Company & Specialty Insurance Forum

Pet insurance is a really good option for all pet lovers. If you love your pet you will also be concerned about its health. You would not want that your pet should suffer from any ill health. Pet care can be as expensive as taking care of any human being. Hence, pet insurance is a reasonable idea for those who have pets and wish to care for them.

Pet insurance means a safety net for your pets whenever they fall sick. If you have insurance for pets, you do not have to think about the cost of treatment for your pet when it falls sick. Veterinarian costs can be quite taxing on your pockets. If you can save money for your pet's health, you will find relief when your pet will need expensive treatment at the hospital.

Veterinary science has changed in the recent years. Treatments that were unheard of earlier are offered by veterinarians today. However, such treatments are expensive because treatments that were once reserved only for human beings like kidney transplant and radiation therapy are today available for pets. Sophisticated and expensive diagnostic tools have been introduced for pets that not just draw large sums of money from pet owners, but also help detect problems that may have gone unnoticed earlier.

The number of pet owners having pet insurance coverage is by far less. Pet insurance policies typically have caps, deductibles as well as co payments. The older your pet, the greater the amount of premiums you need to pay.

Pet health insurance is hardly any different from insurance for humans. Just like humans must get insurance at a younger age to get a better deal, it is the same for pets too. Insurance for older pets is difficult to get and sometimes even impossible. If there are pre-existing conditions in pets, insurance companies may refuse to provide coverage. Hence, it is advisable that you get pet insurance as soon as possible, preferably within the first 6 months of your pet's life.

Pet insurance benefits are found in 3 basic types:

• Traditional pet health insurance: This plan has 3 sub levels of coverage.
  1. Basic coverage - This helps pay for accidental injuries, poisonings and illnesses including cancer and is the least expensive coverage that provides the lowest reimbursements. Usually this policy includes a cap per accident thus limiting the amount to be received as reimbursement.
  
  
  2. Comprehensive coverage – Compared to the basic coverage, this is a more expensive coverage as well as the reimbursements received are more. Accidental injuries, emergencies, illnesses, office visits, x-rays, prescriptions, diagnostic tests and laboratory fees. There is a cap on reimbursements per accident and illness. There is also a cap on the total reimbursement that you will receive based on the policy term.
  
  
  3. Pet well care protection - Pet insurance cover for preventive care like physical exam, flea and heartworm prevention as well as vaccination are provided by this plan. Such a plan does not have any deductibles.


• HMO Coverage: Some wellness packages offered by veterinarians include discounts on dental cleanings, vaccinations as well as spay/neuters. There are also packages for elderly pets that are offered. These are not insurance policies and hence they do not need to follow the rules and regulations other policies may need to follow.


• Discount plans: If you want to take advantage of such a program, you must go to the participating veterinarians and pet vendors. You can avail discounts for veterinarian services and some supplies in such a plan.
  
  Insuring the life and health of your dear pet is not the only option available. You can insure your pet for other reasons too like theft and liability.


• Life and theft insurance: Usually purchased by zoos and owners of prized cats, dogs, police dogs as well as horses, this coverage insures the life of highly valuable animals. Owners of stolen animals will get reimbursed and also receive a death benefit in the even of death of the animal while it is being transported from one place to another.


• Homeowners and renters insurance: You may purchase homewners and renters insurance not just to protect your home but also to protect you and in this case from any liability arising because of your pet. Dog bites cost the insurance industry $3.5 billion a year approximately and most homeowners policy refuses to insure any dog that has a history of biting or showing an aggressive behavior. Certain dog breeds that are identified as dangerous breeds are responsible for most of the serious cases in dog bite. If you are an owner of such a breed, you are required to carry additional liability coverage.


• Personal property: You must insure any item that you purchase for your pet under the property insurance section of your homeowners policy as well as the renters insurance. This is to cover those items if they are damaged from fire or any other disaster or even if they get stolen.

Is group pet insurance necessary and where is it available?

What does pet insurance cover?

How will your pet insurance quote be determined?