Trying To Decide If You Should Get Pet Insurance?

Trying to decide if you should get insurance on your pet? Even if you haven’t had a run-in involving your late pet, pet insurance has probably crossed your mind. If so, do you have pet insurance? If not, you may well want to read on if you want to save yourself thousands of dollars.

With pet accident and illness insurance you get full coverage insurance; namely, your insurance company will agree to pay for all the costs and expenses incurred as a result of your family pet having suffered any illness or accident. Then, in the unfortunate instance that your pet is missing and never recovered, the insurance company will pay a percentage for the value of your dog, provided that the animal has been missing for 30 to 90 days. Depending on the vip pet insurance policy.

When purchasing pet insurance online or requesting a quote, you will have to fill out a form that asks for standard information such as the breed of your pet, etc. It depends on the age and breed of your dog, but you can find pet insurance premiums as low as $10-$15 per month. Insurance premiums are affected by the age, health and breed of your pet, as well as the type of animal.

On the other hand, if you have special breed dogs that pose no threat, then you may want to consider a different type of pet insurance. At the end of the day, however, having pet insurance is like having any other type if insurance. Pet insurance is like other forms of insurance and has the general liability, bodily injury, and property damage.

There are various types of pet insurance available, including third party liability coverage, which will protect you if you pet harms, destroys property, causes an accident, and so forth. There are various levels of pet insurance to choose from, including Senior and Standard Pet Coverage plans. In addition, pet insurance plans also allow you to choose the veterinarian you would like your dog to see.

As with human health care insurance, pet insurance pays the health care provider, in this case the veterinarian, according to a schedule worked out by the insurance company. You might have wondered why people have health insurance and most pets don’t, when the medical costs seem practically the same! And yet, navigating through the underbrush of fine print involved in pet insurance may have put you off. Is it worth the money?

Included in many vpi pet insurance policies are the covering costs of advertising in your area and local newspapers for your lost pets safe return. With the rising costs of pet healthcare and with the extremes that many of us would go to for our pets, pet insurance is becoming very popular with pet owners. To prepare for such an occurrence, many owners are taking out insurance for their pet, to offset any costs that may be incurred and to ensure their pet gets the best treatment.

Most pet insurance policies carry an excess which means that you have to pay a small amount towards the cost of any treatment claimed for under the policy. If an insurance policy doesn’t seem like the answer for you and your pet, there are other options, which should be discussed with your veterinarian. Absolutely free non committal pet insurance quotes are there to assist you in finding the best deals, and applications are very user friendly for your convenience.

One thing you do need to keep in mind when arranging your family pet insurance is the excess amount. Also, make sure you shop around, there are loads of different pet insurance policies available and you can half the cost if you do your homework. Brokers Online provide you with a huge amount of information on pet insurance and cheap life insurance.

The cost of these different pet care pet insurance plans ranges from $99 to $200 for every policy term year depending on the type of policy. Moreover, as with human travel insurance policies, pet travel insurance can be purchased either as annual policy or as a one-off travel policy.

Pet insurance covers all kinds of emergencies, injuries and illnesses, as well as visits to the vet’s office, prescription fees, tests to diagnose ailments, x-rays, etc. Pet insurance plan can give you peace of mind as it takes away all the financial tensions that come first to our mind, when our pets get ill.

Compare Pet Insurance Policies

How expensive pet care really is may not hit you until you are suddenly presented with whopping medical bills. Pets like humans are susceptible to injury, disease and hereditary conditions.

You may have to treat your pet when you least expect to. The worst part is that most of these expenses occur when you’re running low on finances leaving you in a tight spot. The best way out would be to invest in a cheap pet insurance policy that would take care of most of these expenses while easing the burden on your pocket.

To get a feasible and cheap pet insurance policy, you’ll have to carry out a pet health insurance comparison. There are several pet insurance companies all offering a wide range of policies. You will have to compare quotes from these companies to decide which works for you the best. The choice is quite varied. You may have about five to six different insurance plans from a single company for one animal.

