A Quick Guide to Pet Insurance: What You Need to Know

What Is Pet Insurance?

Simply put, pet insurance is an insurance plan that helps to cover veterinary care costs if your pet becomes injured or ill. Pet insurance plans come with a monthly premium in exchange for health coverage for your pet. If your pet becomes ill or injured and you cover the bill, you can submit a claim to the insurer for reimbursement. Depending on the type of plan, you get reimbursed for varying percentages of the costs. Some plans also require the holder to meet the deductible before the coverage kicks in.

Many insurers typically mandate a health checkup and a waiting period when purchasing a pet insurance plan. If you make a claim, you must pay the bill first while the insurer examines the claim. If the claim is approved, the insurance company reimburses you either through a direct deposit or through a check sent via mail. The average cost of a pet insurance plan depends on factors such as your pet’s breed and age, your location, and the type of plan. Generally, it costs more to insure larger pets than smaller ones.

What Is Covered?

Pet insurance plans cover various types of illnesses and injuries. Pet insurance coverage is commonly divided into three categories:

  • Wellness coverage- It typically includes tests, dental work, and vaccinations. Wellness coverage alone does not cover accidents or illnesses.
  • Accident coverage- It insures against accident injuries such as cuts, poisoning, ingestion of foreign objects, and other physical injuries.
  • Accident and illness plans- It covers veterinary care costs for illness, injuries, and diseases.

Depending on the type of coverage, some pet owners include wellness coverage with an accident and illness policy. There are different levels of coverage, each with different costs and options.

Why Do You Need Pet Insurance?

Regular veterinary care costs are not the major cause of concern when it comes to healthcare costs for your pet. An illness or injury, however, could result in a substantial increase in your vet bill. Without pet insurance, you may face up to thousands of dollars of medical costs due to unexpected illness or surgeries. In certain cases, such emergencies can result in a long-term expense, where you may spend much on long-term care.

Therefore, getting a pet insurance plan is highly advisable. There are also breed-specific risks that can result in high vet expenses. For example, large dog breeds are more likely to develop certain conditions such as arthritis or hip dysplasia.  A pet insurance plan provides a financial cushion in case of any eventuality.

Is It Really Worth It?

If you get the right pet insurance coverage at the right price, then it’s worth it. The premium costs for pet insurance are reasonable compared to a potential thousand-dollar bill if you do not have pet insurance.

Getting an insurance plan for your pet is a reasonable decision as it saves you from high vet costs in the event of an unexpected illness or injury. For more information and assistance with pet insurance plans, contact us at Duane Weber Insurance. We’d be happy to help you determine a policy that’s right for you and your pet.