How pet insurance works

How pet insurance works

January 4, 2017
Pet Insurance

There are many different types of insurance policies out there. There’s insurance for your life, for your health, for your home, for your car or your boat. And, yes, there’s even insurance for your pet. It might sound funny, but pet insurance is not laughing matter. Millions of Americans have millions of pets and each one of them needs to be cared for.

Human health care costs are on the rise. And the same goes for veterinary care costs. That’s why pet insurance has now become so important. But, despite its rising popularity, there’s still little information out there about this type of insurance. This article will tell you everything you need to know about it.

How pet insurance works

Most of us see our pets as members of our families. But the same can’t be said about insurance companies. They see our pets more like property. That’s why pet insurance is more like property insurance than health insurance. But this isn’t necessarily a bad thing. It actually works in your favor:

Pet insurance premiums are cheap – Costs depend on a lot of things, like the age of the animal or the breed, but they can go as low as less than $15 per month.

You can choose your own vet – With healthcare insurance, you have to visit doctors who are part of the network. But this rule doesn’t apply for pet insurance. As long as the vet is licensed, your pet insurer won’t mind who you choose.

Another major difference between pet insurance and health insurance is the fact that, with pet insurance, you pay the vet first, out of your own pocket. Afterwards, you file a claim with the insurer and wait for a check.

Be careful!

Just like with health insurance, you need to be careful when shopping for insurance for your beloved pet. You must know that, if it has a pre-existing condition, then the insurance company will probably refuse to cover it. That’s why it’s so important to visit the vet before going out to buy pet insurance.

Is it worth it?

Financially speaking, pet insurance is probably not worth it. It will only save you money if your pet suffers from a very costly illness. But it’s always better to be safe rather than sorry. We all love our pets and, if we’re unlucky enough that something should happen to them, having pet insurance could turn out to be a great helping hand for both our pets and our finances.


Thomas Hookton is a finance journalist, history buff and science fiction connoisseur. Hit him up via email.

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