Pet insurance pays the veterinary costs if one’ pet becomes ill or is injured in an accident. Some policies will also pay out if the pet does, is lost or stolen. 

The purpose of pet insurance is to mitigate the risk of incurring significant expense to treat ill or injured pets. As vet nary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pets’ health care and standard of living than previously, the market for pet insurance has increased. 

Typically, pet insurance covers animals like dogs and cats. Some companies also offer pet insurance policies for exotic species which include reptiles, amphibians and birds. 

The risks covered by pet insurance include accident related injuries along with illness care. Pet insurance policies offer various levels of coverage depending on the cost.

The deductible amounts of the bill to be paid by the pet insurance differ according to the coverage the consumer chooses. There are several affordable pet insurance plans available in the market today. While basic coverage starts at $10 to $15 a month, higher cost plans are also available for a wider coverage. The insurance policy typically covers pets of a young age; they may not cover pets of the pest which are older than a specified age or f they do, the costs can be significantly higher in the premiums. 

UK policies usually pay 100%of veterinary fees. Polices in the USA usually offer to pay 80%-90% of the costs minus a deductible depending on the company and the specific policy. The owner will usually pay the amount due to the Vet, and then send in claim form and receive reimbursement, which some companies and policies limit according to their own schedule of necessary and usual charges. In the vent of a very high bill, some veterinarians will allow the owner to put off payment until the insurance claim is processed. Some insurers pay veterinarians directly on behalf of the customers. 

Traditionally, most pet insurance plans did not pay for preventive care or elective procedures. Recently however, some companies in the UK and US are offering routine care coverage. 

In addition, companies often limit coverage for pre-existing medical conditions, thus giving owners an incentive to insure even very young animals who are not expected to incur high veterinary costs while they are still healthy. 

Some insurers offer options not directly related to pet health, including covering boarding costs for animals whose owners are hospitalized, or costs associated with retrieving lost animals. Some policies also include travel cancellation coverage if owners must remain with pets that need urgent treatment or are dying. 

Some of the policies offered by the insurance providers in US also provide third party liability insurance .thus, for example, in case of a dog insurance, if at all it causes a car accident that damages the vehicle, the insurer will pay to rectify the damage for which the owner is responsible under the Animals Act 1971. 

The policy or the plan description will elaborate the consumer about how and where to make the claim for the consumers pet. Veterinarians provide identification and pet insurance companies maintain database to help, prevent false claims as well as to ensure that the pet which is insured under the policy is the same one which is being treated. Some insurance companies that provide pet insurance, have discounts for insuring more than one pet and offer affordable pet insurance.

Is Pet Insurance policy beneficial?

Yes it is. According to one of the popular pet insurance company plan, over one-third of policy holders end up claiming on their policy at least once. And pet insurance isn’t necessarily an indulgence for owners who’ll pay anything to keep their pets healthy, say industry spokesmen. According to the latest figures, a good policy can shield the consumer from hefty vet fees, if one’s dog requires medical care.

• $2000 for hip replacement for a typical dog.
• $1200 to set bones and care for a cat injured in a car accident.

A good pet insurance company will cover the following expenses in a number of different situations

• Property damage
• If a rover gets loose and uproots the neighbor’s prize petunias, and if at all the home insurance policy does not cover it, the pet insurance does ,a s some of the insurance providers include this type of claim in their policy .some of the policies will also cover damage done to one’s rented flat if his/her dog gets furious and damages the flat .

• Kennel fees if the owner falls ill
• In case a pet owner falls sick and is hospitalized, then the big question in his mind will be who will take the care his /her dog’s needs. In this case most of the pet insurance policies will pay for the kennels fees or cattery fees to board the pet (Cat or Dog) while the owner of them is hospitalized. So this becomes less worry for the pet owner and he/she can recover soon. But this rule in the insurance policy will not applicable to the pets which are exotic species like Pythons, Boas, Crocodiles, Elephants, Eagles, poisonous snakes like cobra’s, King Cobra’s, Rattle snakes, Mamba’s and wild cats like Lions, Pumas, Tigers, cheetahs, Black Cats. If at all they include such species the premium rate will be more or in some cases doubled.

• Advertising costs
• Most policies reimburse the policy owner the cost of printing Lost Pet Posters and advertising expenses in case the pet wanders off or is lost.

• Vet bills
• The amount that the consumer is covered will pay on vet bills and can depend upon many factors, and there can be much exclusion.

• Compensation for accidental loss or death
• If one’s pet is lost or stolen, the policy may pay out a death benefit for burial or disposal, as well as replacement cost for the animal.

• Payment for holiday cancellation if pet becomes ill
• If the consumer has a travel cover, it is not likely to pay if he/she choose to stay home because of the sickness of their pets. So a pet insurance policy will cover the expenses which are incurred for the cancellation of the outing.

How to save on pet insurance

Like Vet Bills, the cost of insurance for pets is rising steadily, but one can still find some excellent bargains. The key to getting a value for money from pet cover is to know what one needs and to get it by shopping around. There are currently over 400 different policies on offer in US, and prices can vary by quite a lot. It is wise to shop online at price comparison sites and get quotes from several different providers.