What’s the best insurance policy to invest in is something only you can answer depending on the peculiarities of your pet and your circumstances. The best way to decide which one to go in for is to compare pet insurance companies. You should compare policies from at least five companies before you make a final decision. This is imperative to make yourself aware of exactly what kind of offers are out there. Cheap pet insurance is not necessary the most judicious option. There are several things that need to be taken into account while comparing pet insurance plans.

Ensure that the policy is inclusive of all your pet’s health care requirements. First and foremost it should cover veterinary bills for routine check-ups and illnesses. Secondly, check whether it includes any other benefits like vaccination, recovery of your pet in case he goes missing etc.

A lot depends on how old your pet is. Some insurance policies will charge you excessive rates for an older pet without offering much cover. So, while making a comparison of pet insurance polices be certain that the cost of taking a policy does not outweigh the benefits you will derive.

Another thing that needs to be considered is whether your pet will require any special medical treatment in future like sterilization, etc. Check if the insurance policy covers this kind of procedure.

Licensing is also an important consideration when comparing pet insurance policies. The insurance company should be authorized to sell insurance in a particular state. You can do a cross verification with your state’s insurance licensing agency.

Also, check each insurance company’s claims procedure and time limit. Most insurance companies first expect you to pay the bills and then reimburse you for the same. Check how long it takes for a claim to be processed and for you to receive the money. Check if any lengthy formalities need to be observed.

The best resource to compare pet insurance is the internet. Here, you will come across a suite of websites that provide reviews of pet insurance plans. So, you can get the best bargain which suits all your pet heath care needs.

Ultimately, the deciding factor is the price of the pet insurance policy. Everybody wants to get cheap insurance. A price comparison has to be done between different policies to determine which one is viable in view of your pet’s specific condition. Each insurance company’s prices vary depending on the package you choose.

There may be certain things included in the cover which you actually won’t require. For instance, the insurance policy may cover health care for your pet anywhere in the world. If you are not a globetrotter this may not be of any use to you. So check if you can customize the policy to suit your needs. This way you can get affordable insurance without comprising on your pet’s health care needs.

It is essential to compare pet insurance policies to get the best deal on prices as well as appropriate coverage for your pet’s wellness requirements.

Pet Insurance Comparisons – A Step by Step Guide to Getting the Cheapest Pet Insurance?

A question I am often asked is “What is the cheapest pet insurance”.

The simple answer is you get what you pay for, but that doesn’t mean that you can’ get a great deal that suits your budget and gives you the insurance cover you need. Let me explain.

Basing your choice of pet insurance coverage on price alone is a recipe for disaster. Sure you will get cheap monthly premiums but it is simply false economy because you will end up paying for a policy that fails to provide you with enough to pay your vet bill when you need it.

There are ways to swing the odds in your favor so that your monthly premiums are kept at a minimum while you still enjoy a level of coverage that safeguards you against costly veterinary medical bills.

Step 1/.

The first rule in getting a good value pet health insurance policy is to make sure you get five very important medical conditions included in your policy.

These are a must:

  • Coverage for Chronic disease
  • Continual coverage for chronic disease
  • Coverage for Hereditary/congenital conditions
  • Cancer Coverage
  • Coverage for Breed specific conditions

Why do you need these inclusions?

If you do not include these five essentials in your pet insurance plan, you are wasting your money because without them you will not be fully protected.

These pet medical conditions can and probably will affect your pet during its lifetime and each of them is singularly difficult and expensive to treat.

A handful of good pet insurance companies provide cover for these elements in their baseline plan. Others have them as add-ons for which you pay extra and yet others do not include them at all.

Here is a short list of some of the Pet Health Insurance Companies that include the five conditions in their baseline policy.

  • Healthy Paws
  • Trupanion
  • Embrace
  • Purina Care

Step 2/.

