A serious illness or injury can take a financial toll, even when the patient is a pet. This is why the pet insurance industry is flourishing these days.
Pet insurance is sold with the promise of helping to cover some of your pet’s medical bills, so you won’t be forced to consider “economic euthanasia” in the most dire circumstances.
But still many pet owners are concerned that the insurance cost will exceed their budget. Well, maybe you will have a much clearer idea about it after reading this article.
In this article, you will acquire very basic knowledge about pet insurance from its working system to insurance cost and also some valuable money saving tips.
● How Does Pet Insurance Work?
● How Much Does Pet Insurance Cost?
● How To Cut The Cost Of Pet Insurance?
● What If I Can’t Afford Pet Insurance?
Understanding how pet insurance works is essential, you must understand it if you choose to insure your pets.
Most pet insurance plans are based on the following sequences.
1. Choose insurance coverage (accident, illness or wellness) for your pet.
2. Choose a per incident or per year deductible.
3. Select a reimbursement level or co-pay percentage.
4. Pay for coverage every month.
5. Seek treatment at any licensed veterinarian, sometimes even abroad.
6. Pay the vet first, then get reimbursement from the insurance company after submitting a claim.
There are also substantial differences between companies over the insurance coverage and reimbursement amount. So do your research to make sure you are choosing a plan that protects you financially when it really matters.
Before we move on to the next part, here is a video to conclude what we have talked about above and to start what we will cover next.
After grasping the pet insurance working system, many begin to wonder about its cost. Well, this is a tough question to answer because price varies based on the following 5 factors.
Your Coverage: Coverage is the first thing that affects the cost of your pet insurance. The more generous the cover, the more expensive the premium.
The Place You Live: Where you live can have a big impact on pet insurance price. This is to do with variations in the costs of vet treatment in different parts of the country.
Your Pet’s Breed: Pet insurance price varies greatly among different pet breeds. The price is based on the likelihood of health issues for a given breed. Purebreds cost more to insure because they’re more prone to some hereditary conditions.
Your Pet’s Age: Older pets are more expensive to insure because they are more susceptible to illness and injury. There is often a maximum age limit of 9 - 14 years depending on the breed.
Company You Choose: Different companies provide different prices based on the coverage you choose, the place you live, and your pet’s age.
To get a sense of this, the following are quotes from the top 5 pet insurance companies, based on a 1-year-old, male, medium-sized mixed breed dog in the California zip code 90017 as of January 1, 2017.
Note: The basic coverage varies from one insurance company to another.
If pet insurance is putting a strain on your budget, there are always ways to help you cut down the cost.
1. Do your Homework: Pet insurance can be a complicated product so do your homework. You could search comparison sites for pet insurance quotes or go directly to the best insurers.
2. Buy insurance when your pet is young and healthy. This is because pre-existing conditions are usually excluded from new policies.
3. Insure multiple pets. Insurers often offer a discount of between 5% and 10% if you’re insuring more than one pet.
4. Get your pet microchipped. A discount is often offered if your pet is microchipped.
5. Have your pet spayed or neutered can also reduce premiums as it eliminates the risks associated with breeding and pregnancy, which usually isn’t covered in insurance policy.
6. Pay annually. You might save a significant amount if you pay annually. In addition, some insurers will give you a discount if you buy cover online.
7. Pet vaccinations. Up-to-date pet vaccinations before insurance might make you eligible for cheaper premiums because they can prevent certain diseases.
If you can’t afford to insure your pet, you may find yourself in a bit of a jam if or when they need medical attention. But don’t worry! The following organizations may be able to help.
In the US, you may take your pet to the organizations listed below.
|Pet Assure||http://www.petassure.com||Pet Assure members obtain discounts from a network of thousands of veterinarians and pet suppliers.|
|Banfield||http://www.banfield.com||Banfield is not an insurance company, but a membership plan that offers wellness benefits.|
|United Pet Care||http://www.unitedpetcare.com||A membership program that permits members to obtain discounted services through a network of veterinarians located in California, Nevada, Arizona, Colorado and Texas.|
In the UK, you can take your pet to the following animals charities, which offer treatment on a means-tested basis.
Make full use of the information listed above, and decide if you need insurance for your lovely pet. After all, you will have only one journey with him, so both he and you deserve to enjoy as many valuable memories together as possible while having a peace of mind.