You are highly welcome to this educative blog created to give you detailed info on getting insurance for your household.
In this writeup, I'll be giving you info on pet insurance.
However, if you want to get other insurance policies like property insurance or travel insurance, do well to check the previous posts i made on this blog or simply click on the titles
Now that you've gotten the memo of what i want to talk about, do me the favour of reading through carefully.
Let's get right into it.
Based on pet insurance, I'll be talking about;
•What is Pet insurance?
• Types Of Pet insurance
• When Should You Get Pet Insurance?
• Why Do You Need Pet Insurance?
• What Does Pet Insurance Cover?
• What Doesn't Pet Insurance Cover?
• How Much Does Pet Insurance Cost?
• Can I Get A Pet Insurance Discount?
WHAT IS PET INSURANCE?
Pet insurance, as implied by the name, is a type of insurance policy gotten for pets.
This insurance policy is a type of health insurance for one's pets. It offers coverage for expenses incurred due to certain illnesses or types of veterinary treatment. It's main benefits is making quality healthcare for your pets more affordable for you, the owner, thus making you to be able to spend extra wonderful time with your pets.
TYPES OF PET INSURANCE
It is a very wonderful thing to get insurance for your pets.
However, it is important that you know the types of pet insurance coverage. So you can make a thorough research to find the perfect pet insurance policy that works well for you and your pet(s), as different insurance companies offer different levels of coverage and benefits and you could end up not being covered for some certain treatments if you do not go through the fine print.
Amidst all these, the good news is that you've come to the right place, so read through and check which particular coverage will be of benefit for you and your pet(s).
We have four(4) main types of pet insurance
They are;
- Time-Limited Pet Insurance
- Lifetime Pet Insurance
- Maximum-Benefit Pet Insurance
- Accident-Only Pet Insurance
Let's look into each one after the other.
Time-Limited Pet Insurance
This type of pet insurance coverage is most useful if you're the type of pet parent that wants to cover a pet condition for a year or more, and pay the rest yourself potentially. This means that this pet insurance coverage allows you to make a claim for a specific medical condition up to a specified amount for a limited period of time.
Lifetime Pet Insurance
This pet insurance coverage, as explained by the name, covers your pets' condition for the whole duration of their life, provided you renew the premium annually.
This policy covers the expenses of every injury or illness treatments that your pet undergoes, as long as you continually renew the policy.
However, lifetime pet insurance policy differs, so you should ask your pet insurance company for details about their own policy.
Maximum Benefit Pet Insurance
Maximum benefit pet insurance is a type of pet insurance policy that provides you with a specific pre-set amount to spend on the treatment of each injury or illness that your pet gets with no limited time.
You can claim benefits for as many times as you want in the case of your pet developing a long-term health condition or is ongoing treatment for an injury. However, the claims will have to stop if you have reached the maximum benefit. And in this case, you'll not be able to claim for the sickness or injury any longer even if your pet(s) is/are still undergoing treatment.
Accident-Only Pet Insurance
In this type of pet insurance policy, you are provided with a fixed amount of money for any new injury your pet has.
Some insurance companies do not offer this policy because they believe that it doesn't provide adequate care for their customers' pets.
This type of pet insurance policy is also the most affordable, as it is way cheap than the others.
And although this policy could be much cheaper and more affordable in the short term, the sad thing is the policy doesn't cover for pet illness and in the payouts, there could possibly be a financial cap.
WHEN SHOULD YOU GET PET INSURANCE?
Well, it's absolutely wise to get pet insurance when you just bought the pet in question - most likely when the pet is still very young.
In the early stages of the growth of your pet, studies show that chances of your pet showing or developing clinical signs of any congenital condition from birth, or the development of chronic illnesses are very less.
Prior to the enrollment of a pet insurance policy, if your pet is diagnosed with a pre-existing condition, the providers of the pet insurance will not cover any related costs.
WHY DO YOU NEED PET INSURANCE?
Our beloved pets can fall sick or get injured at any point in time. The truth is no one likes to think about it, but it is inevitable.
And even if you've been saving for a long while, the cost of your pet's treatment may cause a financial strain on your savings or in worst cases, your savings may not be enough. The thing of concern here is that vet bills are very expensive, especially in the case of ongoing treatment for your pet(s).
