plans are often less expensive than comprehensive plans. Accident-only policies will not cover treatment for illnesses, including cancer.

The average deductible for an accident-only plan is about $200. Having an accident can lead to more out-of-pocket costs than you’d expect, so consider getting a comprehensive plan. Comprehensive coverage will generally cover 70% to 90% of your veterinary bills.