As a true devoted animal lover and pet owner, you simply know that having pet insurance is one of the main things when taking care of the health, safety, and well-being of your four-legged friend. In case of unpleasant surprises, pet insurance will provide you with security and the much-needed care the animal needs, without draining your account.
However, because different insurance providers offer different policies, determining which one will best suit your and your pet’s needs can be tricky. That is why you have to make a pet insurance comparison before purchasing a policy. Continue reading to learn about the most important factors to consider when looking at pet insurance policies.
Reliable Insurance Providers
You can start by creating a chart as a way to compare different pet insurance companies and narrow a few down based on key factors that would impact your future policy, coverage, and costs. This would include plans, deductibles, premiums, reimbursements, including exclusions and additional features.
During your research, try to find out and see how reliable the insurance companies are. A well-established and reputable insurance company is less likely to have their premiums change and have the knowledge and experience of setting their prices accordingly. Another tip is to be able to count on the brand to stay in business for the lifetime of your pet and not having to change pet insurance every few years.
Reimbursement
When making a comparison of pet insurance, it is essential to consider how each insurance company reimburses your bills. Most commonly, you first pay the vet and then submit your claim to the insurance company which afterward reimburses you the amount based on the plan you opted for. The time necessary for the reimbursement may vary greatly between different insurance companies.
Certain veterinary bills can be quite high and the time from paying the vet to being reimbursed should be short so no additional costs such as interest charges are made on your credit card or out of pocket. Many pet insurance companies out there reimburse through direct deposits which makes the process fast and convenient. Some make direct payments to the vet which might be in your interest, depending on your financial situation.
Review Cost and Value
You should never rush and choose a pet insurance policy just because it’s cheaper, especially if it doesn’t cover your pet’s basic needs. The monthly premium and reimbursement percentage will vary based on the coverage and deductible you pick.
Sometimes, it can also be annual deductibles, and other times, it can be applied per incident. If it’s applied per incident, it could then lower the monthly premiums. A lower annual deductible sounds appealing to a potential buyer but it will have a higher premium than insurance plans with higher deductibles.
Look at What the Pet Insurance Doesn’t Cover
Unfortunately, certain pet insurance policies have breed-specific exclusions or higher costs when it comes to covering specific animal breeds. In addition, most pet insurance policies exclude coverages or preexisting conditions that the animal might have. Some plans also limit the amount you can claim and many don’t cover treatments related to accidents, common injuries, or even emergency treatments.
These are only a few examples of why it is essential to carefully read the fine print of the insurance policy option before making your final decision as there are many tricky loopholes that you, as a pet parent, should look out for.
Routine Care Add-Ons and Discounts
A majority of policies offer an optional add-on for so-called routine care which covers things like worm and flea prevention, preventive diagnostics, medications, vaccinations, and important wellness exams. This is an excellent way to offset costs that occur every year for routine-related care and a great incentive that will remind you to make regular visits to the vet and give your pet the best care possible.
An important reminder, however, is to make a thorough comparison and be aware of the copayments, excesses, and exclusions.
Has it crossed your mind that you might be able to get a discount on your premium? There are plenty of pet insurance providers that are willing to discuss this feature with pet owners, especially if they own more than one pet and want to cover them with the best insurance at the same time.
Final Thoughts
A responsible pet owner is one who always stays on top of their pet’s well-being and knows how to provide them with the best care.
When comparing different pet insurance plans, make sure to do detailed research so that you can make the right decision for your pet and have both of you enjoy a good quality of life.