What Is Pet Insurance?
Pet insurance is essentially health insurance for your pet. It covers the cost of treatment for illnesses and accidents that cause injuries to your pet.
The owner of a pet will pay monthly premiums in exchange for cover. If their pet gets sick, and needs veterinary treatment, then the owner will pay for the costs upfront.
They will then submit a claim to their pet insurance provider and they will usually be reimbursed for the treatment. The level of reimbursement will depend on the coverage level, the policy type and what the deductible is.
While pet insurance premiums can add up to hundreds of dollars a year, the cost will usually be cheaper than paying for a single, expensive treatment, like radiation therapy, which can cost thousands of dollars.
How Does Pet Insurance Work?
So, how does pet insurance work? When you apply for pet insurance, your selected provider will perform a health checkup of your pet. This is to check for things like pre-existing conditions, or a history of illnesses.
This preliminary check-up will be used to calculate your insurance premium. You will then pay regular premiums, in exchange for coverage.
If your pet gets an illness, or has a bad accident which needs treatment, you will need to see a vet. You will have to pay for the veterinary bills upfront out of your own pocket.
However, after you have paid for treatment, you will file a claim with your pet insurance provider. If your claim is approved, you will be reimbursed for the cost of the treatment, up until your coverage level.
You will most likely still have to pay a deductible on the treatment.
What Does Pet Insurance Cover?
The best pet insurance policies will cover costs for an extensive list of medical treatments. However, your own level of coverage will depend on the policy that you choose.
Pet insurance will not cover pre-existing conditions. A pre-existing condition is any condition which your pet had before you had your policy approved.
Pet insurance policies usually cover:
- Accidents caused by the pet or the owner
- Unexpected illness like cancer or glaucoma
- Medical tests like x-rays or MRIs
- Hereditary illnesses
- Congenital diseases