And sadly, the cost of pet treatments continues to rise by the day. But helpfully, you can manage some of those costs comfortably with pet insurance. So, pet insurance is quite a beneficial policy for you, the pet parent.
WHAT DOES PET INSURANCE COVER?
Currently, a lot of insurance companies have different pet insurance policies that cover a whole lot of conditions for their customers' pets.
Like the Embrace Pet Insurance and the GEICO Insurance Agency has teamed up to bring their customers wonderful and comprehensive dog and cat insurance.
These coverages include;
- Illnesses(Not pre-existing)
- Dental issues
- Cancer
- Accidents( for example, swallowing something, broken bones etc)
And many more.
Universally, a normal pet insurance policy covers;
Illness and injury treatments
Every pet insurance policy covers illnesses and accidental injuries that your pet has. Pet insurance also allows you to choose your preferred vet in the case of your pet needing adequate treatment.
Make sure to compare coverage between insurance companies to find the perfect one for your pet - especially if your pet has breed-specific conditions because some insurance companies provide coverage for the conditions while some don't.
Dogs and Cats
Cats and Dogs insurance is provided by all available pet insurance companies. However, if you have a ferret, a parrot, some other type of bird or exotic pet you desire to provide insurance for, your choices are way more limited and sometimes unappealing.
Medication Prescriptions
Most pet insurance covers the cost for prescription drugs and medications, but usually, tick and flea preventives aren't included.
Diagnosis Tests
Generally, Tests deemed fit by your veterinary doctor such as X-rays, blood analysis etc are covered by your pet insurance.
But usually, tests associated with preventive visits/routine wellness are not covered.
Pre-existing Cureable Conditions
Prior to the start of a new pet insurance policy, if your pet was completely cured of a pre-existing condition, some providers will cover another new occurrence of that condition if it is confirmed that your pet is symptom-free.
Pet Examination Fees
Some insurance policy will provide reimbursement for you in the case of non-routine veterinary examination fees.
Even with this, many insurance plans will not cover sick visit exam fees.
Chronic illness Conditions
Chronic conditions that last 12 months or more is eligible for 30-40 percent of the insurance payout according to a research company.
Some of the chronic conditions that can cost thousands of dollars to treat every year include arthritis, asthma, cancer, diabetes etc.
Most pet insurance companies cover the cost of these, luckily.
WHAT DOESN'T PET INSURANCE COVER?
Below are the list of things that pet insurance does not cover.
Liability
Pet insurance is designed to cover pets and pets only. It doesn't offer coverage for pet parent or any of the pet parent's assets, especially if a pet under an insurance policy destroys any of the assets.
Pre-existing Conditions
Pet insurance will not cover the cost of treatment of injuries or illnesses that your pet had before the policy takes effect.(This includes the waiting periods). So, it means that there will be no reimbursement for the cost associated with the treatment of that illness or injury.
Routine Care
Routine care procedures like vaccinations, check-ups, teeth cleaning, and neutering are not covered by pet insurance, as a standard pet insurance provides coverage for only the unexpected, meanwhile, routine care is voluntary.
Cosmetic Procedures
Procedures such as tail docking, declawing, ear cropping and the likes are not covered unless approved as medical necessities by the veterinarian.
HOW MUCH DOES PET INSURANCE COST?
The cost for pet insurance varies depending on a lot of factors. However, some pet insurance plans start for as little as $1 per day.
Basically, pet insurance cost differs because of the following factors;
- Location - This is one of the main factors for the variation of pet insurance costs.
- Breed Of The Pet
- Gender Of The Pet
- Age Of The Pet
- Type Of Animal - This includes species also.
CAN I GET A PET INSURANCE DISCOUNT?
You might have been wondering if you could get a pet insurance discount. Well, fortunately for you, you CAN!
Some companies require you to answer a few questions and then voila! You get a cheap and affordable pet insurance plan automatically.
The more good news is discount can be stacked also - which means you can get more than one for your pet.
There are two discounts you can get for your pet, the first one being;
Annual Pay Discount
A customizable plan to fit your pocket that allows you to be able to pay annually has been made available by the GEICO Insurance Agency
Multi-Pet Discount
Getting insurance for one pet can be financially challenging. Talk more of two, three and more.
With a multi-pet discount it will be a lot more easier.
