As a pet owner, it goes without saying that you understand the many expenses that can come to light over the years.
Although you may have passed on pet insurance in the past, it may be something you want to consider today (or in the near future).
It’s been estimated that only one to two percent of the nation’s dog and cat owners carry pet insurance. Even so, this number is slowly rising.
If you’re interested in buying a policy, here are three things you need to understand:
• The fine print. Just the same as medical insurance, you need to read the fine print of the policy to ensure that you know exactly what you’re getting in exchange for your money. This differs from one insurer to the next, so don’t assume that every company and policy is exactly the same.
• Deductibles, co-pays, and lifetime maximum. How much is the deductible? What is the co-pay for a vet visit? Is there a lifetime maximum on how much your insurance company will pay for medical treatment? All of these details are important and outlined in the policy.
• Exclusions. It’s easy to assume your policy will include any and all conditions and treatments. However, as you dig through the coverage details, you may come to find that this isn’t true. For example, some policies carry breed-specific exclusions, so you’ll want to factor this into your buying decision.
Tip: check with your vet on what type of pet insurance they accept. This will help guide your buying decision.
Pet insurance is an expense you may be willing to add to your budget, as long as you feel that you’re getting something in return for the money you spend.
There’s no reason to rush this purchase, as comparing policies and reviewing the finer details would be in your best interest.
Do you have any experience with pet insurance? Were you happy with your purchase? Is there anything you would do differently if buying again in the future? Share your personal experiences in the comment section below.