Insure Your Pets
You might be an animal lover and most times think about your pet’s future if something happens to you. However, it’s essential to have your pet’s best interests in mind and protect them financially while thinking about that. Know why you should insure your pets in case anything unfortunate happens.
This post will show you why you should insure your pets and how you may go about it. Therefore, if you’re an animal lover, stick with me till the end of this post.
Why it makes sense
Pets are important members of your family. Dogs and cats love you unconditionally, and there’s nothing like coming home to a happy pet after a long day. Pets also lower stress levels and make you happier—all good things for your health, but pets can be costly.
Having reliable pet insurance means that they will treat your furry friend when it gets sick or injures itself. You won’t have to worry about saving up money if something happens. With a good policy, you can rest easy knowing that your pet gets quality care.
What to look for in an insurer
If you love your pet, don’t think about buying a plan from one of those fly-by-night insurance companies. Those companies don’t have adequate reserves and may fold. A good insurer will be an accredited member of AM Best (American Micropayment).
They audit, rate, and rank every licensed commercial insurance company in North America. Accreditation isn’t guaranteed that you won’t run into issues, but it improves your odds. It also helps to determine if your state has any licensing requirements for insurers.
For example, New York requires all domestic health care insurers to be licensed by its Department of Financial Services. Many states require foreign healthcare insurers to file for certificates of authority with their insurance departments before doing business there. Check with your state department of insurance or commissioner’s office to see what rules apply where you live. Also, consider asking friends and family members who they use—or who they would recommend.
What kind of coverage do you need?
There are several pet insurance policies, and it’s crucial to figure out which is best for you. Here are some things to consider: How much does your pet cost?
If your dog or cat is purebred, they could be worth thousands of dollars. How many pets do you have? Do you have multiple dogs or cats?
What kind of health problems do they have? Some breeds are more prone to specific ailments than others. For example, Dalmatians tend to get deafness in one ear, while Labradors tend to get cancerous tumors on their noses.
It’s also important to know if your pet has any pre-existing conditions that an insurance policy might not cover. Is your pet spayed or neutered? This may affect what type of coverage you need.
Health, behavior, and identity coverage
An insurance plan will cover accidental injuries, hereditary diseases, and behavioral problems. These are just some of life’s realities you have to prepare for. The same homeowner insurance that covers your house also covers your pets with an animal liability policy.
This type of coverage protects against property damage your pet causes. In addition, many plans offer identity theft protection if someone steals your dog’s collar with his name on it.
A pet health insurance policy can also help offset medical costs associated with accidents, illnesses, and even dental work. It’s important to remember that not all policies are created equal. Compare several options before deciding, so you know what each one covers.
What does it cost?
The average cost of pet insurance is about $38 per month (per dog). However, some companies charge as much as $65 per month. It’s important to choose a policy that’s within your budget so you can afford it if sickness or accident occurs.
Before purchasing a policy, research what coverage options are available to you and how much they will cost. If you have multiple pets, consider getting a multi-pet discount.
Also, remember that annual policies tend to be cheaper than monthly ones. It’s also worth considering that pet health insurance plans aren’t always required by law like human health insurance plans are.
So, while it may not be required, there are many reasons why it might be worth having one anyway. You might have a breed of dog with expensive health problems or with pre-existing conditions. If so, it might make sense to invest in pet insurance early.
Annual deductible
This plan requires you to pay a certain amount out of pocket each year before your policy kicks in. For example, if you have a $500 annual deductible, your policy won’t start paying until you spend $500 at the vet. Many people like these plans because they require less money upfront, but keep in mind that even though you may have spent less than other people, you could end up spending more over time.
How to file a claim
If your pet gets sick or hurt, take it to a vet. If you bought insurance from your veterinarian or an online insurer, they’d reimburse you for most of the costs.
However, before filing a claim, ensure it’s for a condition your insurance covers. Contact your insurance provider with proof of your pet’s conditions. Wait calmly for the period of reimbursement.
Where should you get pet insurance when shopping?
There are three main ways to get pet insurance – from a vet, insurance company, or broker. As with most financial products, each method has its pros and cons.
Vets tend to know your pet well, but their service can be expensive. Moreover, they don’t have as much flexibility in terms of cover as a standalone insurer or broker.
Brokers are independent advisors who compare cover on your behalf, but they take a cut of what you pay for. Direct insurers offer more freedom and choice than vets or brokers. However, they may not have as much expertise when it comes to your particular animal.
