insurances

Pet Insurance

Similar to health insurances availed by people, Pet insurances could be availed for pets that would help cover accidents or health issues that might not have been affordable by the pet owner otherwise. In case of accident, injury or illness suffered by one’s pet, one does not have to base one’s decision of treatment on the cost of veterinary care. Once a pet insurance is taken, a pet can receive the possible treatment with the charges covered by the Insurance Company.

The advantage of taking pet insurance includes both emotional and financial comfort that could be experienced by the owner. The treatment could be given based on need rather than on affordability.

Pet Insurance- How it works?

The concept of pet insurance has been around for about 2 decades. It is set up in such a way that it is quite similar to other insurances. All one has to do is select an insurance company and scheme and start making monthly installments against premium. Just like other type of insurances, these also have deductibles, annual limits and co-pays. In case a pet falls ill or has been advised to undergo a treatment, the owner has to pay for the hospital expenses. Then the owner has to fill out a claim form and submit it to the insurer so that the amount spent on the treatment of the pet is reimbursed. The insurer carefully examines the claim form after which he/she issues a check to the owner for the amount that is applicable. The amount that is reimbursed to the pet owner depends upon terms and condition of the policy.

What treatments do pet insurances cover?

The types of treatment covered by pet insurance vary from company to company and also depend on whether one opts for a basic or comprehensive plan. Most kind of pet insurances only cover expenses in case illness or accidents although there are schemes that also cover regular care and treatments that are done as preventive measures. Hence it is of prime significance to understand what sort of insurance plan one is opting for.

Following are the treatments that most pet insurance schemes cover:

Limitations and Exclusions of Pet Insurance:

While comparing various schemes of pet insurances, it is important to check for policy limitations and exemptions. Every expense would not be covered by all plans. Limitations might also be based on pre existing conditions and breeds, taking into account the genetic traits. In some cases, few expenses may be subjected to a waiting stage.

It is not uncommon to exempt routine care items from coverage although in some policies there might be a fixed amount allotted for preventive treatments such as de-worming and vaccinations. Some pet insurance plans might even need annual check-ups and vaccinations to be covered, though they might not be covered benefits.

Treatments that may be exempted from coverage in some plans:

Cost of Pet Insurance:

The most basic type of pet insurance might cost the owner only as less as $10 per month. If one is opting for an expensive plan, they might have to pay somewhere between $30-$50 per month. The cost of pet insurance largely depends upon various factors and they are:

  1. Type of Insurance Plan
  2. Limit of Insurance Plan
  3. Geographical Locations
  4. Type of Pet
  5. Breed of Pet
  6. Age of Pet
  7. Neutered or Spayed Pet

The choice of Pet Insurance Plan made by an owner should not only depend upon the cost. It is advisable to compare various plans and choose the one that suits one pet the best. An ideal plan would be the one that strikes perfect balance between the amount covered and the premium paid.