Most pet owners will weigh two main considerations when shopping for pet insurance: budget and coverage. Peace of mind can also be an important factor, but far more difficult to quantify.
Pet health insurance is still relatively new in the United States and Canada, so the options available are fewer than for other forms of insurance. That said, North American pet owners can choose from a variety of coverage choices, ranging from injury/accident-only to all-inclusive.
As with all insurance products, the cost of pet insurance increases as the coverage improves. As a pet owner, you must decide what is the right balance between affordability and the care you want for your pet.
- Coverage
When choosing pet insurance coverage, first consider what kind of insurance customer you are. Do you prefer all-inclusive coverage that pays for everything from routine checkups and vaccinations to accidents and chronic illnesses, or are you comfortable with a lesser degree of coverage that just kicks in during emergencies? Perhaps you prefer a flexible plan that offers discounts on a wide range of services, from veterinary care to training. This decision will lay the groundwork for your final choice.
Some issues to consider:
* Make sure to check for coverage of pre-existing conditions as well as breed-specific genetic ailments, such as hip dysplasia for large dogs. Some plans refuse to cover these conditions.
* Some plans place limits on annual, per-incident, per-illness or lifetime costs.
* How old is your pet? Coverage usually starts at eight weeks, but some plans won’t cover pets over a certain age (usually between six and 10 years old, depending on the breed, type of animal and other factors).
- Cost
Payment options for pet insurance include flat fees or deductibles and/or co-payments. Not surprisingly, plans with lower monthly premiums come with higher deductibles and/or larger co-payments.
Some issues to consider:
* Insurance premiums are affected by the age, health and breed of your pet, as well as the type of animal.
* Some plans offers discounts for multiple pets.
* Plans generally require customers to pay the vet bill first and then submit receipts for reimbursement.
* Find out if the insurance premiums will increase as your pet ages.
* Depending on the plan you choose, the monthly premiums can range from less than $10 to about $40.
