When your pet needs an unexpected veterinary treatment, this can cost you hundreds of dollars. Even if you have a healthy pet, illnesses and accidents can happen unexpectedly. Pet insurance can alleviate some of the financial burden allowing you to focus on the recovery of your pet instead of its medical bill.
However, there are many things to consider before you choose the right kind of pet insurance for your pet. Below are 4 things you should consider before purchasing this type of insurance.
1) How to Best Use Pet Insurance
Just like any other insurance form, pet insurance shouldn’t be viewed as a way for you to save money, but rather a way to help you manage financial risk. Pet insurance is there to soften the blow of an unexpected financial hit from a pet that gets sick or becomes injured.
2) Waiting Periods
Before your coverage begins, there is typically a waiting period. If your pet becomes ill or has an injury during this waiting period, their condition is not covered during this time by the policy. Waiting periods are handled differently by different insurance carriers. Illnesses can have different waiting periods than injuries, for example. Also, certain medical conditions can have their own separate waiting periods as well.
3) What Is Not Covered
There is some exclusion in these policies including:
- Any medical conditions your pet had before the policy started or when you change insurance providers (whether you already have a claim out or not)
- Anything birth or pregnancy-related
- Any preventative or routine treatments like worm, tick and flea treatments, grooming, dental, vaccinations, etc.
- Funeral expenses of your pet if they are above a certain age (usually 9 years)
You want to be sure you check your policy thoroughly as this isn’t an exhaustive list of exclusions.
4) Co-Pays and Premiums
Co-Pays are the sum of money you are responsible for towards your insurance claim. This number can vary depending on providers and plans. Your premium is usually based off of the breed of your pet, where you live, its age and its gender. The charges the veterinary imposes also influence your premiums.
Do you have a pet and are without pet insurance? Contact BOLT Insurance Agency today for your free pet insurance quote.