Pet insurance, though more and more popular every year, is still largely misunderstood or unknown to the general population. Previously a coverage only for breeders or the wealthy, rising veterinary costs have caused average Americans to start looking into pet policies.
What is pet insurance and how does it work? Here are the answers to some common questions people may have.
1. What kind of animals can be insured? Most all animals, with some exceptions, can be covered, whether domestic or exotic. Those that insure exotics are fewer, and thus, it is more expensive. Dogs and cats are the most popular, but some insure ferrets and birds, too.
2. Are there many companies that carry pet insurance? More than you would imagine. There are enough pet insurance companies that several comparison websites have emerged to give you a good listing on the benefits and costs of the most widely known companies. www.petinsurancereview.com is one of several comparison sites.
3. At what age should I consider insuring my pet? As with human health insurance, some companies rate you higher if you are advanced in age when applying for a policy. There are several pet insurers that claim they do not charge more for an older pet.
4. Would there be any reason my pet would be denied insurance? Some breeds, which are prone to many health problems, or pets with pre-existing health conditions may be refused or granted only limited coverage.
5. What should I expect to pay as a monthly premium? This varies greatly. Factors, such as geography, type of pet, and coverage choices influence your premium. As a general rule, $6-10 per month will get you a basic accidental injury policy with some level of deductible or copay. To get into coverage for routine care, you will start around the low $20 range for a basic coverage up to $40 for a more extensive. If you want some of the extras, burial or kenneling, for example, then you jump another $20 or more per month.
6. How do I decide if I need pet insurance? Look at your annual pet expenditures and factor in what you would be willing to pay for emergency or life-extending procedures. Compare that to the annual premiums. Finally and most important, how much would you and could you spend on your pet?
7. Are many people actually getting pet insurance? More and more people are. VPI, one of the original insurers started back in 1980. By 1982, they had approximately 2200 clients. Today they have written over a million policies, and have many, many competitors.
8. Do I get an insurance card? No. You must pay the costs up-front for most insurance and then get reimbursed. This is important to remember. If you have an insurance company that is slow to reimburse you, you could be floating a balance for a while. Check the insurance companies' customer satisfaction ratings in this area.
Purchasing insurance is always a nerve-wrecking process. Try some of the information available on the Internet and ask around. You may be surprised to find that someone you know already has it.