What You Need to Know About Pet Insurance Before Buying

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Pet insurance is readily available for cats and dogs. Some companies will offer coverage for other animals. Before you buy, here are some things you need to know to get the coverage you need.

Types of Pet Insurance Coverage

Pet insurance is available in three types. You can buy an accident-only plan or a comprehensive plan. A wellness plan may be separate or added to the other policies.

Accident plans only cover your pet if they are injured or involved in an accident, bitten by another animal, or has broken bones. A comprehensive plan covers accidents, illnesses, hospitalizations, conditions typical of specific breeds, diagnostic testing, prescriptions, accidents, dental care, and behavioral problems. They may also cover allergies, arthritis, and cancer. Wellness plans provide coverage for exams, shots, and other routine care.

Pet plan insurance does not cover everything. The most common thing not covered is preexisting conditions. Investopedia says they also do not cover breeding or pregnancy, deliberate injuries from someone in your home, cosmetic procedures, and grooming or boarding.

Preexisting Conditions

Most pet insurance policies will not cover preexisting conditions. USNews says that some will cover these conditions, but they will have a six- or 12-month waiting period. There is also a waiting period between when you buy the policy and when your pet can be seen for an accident or illness. Although the veterinarian may see the pet in less time, you will not be reimbursed for any visits until the waiting period is over.

Pet Therapy

Some animals need to get therapy for undesirable or aggressive behavior. It is not the same as obedience training and can only be conducted by a recognized animal behaviorist—one your insurance company recognizes. It goes beyond that and teaches the animal to cope with the triggers that lead to improper behavior. Only some pet insurance companies cover this kind of behavioral training. If you think your pet needs this type of training, check with the company to see if this treatment is covered.

How to Save Money on Pet Insurance

If you are looking for affordable pet insurance, there are several things you can do to reduce the cost of your premiums and still get good coverage. Here are some tips on what to look for before you buy.

• Get Several Pet Insurance Quotes

Different pet insurance companies charge considerably different premiums for the same coverage. You can save money by getting several pet insurance quotes and choosing one that is more in your price range.

Costs will also vary depending on which animal or animals you want to insure. Money says that pet insurance for dogs usually runs between $35–70. Buying pet insurance for cats is typically less, running between $20–35. Costs also depend on the breed, with mixed breeds being less expensive than purebreds.

• Select a Lower Deductible

One of the easiest ways to save money when you buy pet insurance is to choose a higher deductible. A deductible is your cost before the insurance company will pay anything. The more you pay, the better the insurance company likes it, which means you get lower premiums.

Pet insurance companies offer several deductible choices, which can range from $100 up to $1,000. Before you choose a deductible, you also want to know the maximum payout the company offers. Some companies will only cover costs up to $10,000 or $100,000, but others may offer unlimited coverage.

• Choose a Lower Reimbursement Level

Forbes says that when you take your pet to the vet, you pay the bill upfront. The company reimburses you later. You must decide what percentage of the bill you want to be reimbursed. A few companies will pay the vet directly, which means you only need to pay the deductible and coinsurance.

Pet insurance plans usually give you a range of percentages, going as low as 50 percent up to 100 percent. Most companies offer reimbursement ranges from 70–90 percent.

Best Time to Buy Pet Insurance

You can save money by buying pet insurance when the animal is still healthy and young. After your pet gets older or has a preexisting condition, it is too late to get a good price on a new pet policy. When an animal is young, the insurance will cover everything except specific exclusions mentioned in the policy.

Talk to the pet insurance agent and only get what applies to your pet. If you do not have a pet yet, find out which breeds are less expensive to own. The New York Times reported that at least one pet insurance company raised their rates by 6 percent every year the animal has lived.

Before you buy the pet, consider the pet’s medical history and what health problems may be common to that breed. Then decide what you need coverage for and how much you want to pay per month. NerdWallet suggests buying a policy with premiums you would be happy paying for a long time and getting lifetime pet insurance.

Final Expenses

There may be additional expenses when your pet dies or is ready to die. You may need to pay for euthanasia, burial, or cremation. Some insurance plans may cover these costs, but others will not.

Review the Policy Before Buying

Several pet insurance companies post samples of their insurance policies online. It enables you to read the details and find out what is covered.

Consider Buying Dog Liability Insurance

If you have a dog, you may also want to get dog liability insurance to protect yourself against possible mishaps. Dogs can be unpredictable in some situations and can bite someone very quickly and unexpectedly. The average cost for dog bite treatment is about $23,000, but it can go much higher than that. If you already have homeowner’s or renter’s insurance, NerdWallet says you are probably covered.

The Epoch Times copyright © 2023. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.