An undeniable fact in today’s economy—one where inflation is sky-high and interest rates are rising—is that most people are only one unexpected large bill away from financial hardship. This could be in the form of a vehicle malfunction, damage to your home, or a medical problem. Hopefully, you have auto, homeowner’s, and healthcare insurance to protect against those unfortunate events. But what about your pet?
If your dog or cat suffers a traumatic injury or becomes severely ill, the cost of its care could be in the thousands of dollars. Even worse, maintenance care could be required on an ongoing basis. Obviously, if you’re not prepared for this sort of thing, your finances could suffer a big hit. The good news is that the right pet insurance provider with the right coverage can save you from such a situation.
How Does Pet Insurance Work?
Pet insurance works like most other forms of coverage, in that it provides insurance when you need it most. If something unforeseen happens to your dog or cat, you get reimbursed for some of the cost of care on an eligible claim. Different companies offer different policy plans. Some may include routine care and shots, while others won’t cover those items at all. Most providers will not cover pre-existing conditions, and premiums vary depending on the age of the pet, its health history, and the specific breed, as some are more susceptible to health problems than others.
Which Specific Conditions Are Covered?
The provider you select might offer customizable options that cover your animal’s most crucial needs. Some providers offer preventive care coverage add-on options that can reimburse you for the eligible costs of certain routine care. Occasionally, your furry friend may need tests for heartworm, bloodwork, and more.
If you have a purebred, you probably understand that specific hereditary conditions are more likely to exist within certain breeds. For example, hip and back problems can be predominant for those low-rider pups like basset hounds and dachshunds. Other breeds are commonly found to have blood and thyroid disorders. Still, others can be prone to skin conditions.
Additionally, when animals get older, they become more susceptible to broken bones and arthritis. The right coverage can be found that will cover diagnostics and treatments for covered conditions, like x-rays, medicine, and more.
What Three Pet Insurance Options Are Most Important?
When considering the different plans made available to you, the three most important options are as follows:
- Total annual maximum coverage
- Individual reimbursement percentages
- Deductible choice
Most providers offer plans with annual maximum coverage limits that range from $5,000 to an unlimited annual coverage limit. That’s not the same thing as what they will reimburse you for in each individual incident and some fees can factor into the actual cost.
Suppose your cat gets in a scuffle with another neighborhood feline and incurs a wound or two that need mending from your local veterinarian. If you have a pet insurance plan that covers the accident, your plan might have reimbursement percentages. If so, your plan will reimburse you for the eligible expenses according to your plan’s reimbursement percentage up to the annual coverage limit (subject to any deductibles and other limitations that may be in your policy). Reimbursement percentages usually range from between 70% to 90%. There are, however, cheaper plans that will pay back as little as 50% of the eligible expenses, and more expensive plan options that can provide 100%.
Deductibles can work similarly to auto insurance. This is another option that varies greatly depending on how much you are willing to pay for a premium. Higher premium plans may require only $100 for a deductible; some may even have a zero-deductible option. Other plans, however, may exchange a low monthly payment for a deductible as high as $1,000. You decide what the right choice is for your pet.
Find Affordable Insurance Coverage for Your Furry Friend
Now you know how to find the best pet insurance for your furry friend. For affordable options, extensive coverage, and elite customer service, contact Freeway Insurance today at 800-777-5620. You can get a fast and free online quote for pet insurance, as well as visiting us at one of our convenient locations.