How to Get the Right Insurance Coverage for Your Pets

Pet insurance is a relatively new concept catered towards the needs of pet owners who want to have financial protection for emergency pet medical treatment. In many ways, it works just like life insurance you would get for yourself, except that the coverage is for veterinary care your pets may need down the line. To get a pet insurance plan in place, you’ll need to pay a monthly premium, where in some instances the coverage may also include accident and genetic illnesses.

Choosing the right pet insurance coverage

Many factors affect the insurance plan you will get. Aside from comparing pet insurance plan coverage from different lenders, you may also want to consider the following:

  • Pet species. If you own a dog or a cat, you are likely spending a significant amount on veterinary care every year. Regardless of the breed, cats and dogs are highly susceptible to experience medical emergencies that require considerable veterinary care.
  • Pet breed. Some breeds have known medical conditions you need to consider before buying pet insurance. This will affect the level of coverage as well as your premium payment.
  • Your budget. Paying a monthly premium for pet insurance is not something many people can afford to commit to. Nevertheless, if you are thinking about getting an insurance plan for your pet, always consider your financial capability and work within your budget.
  • Your capacity to pay for emergency and routine pet care. Before buying pet insurance, make a complete assessment of how much you pay for your pet’s regular veterinary care. This will give you an idea of the level of coverage you need for your pet which is reasonable and worth your money.

Other considerations include finding out if the insurance plan has exclusions. For example, some pet insurance plans don’t cover dental treatment, while other plans have comprehensive coverage for behavioural consultation if needed.

Different types of pet insurance policies

Aside from coverage level, pet insurance plans also fall under different categories. Here are the general types of pet insurance policies to choose from:

  1. Lifetime policy. It is a comprehensive pet insurance plan where your pet is covered for life. This type of pet insurance is ideal for pets undergoing routine treatment for chronic illnesses or which require expensive surgical procedures.
  2. Accident-only plan. Some pet owners opt for an accident-only pet insurance plan which covers treatment in case your pet sustains an injury from an accident. But just as the name implies, this type of pet insurance will not provide for treatment related to illness.
  3. Pet wellness plan. This type of insurance is similar to a preventive care plan where you get coverage to pay for routine veterinary care and treatment as well as vaccinations and physical exams.
  4. Maximum-benefit policy. This type of insurance plan has a cap on the amount covered for each condition. But the good thing about this coverage is that there is no time limit for the coverage.

The bottom line is, every pet owner should consider getting a pet insurance plan to ensure that their beloved furry friend lives a long, healthy, and happy life.