OK then. So we have identified a few insurance providers with have these important medical conditions included in their baseline plan. The next step is to look at their price to see how their premiums compare. The baseline premiums will likely range from around $5 per month to $15 per month. This is their starting point however there are other factors that will affect the monthly premiums such as the coverage levels you choose, your breed of animal, your pet’s age, your location and so on.

Generally speaking you should expect to pay from $15 to $40 per month, or even more if you select a premium plan.

Step 3/.

This is the part where I teach you how to save money on your monthly premiums.

Most pet health insurance companies base their pricing structure on a few factors.

For example:

  • What’s Covered
  • What’s not Covered (exclusions)
  • Maximum Payout
  • Deductibles
  • Co-Pay

It’s the last two I want to focus on for now.

  • Deductible is the amount of the veterinary bill you must pay before the insurance company starts paying.
  • Co-Pay is the percentage of covered expenses that you must pay after the deductible is met.

You can raise or lower the amount you pay monthly by adjusting the levels of these two elements. In other words, if you choose a higher deductible or co-pay, you will lower your monthly premium but your out of your pocket expenses for medical treatment will be higher.

On the other hand, a low deductible or co-pay will push up the cost of monthly premiums but your out of your pocket expenses will be reduced.

This is a bit of a balancing act so here’s a couple of things to ask yourself that will help you arrive at the right balance that suits your budget and your pet’s well being.

Take a moment to think about your pet. How old is he? Does he live indoors or out? Is he a naughty pet that is always getting into mischief? Is the breed susceptible to any hereditary diseases? Is he overweight? Does he have road sense and so on.

By asking yourself these questions you should be able to determine a level of coverage that is affordable, will most likely meet all of your pet’s medical needs, and save you money along the way.

Remember:

The higher the deductible and co-pay, the lower your monthly premiums.

The lower the deductible and co-pay, the higher your monthly premiums.

You are much better off to adjust the deductible and co-pay slightly to bring the premium down, than to remove any of the five important coverage elements mentioned above.

Step 4/.

There is one more thing you need to consider: Maximum Payout Structures.

At the high end of the scale, medical costs for serious illness or injury can be as much as 10 or even 20 thousand dollars Since it is impossible to know in advance what injury or illness your pet will suffer, you will want to focus on plans that give you the most flexibility when it comes to Maximum Payouts so you are not left short.

There are a number of ‘maximum payout’ structures offered by pet insurance companies including

  • Maximum Payout Per Incident
  • Maximum Payout Per Year
  • Maximum Lifetime Payout
  • Maximum Payout Per Body System
  • Maximum Payout Based on a Predetermined Benefit Schedule
  • Unlimited Maximum Payout

Maximum Payout per Body System and Predetermined Benefit Schedules are not recommended. They will cap how much of your Annual Maximum Payout you can spend on any one illness, accident or injury. Simply avoid them.

Better to go for Maximum Payout Per Year (the ‘Maximum Annual Payout’ gets reset annually so you will have this amount available to you every year), or Maximum Lifetime Payout (the maximum amount you will be reimbursed during your pet’s lifetime).

Let’s take a look at some of the leading insurance providers. Embrace Pet Insurance has an annual maximum payout of $15,000. Purina Care insurance, $20,000 per year, and Trupanion insurance $20,000 per year.

* There is one stand out. Healthy Paws Pet Insurance offer an Unlimited Maximum Payout Structure as part of their baseline plan. Not many pet insurance companies offer unlimited payout structures at no extra cost. This is by far the best structure to have particularly if you are considering a plan with lower monthly premiums.

Lastly, you should find out about the reputation of each pet insurance company. There are a few websites that provide Pet Insurance Comparisons and ratings based on actual customer satisfaction reports, real experiences, testimonials, Better Business Bureau Ratings etc. Using the information gathered by these sites will take out a lot of the leg work for you and help you to plot a straight line to the best pet insurance coverage that suits your pocket and the on-going health needs of your pet.