Whether you have a rescue dog or cat or you have spent a lot of money on a purebred, the reality is that there are substantial costs to having a pet. One of the mistakes that many pet owners make is not understanding what is pet insurance and purchasing it when they have the opportunity. Pet insurance can be a valuable policy to have and one that can help to ensure that your dog or cat always gets the quality medical care that it needs, in spite of the cost.
Brief Description of What is Pet Insurance
A pet insurance policy is very similar to the medical or dental insurance policy that you might have for yourself or someone in your family. In most cases, there is a monthly or annual charge and a deductible for each visit. In addition, most pet insurance policies also have an annual coverage and a lifetime coverage, depending on the level of insurance that you purchase.
What Features Should You Look For?
It is usually a good idea to buy pet insurance that is comprehensive for both accidents and illnesses but also covers hereditary and congenital conditions. Even though it may seem unlikely that your pet will live long enough to suffer from certain medical conditions that commonly occur in old age, it is important to note that pet insurance also covers your animal for accidents that could occur at any time.
One thing that is extremely important to consider when buying pet insurance is the waiting period that may be required after you sign up. In most cases, there will be a short waiting. Before you can seek reimbursement for an accident, and a longer waiting period before you can seek reimbursement for care related to illnesses or diseases. This is obviously put in place to prevent people from taking advantage of insurance companies in order to pay for pre-existing conditions.
How Much Does Pet Insurance Cost?
The cost of pet insurance is actually very low, particularly in comparison to the potential annual or lifetime coverage that you might end up using. Depending on the kind of coverage that you get, it is possible to get a pet insurance policy for less than one dollar a day that will enable you to get lifetime coverage of $100,000 or more.
Of course, there is always the possibility that your dog or cat may never get injured and may be healthy right until the very end. In an ideal world, this would be the optimal situation, but life does not always work out that way. One recent study into the cost-effectiveness of pet insurance showed that in approximately 90% of cases, pet insurance paid out more than the cost of the policies while also providing a great deal of peace of mind during the pet’s life.
Where Should You Buy Pet Insurance?
If you are going to buy pet insurance, then it is worth shopping around for the best policy, just like you would with any other kind of insurance. Not all pet insurance policies are the same, and you may be able to save money on a policy that would be more appropriate for your budget and the type of animal that you have.
It is common for people to buy pet insurance when they obtain their pet from a shelter or breeder, or when they take the pet to the vet for the very first time. But, by going online, you will see that there are many more choices available in terms of coverage levels, deductibles, and policies that are specific to a certain type of dog or cat.
Are All Pet Insurance Policies Alike?
Some pet insurance policies tend to be more preventative because they encourage you to take your dog or cat in for regular visits to ensure their health over time. In this way, pet insurance policies are much more like dental insurance policies, providing incentives for regular checkups.
The other hand, if you are trying to stick to a tight budget, then a basic accident and illness plan may be more suitable for you and your pet. This kind of pet insurance provides reimbursement for certain types of medical care, including veterinary care for accidents, illnesses, cancer, and hereditary or congenital diseases.
Is Pet Insurance Right For You?
Many people think of buying any kind of insurance is a gamble that may or may not pay off. But, when it comes to the health and happiness of your dog or cat, knowing that you have an accident and illness had insurance plan means that you will not hesitate to get them the care that they need. Rather than hesitating to take your dog or cat to the vet in order to save money, pet insurance will make each visit a lot more affordable.