As we become more ecologically friendly and conscious, many of us have become more inclined to take in pets and welcome them to our home. According to the Humane Society, there is an estimated 74.8 million dogs owned in the United States alone and this figure does not represent the cats, birds, fish, rabbits and livestock population. On a negative note however, as pets are prone to accidents and certain diseases, it is approximated that more than 90% of pets will at one point in their lives suffer from a severe medical emergency. This is a disheartening thought and this figure has given rise to another category in insurance policies inspired by our beloved animal companions – pet insurance.
This type of insurance traces its birth in 1924 where the first ever policy for a dog insurance was drafted, it would take almost 60 years before the Americans followed suit as the policy for famous pet celebrity was written, and this pet is of course none other than one of TV’s most beloved star Lassie. From this slow beginning, insurance for pets started to develop, and now it has become a respected multi-million dollar industry.
But for an average American household trying to save on expenses, most opt to make do without insurance for their pets. But could this really save your money in the long run? Veterinary practice has exponentially grown more sophisticated over the past 10 years, thus medical cost for pets could equal that of their owners. MRI and x rays commonly used for both pets and their owners are roughly on the same plane. Pet health insurance can help take this financial load off your back as you can be sure that your pets will get the proper professional care and attention they would when the time comes.
There are some ways to be sure that you are getting the right policy for your pet while not cutting on a hefty chunk on your bank account.
Compare and Analyze the Price
As with any other purchase, pricing is of primary concern. Seek quotations from different companies then sit down and carefully study each proposal. Ask for discounts and additional incentives and make sure to carefully read between the fine print and know the cost of interest they are charging for the policy. Another good way is to ask your friends or neighbors for recommendations on where they got their insurance, before deciding, check your insurer’s background as they should have a good portfolio of satisfied clients.
Anticipate the Policy Excess
Some providers economize, and by this we mean, save on dollars every time a claim is paid put. One way they do this by putting in a hefty excess on your policy. Before buying the policy, ask beforehand how much “excess” they will charge you each time you post a claim.
Insure Your Pets While They are Still Young
It is advisable to insure your pet while they are still on the early stages of their life, most insurers do not cover pets of a certain maturity.
Look Into Other Benefits
Veterinary medical fees are the primary component of your insurance but it can go beyond this. Look into other possibilities that will add to your insurance policy. You may want to include:
Coverage of advertising materials for your pet if in case they go missing
Coverage for you when you need to be with your pet should they be hospitalized
Coverage when your pets accidentally cause any damage to properties
And lastly, take good care of your pets, as always prevention is key so keep your pets healthy and in top form.