More and more dog owners are looking into pet insurance. Pet insurance, while similar to human medical insurance in terms of what types of illnesses and injuries it covers, works differently, as bills are paid upfront and reimbursement is received later. Here are some other things you should know about pet insurance.
Types of plans
There are several plans to choose from, and some pet insurers allow you to customize a plan based on your needs. There are catastrophic plans, which pay for very costly vet visits. There are emergency policies that pay for emergencies only, such as accidents and injuries. There are also full-coverage policies that are comprehensive and pay for everything, including routine care and vaccinations. These policies have higher premiums than the other plans. Most dogs can be covered under these plans, but there are some restrictions. Most plans will not cover older animals (usually 9 years of age and older) except under emergency polices only. Furthermore, pet insurers will not cover any pre-existing medical conditions in your dogs.
Almost all plans allow you to choose the licensed veterinarian of your choice. When your dog requires vet care, you pay the bill at the time of service. Then you submit a claim form to your pet insurer. Usually, these forms can be found on the pet insurer’s website and can be mailed or faxed. If your plan’s deductible has been met, you will receive reimbursement within 1-2 weeks on average. Pet insurance companies use either a benefits schedule or the actual vet bill to determine how much you will be reimbursed.
Benefits
There are several benefits to having pet insurance. If your dog lives primarily outdoors and is prone to getting into accidents, insurance can give you peace of mind knowing that your pet’s veterinary bills will be covered should something unforeseeable happen. You can also customize your plan to fit your budget, and depending on your plan, premiums can be fairly affordable (most comprehensive plans cost around $20-$25 a month).
Disadvantages
There are some disadvantages as well. If your dog ends up not having to go to the vet as much as you expected, you just wasted a bunch of money on monthly premiums. In addition, some things that you expect to be covered under your plan may not be covered after all. Read your policy thoroughly and know beforehand what is and is not covered so you don’t end up having to pay premiums, deductibles and the full cost of your dog’s vet visits.
Rates
Pet insurance rates, also known as monthly premiums, are based on three main factors: the breed, age and where your dogs live. For example, younger dogs that live in rural areas will cost less to insure than older dogs in a metropolitan area. Some insurance companies offer discounts for insuring multiple pets. Premiums are also computed based on the plan you choose. Full coverage policies cover more and have higher costs.
When comparing pet insurance rates, look at not only the monthly premium, but the deductible and any other costs you are expected to pay before the insurance kicks in. Generally, rates are less than $1 per day. Basic plans for dogs cost $22-$28 per month. Your dog’s age is a factor because older pets tend to get sick more than younger dogs. The breed of your dog is taken into consideration because some breeds are known for having certain hereditary diseases that require more vet visits. Location is also a factor because veterinary costs are cheaper in rural areas than in big cities.
Pet insurance rates will also depend on your deductible. Higher deductibles mean lower premiums, so if your dog is generally healthy and requires few trips to the vet, then you may want to choose a higher deductible to keep your monthly costs lower. Many pet insurance companies will allow you to customize your policy so you can decide what fits best with your budget and needs.
For those interested in taking out pet insurance, petinsurancereveiws is a good place to start.
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