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What is Pet Insurance? Is Pet Insurance Worth It?

Pets become a member of the family quickly. When your pet has a severe illness or ends up with a significant injury, you may find yourself in a challenging situation financially. Can you afford to pay for a $1,500 knee ligament surgery? Pet insurance is designed to help pet owners in such instances. Pet insurance will reimburse you for certain medical expenses, reducing the risk of paying for expensive medical costs. Uncertainty happens every day, and having pet insurance can be the lifesaver you need for your pet! Not all pet insurance policies are created equally; here are a few things to consider when shopping for pet insurance.

How Does Pet Insurance Work?

Pet insurance is designed to help pet owners save on veterinary costs related to injuries and illnesses. Pet insurance will require a monthly payment, averaging $30-$100 a month depending upon the pet’s breed and age. Dogs usually cost more to insure than cats. Unlike health insurance policies, pet insurance will reimburse you following your payment to the vet.

Review Pet Insurance Policies

Before agreeing to pet insurance, always read through the policy. Standard pet insurance is designed to cover illnesses and accidents, but there are limitations on those, including:

  • Dental disease

  • Hereditary or preexisting conditions

  • Behavioral issues

  • Routine check-ups and exams

  • Grooming

  • Hip dysplasia

If your pet is already sick, insurance companies will not insure your pet. The majority of pet insurance companies will require pet owners to submit pet check-ups and vaccine records. In addition to reviewing the information, pet insurance companies will place you on a waitlist for a few days to ensure there are no pre-existing conditions.

Filing Pet Claims

When you file a claim with the pet insurance, you must wait a few days for them to validate the information. Some pet insurance providers can take several days to validate a claim and mail a check, while others quickly send the money via direct deposit. Payment will depend on the pet insurance policy structure.

What Impacts Pet Insurance Premiums?

Each pet insurance company has specific parameters they follow when issuing pet insurance. Just Protect Insurance has found the majority of pet insurance companies do base their rates on the following:

  • Species. Dogs will cost more to insure than other species.

  • Breed. The animal breed will factor into the policy as some breeds have a shorter lifespan or are prone to more health complications from other breeds.

  • Age. The animal’s age is considered as younger pets are healthier and usually have limited health complications from older pets.

  • Location. Where you live can make a difference as densely populated areas can place the pet at higher risk for accidents or injuries.

Compare several pet insurance policies to find the right match for your pet. While some people choose to avoid insurance altogether, it can come back to haunt them later. If you know your pet’s particular breed has a history of certain health complications, do yourself a favor and consider pet insurance.