In different countries, the average pet insurance claim is different, but sometimes pet keepers can face a situation when the urgent condition of their pet leaves no other way out but trying to ensure their beloved animal against the risks that can be estimated and predicted in advance. There’s still a question that is more expensive, an unexpected bill from the veterinary or the annual rate of the insurance to minimize the risk of occurring of the mentioned bill.
Choosing among the possible insurance options in the market, pet keepers always have to balance between the expenses related to their premiums and the general likelihood of urgent conditions and the need to make a related claim in the future. Of course, we are more likely to consider the insurance policies if our god or cat has reached some age or is predisposed to some health conditions which might need systematic medical treatment.
To keep a pet is not only when you buy cat accessories or a dog agility tunnel. It can be really expensive. There is always a chance to try self-insuring, but it needs discipline in saving money and a special managerial skill to use the resources properly, especially when they are quite limited. To choose the right option from the existing in the market, you’ll probably need to fulfill even a more detailed analysis in comparison to the human insurance study. There are some key issues you’ll need to take into account if you have decided to get an insurance basis for your pet.
What kind of pet do you have?
The majority of insurance companies, if they work in the field of pet insurance in general, can provide a wider range of policies for cats and dogs. And there’s no surprise in this tendency. These animals are widespread and explored enough to develop an insurance plan with fewer risks for the insurer and more profitability for the pet keeper.
In comparison to cats and dogs, smaller mammals, such as mice, rabbits, and hamsters, have a much shorter lifespan, and their health conditions are less likely to be predictable. That’s why the insurance for these pets either doesn’t exist, or its profitability is very relative.
If you own a lizard, parrot, boa, or other exotic animals, it’s generally very hard to find an insurance agent ready to offer some policy to you. And the main reason is that these pets are very attractive to thieves, and the expenses of veterinary care for them are very hard to be estimated beforehand. At the same time, it may be still worth looking for insurance options for exotic pets, as sometimes their cost is much higher than the amount of insurance that covers the risk of theft.
What are the main risks?
Pets can carry different risks, depending on many factors, like the following:
- Contagious animal diseases spread in your region
- Congenital and hereditary illnesses
- Theft or loss of the pet
- Specific health conditions breeds are predisposed to
- Breeding risks
For example, smaller dogs with shorter legs are more likely to have problems with bones and joints, especially if they are overweight. Bulldogs widely get respiratory diseases and conditions. If you plan to use your pet for breeding, analyze the possible risks, at least ones you can predict.
Some animals that usually can’t establish a very deep emotional connection with their keepers are more likely to get lost. Specific, expensive, or extremely attractive pets are more likely to be stolen.
What can pet insurance cover?
Your duty as a responsible pet keeper is to get the right coverage policy for your pet, so as in the case of any other contracts and agreements, reed everything carefully, especially those notes on the last page within a smaller font.
Except for the coverage of the veterinary bills, some insurance packages can cover the following cases:
- Loss and theft of your pet: Here, like in the cases of property insurance, make sure the exact purchase price of your pet is taken not account. You can also negotiate a possibility to get the cover for expenses you might need to pay to find your pet: informational posts, possible rewards.
- Treatment for specific emotional and behavioral issues: Not every vet can provide such services, and of course, not every pet is likely to get such problems. But if you are analyzing the benefit of a certain insurance package, this is also a must.
- Death of the pet: Here, we also mean the purchase price of the pet and the cost of some veterinary services, like euthanasia due to illness or severe injury
- Liability cover: Here, we talk about the cases when somebody else gets injured or affected in any other way in the incidents with the involvement of your pet. Make sure that your insurer can agree to cover this kind of risk case too.
Types of pet insurance
Here can be many customized ideas your insurer is ready to provide for your case, but here are the main pet insurance types:
Accident policy
It is the cheapest kind of insurance covering some accidents, your pet may be injured in. The possible risks of developing health conditions due to age or other factors are not covered.
Annual policy
Like in the case of some vehicle insurance packages, within an annual policy you pay for 12 months, and if your expenses don’t exceed the limit, or you don’t claim at all, there are options for the next years to switch to less expensive package, even with some additional bonuses. In the case of an annual basis, they cover only general conditions, omitting pre-existing ones. It’s almost unavailable for older pets.
Lifetime policy
It is one of the most comprehensive and clerk type of cover basis. Here regardless of the age of your pet and any health conditions they have or can develop, the insurance company agrees to cover all the pet’s conditions during the entire pet’s life.
You just pay your premiums annually and renew the cover. Of course, the ideal conditions for you may not sound as attractive to your insurer. In such a package, the number of premiums usually increases as your pet gets older, but there’s a great amount of logic in it.
