Pet insurance is a policy that will pay all, or a portion of, a veterinary visit. Pet Insurance has become more popular recently due to the availability of more complex veterinary treatments. Treatments such as transplants, cancer therapy, and major surgeries are now available. These treatments are typically very expensive, easily exceeding $2,000. In addition to concerns over illness there is also the possibility of the pet being involved in an accident. A pet being hit by a car could easily cost the owner thousands of dollars.
Most current pet owners consider their pet a member of their family. While often used in the past, now the consideration of euthanasia is only in the most extreme of cases. Because of this pets are being treated for more complex conditions they weren't treated before in the past.
Coverage and Claims
Pet insurance will normally pay 70%-80% of covered expenses. Some policies in Europe can cover as much as 100% depending on the company. A more expensive policy might include coverages such as vaccinations and well-pet visits.
When a pet owner takes their pet to the veterinarian they pay for the visit up front and then submit the claim to the insurance company. Within a few weeks, the insurance company issues a check to the policyholder to reimburse the covered portion of the claim. It is important to ensure the policy covers the treatment or the claim will be denied.
Researching a policy
Understanding policy terminology is important to find the best pet insurance. Policies will vary from company to company, and even within a specific company. A policy, especially a less expensive one, can include benefit caps and exclusions.
A benefit cap is typically the maximum amount a policy will pay out either within a time period, such as a calendar year or possibly over the lifetime of the pet.
An exclusion is normally a condition that is not covered. An example of this might be hip displasia in German Shepard breed dogs.
As long as the purchaser understands the limitations of the policy they purchase, pet insurance can be a great benefit.