Understanding Pet Insurance and Finding the Best One
For most people, their pets make the best friends in the world because they are always there when they need them; they don’t judge and are fun companions to play around with. Your pet, however, needs the right care to keep being that friend that you are used. Pet owners have to ensure that they provide everything that an animal requires, including medical care. When your cat, dog, or other pet gets sick or injured, you should be able to provide the best treatment, and that is where pet insurance comes in.
Taking out insurance for your pet guarantees that you have a fall back to count on when your furry little or large friend has to pay a visit to the vet. You may have had a pet for a while but never considered insurance, or maybe you are a new pet mom or dad and wondering why it matters. Learning a few basics of pet insurance, how to find the best kind, and how to make the most of it will make life easier.
How Pet Insurance Works
You become a policyholder after buying a suitable product from an insurance company, meaning that you have to pay monthly premiums towards the plan. The payments will depend on the type of policy taken out. Pet insurance works on a reimbursement basis, meaning that the policyholder gets back the money that he or she has spent on care for the animal. When your pet has to see a veterinarian after an accident or illness, you must get receipts for the expenditures, which will be reimbursed by the insurer. The claims process begins once the policyholder fills a form to ask for money back. Most insurers take about a month before paying out a claim, but some, like those on our list, can pay in 5 days. The reduced claim processing period is an incentive used to gain customers. Insurance companies give customers the freedom to take their pets to clinics of their choosing, meaning that you can get your friend the best care possible.
The Value of Pet Insurance
The costs of pet care can add up considerably over the lifetime of an animal, and most people like to justify their expenses to make certain they are not splurging on things that don’t count. The question of why pet insurance is essential is a valid one before a pet owner can start looking for a suitable provider. An insurance policy for a pet comes with several advantages.
Medical emergencies are not uncommon among animals, even the most domesticated ones. Your hamster may fall sick, or your dog may have an accident that necessitates treatment. A pet can have at least one medical emergency during its life, and one must be ready to deal with it. Some of these medical emergencies can crop up when you are in a bad financial situation. If you have insurance, however, it is possible to get the necessary medical care without going bankrupt. It also means that a family does not have to use its savings to treat one of their own.
The peace of mind that comes with knowing that your furry friend is protected makes paying for a policy every month worth it. As much as pets make for lovely companions for people of all ages, they can get rough and endanger their lives. When you know you have a plan to take care of a pet as required, you can stop stressing about what your cat or dog is up to.
Veterinary services can be expensive, especially in severe cases of illnesses or injuries. Imagine a dog with a ruptured disc that needs a $6,000 surgery. A good number of people don’t have disposable incomes to use in such instances. However, with an insurance policy for your pet, you will claim the money back. Such convenience makes it less complicated for individuals to budget for the care of their pets.
Features of Pet Insurance
The specific features that you get with pet insurance range extensively from one company to another and from product to product. Knowing the features offered should be a priority for anyone looking to buy pet insurance. Some features that you can expect from the insurance companies on our list include:
Routine Care Coverage
All insurers will offer coverage for routine care, which includes the regular visits that a pet needs. The coverage will pay for elements like tick prevention, deworming, spay/neuter, vaccinations, rabies shots, and wellness exams just to mention a few.
Accident Cover
A policy with accident coverage means that the policyholder gets cash back for a pet’s treatment after an accident. If a dog gets hit by a car or your cat breaks his/her leg, this type of coverage ensures that you can provide the necessary care whether its medication or surgery.
Treatment for Behavioral Problems
A comprehensive policy will include this feature because behavioral issues are common in pets. The coverage limit differs across insurance companies, so you can compare them before deciding. An insurer will require behavioral treatment to be carried out under the supervision of a qualified vet or by a certified organization.
Online Claim Submission
It increases the convenience of a policyholder because it means you won’t have to spend time going to the insurer’s physical office to file a claim. A customer can also do it from anywhere, which saves time.
No Upper Age Limit
This feature counts as one of the benefits of pet insurance. Insurers don’t discriminate animals based on their age or breed.
Picking Insurance for Your Pet
Between deciphering the legal jargon in policies, checking the type of features offered, and sticking to a budget, finding the right pet insurance provider is understandably confusing. Picking out a policy for your dog or cat warrants the same attention as when buying life or auto insurance. Some considerations that can help speed up the decision-making include the following.
Insurer’s Track Record
Integrity goes a long way when buying insurance. One must be sure that an insurance company and the products it offers are legitimate. Check out how long an insurer has been providing these services. Considering the financial transactions that occur between the company and policyholder, you have to check for complaints of fraud or other misconduct. Ask former and existing clients about the quality of service that an insurer provides and their expediency at processing claims.
Level of Coverage
Never sign an insurance contract before knowing what it covers and what it excludes. If you are getting full coverage, does it include dental care and hereditary conditions? An insurer may exclude cosmetic procedures, breeding costs, and pre-existing conditions. Find out any restrictions that may come up in your claim to avoid legal troubles later on. An insurer can increase premiums in certain circumstances; find out which ones.
Compare Prices
Several variables affect the cost of pet insurance policy like the level of coverage. Of course, you will pay less for an accident-only cover than a full coverage policy. However, to make sure that you have the best price option for your insurance needs, make comparisons. Get a list of at least three insurers that offer the same products and weigh their rates against one another. When comparing prices, ask about the discounts on offer. For example, an insurer may offer 10% for a customer with two dogs, which means cost savings for you.
Pet Insurance can bail you out when your furry friend is in trouble, so take the time to pick the best one for your needs.