Pet Insurance
Pet insurance, a relatively new concept, is still shrouded in controversy. Some experts believe that pet insurance is not worth the cost of the policy. On the other hand there are experts who defend pet insurance on the premise that unhealthy pets can have exorbitant health expenses. Pet insurance can cost anywhere from $1500 to $6000 whereas the probability of getting benefits equal to or exceeding the cost of pet insurance policy is minimal. This is because pet insurance companies are very careful in which pets they cover. Buying (or not) buying pet insurance is a personal decision and may vary from person to person because of starkly different views of different people on the subject. Most pet insurance policies cover all vet expenses after a (predefined) deductible. Deductible refers to the percentage of every claim you have to pay yourself for every claim you file on your pet insurance policy.
Most pet insurance policies have different exclusions so it is a good idea to start searching for pet insurance by asking what a policy covers and what it excludes. Pet insurance does not cover (routine) vaccinations, flea treatments, grooming bills and vacations etc. Some pet insurance policies provide death benefit (in case of death by illness or accident) as well as the cost of advertising in case your pet is lost. Pet insurance is most often available for dogs and cats but may also cover other animals such as birds, rats and hamsters. Premiums of your pet insurance policy increase throughout the life of your pet. As with all type of insurance policies undertaking proper research before buying pet insurance is a must. It is not uncommon for pet insurance companies to deny claims because of overly restrictive policies. Thus make sure that you buy pet insurance from a well-known company that has an established track record.
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Despite all the controversy there are certain advantages of having your pet(s) insured. Some of these advantages are discussed below:
- Pet insurance ensures that your beloved pet will always get proper medical care. In case you cannot afford medical expenses of your pet the only other option is euthanasia. Pet insurance is the most useful in such cases and may safe your pet’s life.
- Your pet will be safe even in your absence. When someone else is looking after it they would not hesitate take in taking it to a vet in case of accident(s) or illness(s).
- You would not have tap into your savings if your pet suffers from an unexpected illness or accident.
- Unlike your personal health insurance policy, most pet insurance companies do not require that you get medical attention from a particular vet. Consequently you can keep visiting the your pet’s own vet whom it has met before and feels more comfortable with.
Disadvantages Of Pet Insurance
Along with several advantages associated with pet insurance, there are certain disadvantages. Some of them are as follows:
- One of the most commonly citied reasons for advocating uselessness of pet insurance is that you have to pay monthly premiums even when your pet is healthy and does not require medical or other expenses.
- As discussed above most pet insurance policies rarely provide benefits equal to more than the face value of the pet insurance policy. Most pet insurance companies reimburse claims equal to around 80 percent of less than the face value of the policy.
- A comprehensive pet insurance policy will be expensive and may not be worth the premiums paid.
