What is Pet Insurance and Do I Need It?
Insurance Neighbor • February 16, 2023
Are There Different Types of Pet Insurance?
- Basic coverage: This is the least expensive type of pet insurance. It helps cover illnesses, accidental injuries, and poisoning, but it provides the lowest reimbursement for procedures. Typically, a basic coverage policy comes with an annual deductible and places caps on reimbursement for each accident or illness, as well as a cap on total reimbursement for the policy period.
- Comprehensive coverage: Although it costs more than basic coverage, comprehensive coverage provides more benefits. It covers accidental injuries, illnesses, emergencies, office visits, diagnostics, lab fees, X-rays, and prescriptions. Annual deductibles are generally lower than with basic coverage, but reimbursement is capped per accident or illness and for the policy term.
- Well care protection: Pet well care protection reimburses owners for preventative care with no annual deductible for well care. It covers exams, vaccinations, flea prevention, and heartworm prevention. There may be a small deductible for medical services other than well care.
What Affects the Cost of Pet Insurance?
- Species and gender: Dogs are more expensive to insure than cats. Insurance companies generally charge higher premiums for male animals.
- Breed: Because they have more health issues and shorter life spans, larger breeds are more costly to insure. Some insurers may not cover certain breeds that are prone to hereditary conditions such as hip dysplasia.
- Age: Generally, older animals cost more to insure than younger animals. Some insurance companies set age limits.
- Location: Pet health insurance premiums can vary, depending on where you live. Costs tend to be higher in more densely populated areas.
What Is Not Covered by Pet Insurance?
- Pre-existing or hereditary conditions
- Dental disease
- Behavioral issues
- Hip dysplasia
- Preventative care
- Routine checkups
- Grooming
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