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Why Pet Insurance Matters - And How to Choose the Best Plan

Updated: Oct 10

Pet insurance can be a great way to get financial help with your pet’s care.


Just like humans, pets can have accidents and get sick, and veterinary care can be expensive. Pet insurance can help cover these costs and give you peace of mind. 

Here’s a detailed look at why pet insurance is important, how it works, and tips for choosing the right plan for your furry friend.


Why Pet Insurance is Important

While we’re familiar with the benefits of health insurance for humans, pet insurance tends to be less commonly-known. However, just like human health insurance can help with both wellness care and sickness expenses, pet insurance can help with a wide range of costs for care. 


Depending on your policy, pet insurance can help with: 


Unexpected Costs: Veterinary care can be costly, especially if your pet has an accident or needs surgery. Pet insurance can help cover these unexpected expenses, so you don’t have to worry about the cost when your pet needs care.


Comprehensive Care: Pet insurance allows you to choose the best possible care for your pet without worrying as much about the cost. This can include emergency treatments, surgeries, medications, and even routine care in some plans.


Peace of Mind: Knowing that you have financial help in case of an emergency can reduce stress and allow you to focus on your pet’s recovery and well-being.



How Pet Insurance Works


While coverage, deductibles, and other details will vary across specific companies and policies, here’s a general overview of how pet insurance works: 


Monthly Premiums: Pet insurance works similarly to health insurance for humans. You pay a monthly premium to the insurance company. The amount can vary based on factors like your pet’s age, breed, and health status.


Deductibles: A deductible is the amount you pay out-of-pocket before the insurance starts covering expenses. There are different types of deductibles, such as annual or per-incident.


Reimbursement: After you pay for veterinary care, you submit a claim to the insurance company. They will reimburse you a percentage of the covered costs, depending on your plan. This percentage can range from 70% to 90% or more.


Coverage: Pet insurance plans can vary widely in what they cover. Most plans cover accidents and illnesses, but some also include routine care like vaccinations and dental cleanings.



Tips for Choosing the Right Pet Insurance Plan


We encourage you to explore a variety of policies, to find the one that fits your (and your pet’s) needs the best. We love Pawlicy Advisor as a starting point, as it lets you compare multiple policies at once. 


As you review policies, here are some things to consider: 


1. Assess Your Pet’s Needs:

Consider your pet’s age, breed, and health history. Some breeds are prone to specific health issues, which might influence your choice of coverage.


2. Compare Plans:

Look at different insurance companies and compare their plans. Pay attention to what each plan covers, the cost of premiums, deductibles, and reimbursement rates.


3. Read the Fine Print:

Make sure you understand what is and isn’t covered by the plan. Some plans have exclusions for pre-existing conditions, hereditary issues, or specific treatments.


4. Check the Waiting Period:

Most insurance plans have a waiting period before coverage begins. Make sure you know how long this period is and plan accordingly.


5. Consider the Cost:

While lower premiums might be attractive, they often come with higher deductibles or lower reimbursement rates. Find a balance that fits your budget and provides adequate coverage.


6. Look for Flexibility:

Choose a plan that allows you to visit any licensed veterinarian or specialist, so you’re not limited in your choices for your pet’s care.


7. Customer Reviews:

Read reviews from other pet owners to learn about their experiences with different insurance companies. This can give you insight into the company’s reliability and customer service.


8. Ask for Recommendations:

Talk to your veterinarian and other pet owners to get their recommendations on good pet insurance plans.


Is Pet Insurance for You?


Pet insurance can be a valuable investment in your pet’s health and your peace of mind. By covering unexpected veterinary costs, it allows you to provide the best possible care for your furry friend without worrying about the financial burden.


And if you need even more incentive, average sick visits for pets can average $300-$600, depending on the illness and the diagnostics performed - so it’s more than worth taking the time to explore your options and choose a plan that suits your pet’s needs.


If you have any questions about a suggested care plan for your pet, feel free to reach out to us. And if you are looking for additional support with vet expenses, check out our blog post with 40+ ideas for financial aid.


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