Pet owners today are treating their pets like members of the family, often taking them along on errands and vacations. They’re also providing better medical care to their pets. Purchasing dog or cat insurance is a great way to help offset the high cost of veterinary bills. It’s also an affordable way to provide your pet with coverage.
Pet insurance is an insurance policy that can be purchased for your pet. Some policies cover exotic pets, but most pet insurance is purchased for dogs or cats. Much like our own health insurance, this insurance pays vet bills stemming from covered accidents or illnesses. You pay a monthly premium, which is based on the animal’s breed, age and location. Most animal insurance policies only pay for unexpected illness or injury-related costs.
Dog or cat insurance policies typically include a deductible, which is what the pet owner must pay before the insurance pays. They may also have a co-payment amount. If a pet owner with a $250 deductible and a 90/10 copayment policy incurs a $900 vet bill on a covered expense, the pet owner would pay only $265 ($900 – $250 = $650 X 10% = $65 + $250 deductible). Many cat or dog insurance policies also have a maximum limit of what they’ll pay per year or per lifetime.
Most dog or cat insurance excludes certain expenses, like pre-existing conditions, dental care, grooming, hip dysplasia, behavior issues or holistic medicine. This is not to say that all these conditions are never covered because some insurance companies offer this as add-on policies.
Pet owners should always read the fine print and question us in regards to what is and is not covered. Despite cat or dog insurance being considered another unnecessary monthly expense, it can also mean the difference of being able to keep a pet alive if it develops a serious injury or illness and requires extensive medical care.