Pet Insurance: Should You Buy It?

An increasing number of pet owners are realizing the need for a way to offset pet medical expenses.  Here are some helpful tips:

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Pet insurance has been around for quite a few years. More and more pet owners are taking up the idea to cover their pets for medical expenses.

Deciding to buy pet insurance will depend on your level of attachment to your dog, budget restrictions or wanting the best available care for him, regardless of the cost.  If you fall in to the latter two categories, taking out pet insurance may be an option for you.

Pet insurance is like human health insurance.  It will cover the medical costs of your dog.  Depending on the level of coverage you take out (just like human medical insurance, there are various tiers of insurance), will determine how much medical care your dog gets.

Taking out pet insurance will allow you to budget for their on-going health care and not be taken unawares when an accident or emergency happens.

Most policies will cover accidents and illnesses but you can also get insurance for regular veterinary care such as vaccinations and annual check-ups.  However if your dog has a pre-existing condition such as hip dysplasia or a heart problem, you may find that these are excluded from the health coverage.

You will need to investigate what type of coverage is right for you and your pet.

There are many plans available and a number of companies offering pet insurance.  Decide how much coverage you want for your pet and what you can afford. 

Be very clear about the type of treatment available to your pet under the policy you decide to go with.   Some insurers will cover hereditary defects; others will have a waiting period to see if a pre-existing condition is stable. Some elective procedures will not be claimable.

If you decide to go for full medical insurance your pet will be covered for all vaccinations, annual exams, any surgery, x-rays, hospitalization and cancer treatments – basically your pet is covered for every medical eventuality.

Taking medical insurance out on your pet should begin when you bring home your puppy. Don’t wait until he is older.  Pet insurance companies typically won’t cover older animals.  Depending on the breed, once your dog is aged between six to ten years, you can forget about finding a company to insure your dog.

Payment options are similar to human medical insurance.  You may opt for a flat yearly fee or pay monthly installments.  Some plans even offer discounts for multiple pets.  Generally to claim your medical insurance you will have to pay the medical costs up front then claim back your reimbursement.  It’s a good idea to find out how quickly your medical insurer will reimburse your money.  This will be something to check when deciding who to buy your pet insurance through.

Pet insurance may not be for you but if you think it is, do your research thoroughly to find the best pet insurance plan for your dog.