Pet insurance is now
becoming popular among pet owners, says Randon Morris. Pet lovers and
owners are already buying pet insurance for their pets to reduce the health
care expenses of their pets. Pet insurance is a type of insurance policy
that helps cover the cost of veterinary care in case of any unexpected illness
or injury. For pet owners, this type of insurance policy functions more like
property insurance rather than health insurance. With pet insurance, the health
care of your pet becomes easy and affordable.
Importance Of Pet Insurance
As humans get sick,
pets also get sick the same way health insurance applies to humans it also
applies to pets. Pet insurance helps reduce the cost of vet bills. The cost of
caring for a pet's health without insurance can be very expensive e.g.,
vaccination, medication, routine care etc. Even an unexpected medical emergency
can hit you so hard and can cost you a few thousand dollars. Also, hereditary
conditions like hip dysplasia treatment can be costly. Pet insurance covers
various accidents and illnesses like diabetes, broken bones, ingestion of toxic
substances, emergency care, surgery, medications, gingivitis and hip
dysplasia.
Some pet insurance
also covers dental clinics, therapy and behaviour modification. You should know
that pet insurance provider will not cover pre-existing conditions. It doesn't
imply that pets with pre-existing conditions cannot be eligible for pet
insurance but the pre-existing condition will be excluded from their coverage.
Also, some insurance policy providers will cover curable conditions but that
will be after waiting for some time without any recurring
symptoms.
Types Of Pet Insurance
Pet insurance
providers offer various plans which are: comprehensive plans and limited
coverage plans. Emergencies like bites, poison or bloat are covered under
limited coverage plans while various ranges of illness and injury (hereditary
condition) are covered under comprehensive plans. Additional premium services
can be included which cover breeding, care and behaviour modification.
Cost Of Pet Insurance
Various factors can
affect the cost of pet insurance:
Breed: underlying
conditions might come with pet breed hence pet insurance can be costly for such
breed. E.g., large dogs are more costly to insure.
Age: as pets get
older, they are more liable to illness and accidents. Therefore, age might be a
determining factor for costly insurance.
Location: your
location determines how high your pet insurance could be, as some locations
cost more than others.
Gender: male pets are
more prone to risk than female pets, for this reason, male pets can have higher
insurance premiums.
Based on the analysis
insurance cost yearly is about $700 for dogs and $400 for cats. Also, there is
an annual coverage and a deduction of $250 with a 90% return.
Is Deduction Possible?
Some insurance
providers sometimes offer fixed deductibles while some give you the freedom to
choose what suits you. And this allows you to have power over your monthly
payment. Deductibles can also differ in schedules; some are applied to every
condition and can be renewed every year while some are paid per condition.
Deductibles that are paid per the condition can either be renewed annually or
can be renewed per lifetime of your pet.
Is it possible to get reimbursement?
An actual percentage
of the total invoice can be reimbursed to the pet owners after the deductible
has been actualized. Or other options like the company paying a certain amount
per the pet condition yearly irrespective of the treatment cost.
What Is the Best Time to Buy Pet Insurance?
Randon Morris recommends early enrolment
for pet insurance as emergencies can erupt at any time. Based on analysis most
pet owners enrol for coverage within six months of buying a pet, as
pre-existing conditions are not covered by any pet insurance company. Enrolling
your pet when they are young also helps you save money on pet insurance as
older pets cost more.
Do Exotic Animals Have Pet Insurance?
Those that own exotic
animals have a very limited choice of insurance companies. The reason for their
limited options is simply because they own non-traditional pets, unlike cats
and dogs that are very common. So, if you own an exotic animal you will have to
pay more premium than those with a cat or dog.
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