Your Playful Guide to Pet Insurance
For many people, their pet is more than just a pet- they are a member of the family. As such, they want to treat their four-legged family members as well as they do the two-legged ones.
Unfortunately, this can get costly, especially when it comes to veterinarian care. You can, however, minimize the impact of these costs by purchasing pet insurance.
What Exactly Is Pet Insurance?
In its simplest form, pet insurance is like human insurance only it’s for our furry friends. It is mostly purchased for dogs and cats, but it can be purchased for other pets, as well.
Believe it or not, pet insurance is not a new concept. In fact, a man named Claes Virgin sold the very first pet policy all the way back in the 1890s. It was a bit different then, though, as it was designed to cover horses and livestock. At that time, horses were still a major means of transportation and livestock was the sole income for a lot of people. Considering that, the first pet insurance would be akin to that of auto insurance and something like worker’s compensation for livestock.
For over a century, pet insurance was sold primarily in European countries. However, it made its debut in the United States alongside the lovable Lassie, who was covered by Veterinary Pet Insurance (VPI) in 1982.
Over the years, the animals covered and the countries they are covered in continued to grow until pet insurance is available just about anywhere.
How Does It Work?
One of the best features of pet insurance is that- unlike health insurance options- most companies give you the freedom to choose any vet you want. There are no networks to worry about.
Typically, you take your pet in for a covered accident or sickness and usually pay for the care out of pocket. You then submit a copy of the bill to your insurer, and they will reimburse you for a percentage of the bill.
Some vets may not require you to make a payment at the time of care, giving you time to file a claim with your insurer. Keep this in mind when you are choosing which vet to take your pet to. Ask them upfront about how the billing works if you have pet insurance.
What Does Pet Insurance Cover?
While I did say earlier that pet insurance is similar to human insurance, it is not like human health insurance- not a standard policy anyway. Instead, it is similar to having a property policy on your pet.
Basic pet insurance is coverage for unexpected issues. It is designed to cover things you simply cannot plan for. This might include anything from your pet suddenly falling ill to them being hit by a car, though your coverage will depend specifically on the type of plan you get. As you will see in a few moments, you can add on protections to have a more complete policy.
Before you choose your additional coverage, though, there are a few basic types of plans to consider:
- Accident Only Plans
Accident only plans are pretty much what the name suggests. They cover things like accidental ingestion of something they should not have swallowed, a vehicle hitting them, and broken bones. This will typically be the cheaper of pet insurance policies as it provides such limited coverage.
- Accident and Illness
This type of plan provides coverage for both accidents and chronic illnesses, such as digestive issues. These covered issues can vary greatly according to the insurer and policy, so be sure to ask for specifics before signing on with a company.
- Emergency Vet Care
Some policies automatically include emergency vet visits- like those that happen in the middle of the night or those that require emergency surgery. Others do not automatically add this. Check with your insurer. You may need to purchase extended coverage.
- Endorsements
Endorsements, otherwise known as riders or add ons, are additional coverage purchased for specific things that are not covered by a standard insurance policy. By purchasing endorsements to accompany your basic pet insurance, you can end up with a very comprehensive policy. Below are some common endorsements for pet insurance.
- Wellness
Wellness care, meaning routine checkups and procedures, is typically not covered by a standard pet insurance policy. However, most pet insurance companies have an endorsement that covers regular care.
If your company does not have this endorsement, check with vets in your area. When my dogs were little guys, I was able to get them on a “puppy plan” through a local vet.
I would make a set payment each month- I think it was around $45 or $50. For this amount, they were able to get everything they needed for the first year including routine visits, shots, microchip implantation, spaying or neutering at age one, and more. Additionally, the vet would send us home with samples of different dog foods and treats, leashes, coupons, and more to try. It was well worth the monthly payment in my opinion. Call the vets in your area to see if there is anything similar available to you. - Dental
It is often easy to forget that pets can have problems with their teeth. As humans, we know what abscessed teeth and cavities can feel like, but we are able to tell the dentist what is going on. Pets, on the other hand, cannot tell us exactly what’s going on. This is why it is so important to care for their teeth and make their dental health a priority.
Dental care is not usually covered by pet insurance unless that dental care is necessary due to a covered event. For instance, if your dog gets hit by a car, and that incident damages a tooth, accident insurance may cover dental care. Any other dental care will require additional coverage. - Alternative Therapies
Many pet policies will cover alternative therapies for covered issues. For instance, your pet policy might cover chiropractic care for your dog who has had a musculoskeletal injury.
- Behavioral Therapy
Some pet insurers also cover care needed for certain behavioral issues, such as excessive licking and biting, pacing, anxious demeanor, and more. This is an optional add on to consider that has been helpful to many pet parents.
Coverage Availability and Rates
You probably know that there are many things that might affect the type of coverage you can get when purchasing insurance. For instance, the make, model, year, color, and mileage of your car can impact what type of policy you need and what you qualify for.
The same is true with pet insurance. There are a few things that can impact the type of coverage you can get for your furry friend.
Age Limits
Most pet insurance policies require that the pet be at least six weeks old before they can be insured, though this can vary according to the insurer and the type of pet.
Additionally, it is hard to get insurance for pets older than 14 unless it’s just accident insurance- illness coverage is most likely out of the question.
Pre-existing Conditions
Pet insurance companies are a lot like health insurance companies- they do not want to cover conditions that were around prior to you purchasing the policy.
You may be required to provide your insurer with medical records or get a new check-up done so they can be aware of your pet’s overall condition. Any claim you make revolving around a pre-existing condition will most likely be denied.
