Adding a pet to your family can bring joy to your home, a dog greeting you when you get home from work each day or cuddles in front of the television with your cat can be a wonderful experience.
That being said, owning a pet can be very expensive, the initial outlay for a pedigree dog or cat can cost thousands of dollars, then you then have to budget for food, kennels and catteries and various pet accessories. In addition to this you really have to think about factoring in vet bills which can be very expensive and soon add up.
Taking out pet insurance will help pay towards veterinary costs, it is private insurance cover which works on a similar principal to health insurance.
Considerations You Need To Make
What is the difference between a Pet Health Discount Plan or a Comprehensive Insurance Plan?
With a pet health discount plan, you will pay an annual fee and get discounted veterinarian services. A pet health insurance plan works similar to a comprehensive health insurance plan and will offset the overall cost of the medical bills. There may be a deductible payment before a plan pays a percentage of covered procedures.
Will I get to choose which surgery I can take my pet?
Check to see if your preferred vet is included in the policy you take out. Plans will often have a list of practises you can use.
Is there a waiting period?
There may be a waiting period before you are allowed to make a claim.
Are there any exclusions?
Exclusions can vary such as pre-existing conditions and hereditary defects. You can usually add to your policy cover at an additional cost.
Will routine wellness care be covered?
If you are looking for a comprehensive policy, ask if it covers routine visits such as immunizations, dental care and heartworm testing.
Is neutering or spaying covered on pet insurance?
Spaying and neutering coverage is great to have, this is not included in basic illness and accident pet insurance programs but instead is available in some wellness and preventative care pet insurance plans.
Does the plan include prescription charges?
The possibility that your pet will need a prescription medication is probable, and like all prescriptions, they can sometimes be costly. Having this covered can save you money in the long run.
Do you have to pay a deductible?
A deductible is what you will pay before the insurance company will pay your claim. You will need to find a plan that carries a deductible that is affordable to you. The smaller the deductible the higher the premium, you can reduce your insurance cost if you take a higher deductible.
Are there any illness or incident caps?
This is how much the insurance company will pay for a specific incident. For example, a broken leg may have a different cap than spaying, be sure to ask about what the policy limits are.
Recommendations and reviews
Make sure you feel comfortable with the insurance company before you commit to the policy. If they have good customer service from the start, this will give you an insight into how they will handle your future policy claims. Favourable reviews and recommendations from existing customers are always a good indication.