Before you buy a pet insurance plan, you need to educate yourself to be able to make the most informed decision about insurance for your pet. The following are some things to consider:
- Is there a physical exam required to get coverage?
- Is there a waiting period?
- What percentage of the bill do they pay? Is there a deductible?
- Are payments capped in any way?
- Are there co-pays?
- Does the plan cover pre-existing conditions?
- What about chronic or recurring medical problems?
- Can you choose any vet or animal hospital?
- Are prescription drugs covered?
- Are you covered if you travel with your pet?
- Does the policy pay if your pet is being treated and dies?
- Some policies do not cover congenital or hereditary conditions.
Bottom line
If you love your pet and you don’t have the money to cover an emergency medical situation that could cost thousands of dollars, you should consider pet insurance. You’ll get the lowest price if you buy when the animal is young.
Remember, insurance is designed to cover you from a catastrophic financial loss, so choose the highest deductible you can reasonably afford. This helps lower the monthly premium.
If you buy pet insurance and don’t use it, consider yourself lucky. With pets living longer these days, however, your chances of using the policy are greater than ever.