Breed and Genetic Issues
Some breeds are predisposed to certain genetic problems, like allergies or hip dysplasia. If your pet belongs to one of these breeds, you may be denied pet insurance coverage.
Denial will, of course, depend on the company and the plan you are seeking. Some companies will choose to insure a pet with potential genetic issues, but you can probably expect your rates to be higher than you would like. Always call around for several quotes prior to choosing a policy.
Location
Where you live and are trying to insure your pet will always play a role in your insurance rates, no matter what type of insurance you are purchasing.
Death and Burial
Some policies do include coverage for the death and burial of a pet while others require that you purchase this separately.
Do keep in mind that if your pet has a pre-existing or ongoing, life-threatening condition, this coverage will be difficult and expensive to obtain.
What Pet Insurance Does Not Cover
By now you know that a basic pet policy does not cover certain events and that you have to add protection for those events. However, there are some things that will typically never be covered under pet insurance.
Liability
Basic pet insurance does not provide liability coverage. So if Fido bites the mailman, pet insurance is not going to help. You will need to be sure you have enough liability on your homeowner’s or renter’s insurance. You might also need to purchase a separate liability policy for your pet if you do not have homeowner’s or renter’s insurance.
Boarding
Going on vacation or out of town to visit friends? You will be responsible for any boarding costs. You can usually get this at a fair price. However, it will definitely save you some cash if you can get a friend to keep your pet while you are away.
Do keep in mind that boarding is different than needing to stay under your vet’s care. If your pet has had a procedure or is sick and has to stay at the clinic overnight, that should be covered by your pet policy as long as the procedure is covered. Boarding is simply referring to leaving your pet when there is no medical reason to do so.
Grooming
Grooming may be necessary, but it’s not an accident or an unforeseen illness. Therefore, pet insurance will not cover the costs. You might be able to get a discount on grooming, though, through your regular vet or even through an affiliate of your insurer. It never hurts to ask.
If you need coverage for something not listed here, talk to your insurer. There is quite often an endorsement for pretty much anything you might need, but they are not always listed plainly.
Waiting Periods
When you purchase pet insurance, there is usually a waiting period from the time you finalize the paperwork and make your first payment until the day it kicks in. During this waiting period, you cannot make any claims. That waiting period is usually about 14 days, but be sure to ask the insurer for specifics.
Deductibles and Reimbursements
Pet insurance is like all other insurance when it comes to having deductibles and limits. When you purchase a policy, you will choose between premiums and deductibles.
Premiums are your monthly or quarterly insurance bill. Deductibles are the amount you must pay before your insurance covers any of the costs. For instance, if you have a $100 emergency vet visit and a $20 deductible, you will need to pay that $20 before your insurer will cover the other $80.
As pet insurance works mostly on reimbursements, it works a little differently. With this $100 vet bill, it will work like this: You pay the full $100 out of pocket and then file a claim. Your insurer will then send you a check for the $80 they are supposed to cover. If your vet is one that will give you time to file the claim, you will just need to pay your $20 deductible when you take in the insurance payment.
Coverage Limits
All policies have coverage limits- the maximum amount of money the insurer will pay under your policy. If you feel that is not enough coverage, you can usually extend your limits without buying a specific endorsement. For instance, you might buy an additional $5,000 in general coverage that will provide protection for your standard covered events.
How Much Does Pet Insurance Cost?
The amount you end up paying for pet insurance can vary greatly depending on several factors. First, the type of pet you are insuring. Cats are usually cheaper to insure than dogs.
Insuring exotic pets may cost more than dogs. The breed of the pet will also play a part. Additionally, the type of policy you purchase, whether you have any endorsements, and more can impact your premiums.
Because there are so many factors to consider, giving an exact price or anything close to exact is pretty much impossible here. However, the average pet insurance policy runs the pet owner a couple hundred to a few hundred per year, with the average accident only plans ranging from about $10 to $16 per month. These averages should give you a decent idea of what you are facing.
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Do I Really Need Pet Insurance?
This is one of those questions that do not have a simple answer to, but it pretty much comes down to the answer to this question: Can you take care of your pet’s emergency needs without it?
Let’s say that you have a golden retriever that you have named Daisy. She has been with you for some time and you cannot imagine your life without her wet kisses and wagging tail.
What would you do, then, if one day Daisy runs out into the road and gets hit by a car? Or what if she swallows something that gets stuck in her throat, gets bitten by a poisonous spider, or just gets sick one night? Could you afford to pay for emergency care out of pocket? If the answer is “No”, you should definitely look into pet insurance.
Finding Your Perfect Pet Insurance Policy
The type of pet policy you get will depend specifically on your needs. If you are unsure of what you need, consider talking to your vet. He or she knows better than anyone the type of care your pet currently needs or might need in the future. They might also be able to point you toward the best insurer for your needs.
When you start looking for insurance, don’t just go with the first thing you find. Use a pet insurance finder- it works just like an auto insurance finder- to find multiple insurer options.
As you get quotes, don’t just pay attention to the price. Be sure to get a full understanding of what the insurer offers, including any extras that are unrelated to health. For instance, some insurers will pay for boarding your pet if you are hospitalized. Others will help pay for supplies- like flyers- if your pet gets lost. Sometimes these extras can make a lot of difference.
Conclusion
We know you love your pet and want to provide the care he or she needs to live a long healthy life. Customizing a pet insurance policy with endorsements you can use is one of the best ways to do this.