We all want what is best for our furry companions, so when they aren’t feeling well, we’d do anything it takes for them. This usually means digging deep into our pockets to cover the expensive vet treatments.
This is why having pet insurance is a great solution. You won’t need to worry if the next trip to the vet is going to put a dent in your pocket. But, not all pet insurances are good. So, how can you choose the right one for you? How to compare pet insurance?
If you haven’t had pet insurance before, then this guide might be of help. Let’s see what you need to know when choosing your next pet insurance!
How to Compare Pet Insurance
If you’re just starting to look into pet insurance, chances are you’ll be overwhelmed with the choices. There are also all these terms and conditions you probably don’t understand. The pressing question – which pet insurance is better for your pet and for you as well?
To help you out, here are the main points you should take notice of when comparing pet insurance policies!
How Much Coverage Do You Need
The annual cap is one of the first things you need to check! Annual coverage is the amount that you can get paid per year from the insurance company. Regardless of how many times you file for reimbursement, this cap can’t change i.e. you will only get up to the predetermined amount.
Many pet insurance companies have an unlimited annual cap. Insurance companies that do have a limit, have several plans with different caps – $5,000, $10,000, $15,000, and so on. So it’s always best to look into the caps before anything else.
What Are the Benefits Offered
When choosing a plan you’d want to pick the one that has all the things that you need. By this, we mean carefully choosing what your plan will include.
There are accidents, illness, dental, wellness coverage, etc. Every pet insurance company details each of the sections and what they can and cannot cover.
So, first, decide why you need the insurance and then start looking!
How Easy It Is to File a Claim
If you don’t file a claim, there is no point in having the insurance. Right after your vet visit, you should notice your pet insurance company of the payment. This process is different for each insurance provider.
More importantly, when in times of such misfortune, the last thing you’d want to do is wait for extended periods to get your money back. That is why you should always make sure that the process of claiming a reimbursement is fast and easy.
How Often Do You Need to Renew Your Policy
It would be great if you could pay for pet insurance today and have it last forever. But, in reality, things don’t work that way. Most pet insurances require you to renew your policy in order for the coverage to be valid.
You can pay per month or annually. But what you should be careful about here is the price they offer. Usually, pet insurance companies have a lower price if you pay upfront i.e. per year. The monthly subscription might seem cheaper, but when you add all 12 months to it, the math says something different.
Nonetheless, the monthly payment can be great for those that think their pet only needs the additional safety at certain months rather than throughout the whole year.
What Are The Exclusions and Limitations
You don’t want to pay for a plan only to find out that you are limited in some areas, right? That is why we always advise that you first check the whole plan and then double check again!
Generally, most pet insurance policies put limits when it comes to pre-existing conditions. In these cases, they might refuse your file for claim on the basis that the particular medical issue is in fact something that existed before the policy took effect.
Other pet insurance companies might even put age restrictions on their policies. Regardless of the exclusions or limits, be sure to always read through what they offer and what not. Sometimes, they won’t specifically tell you what they don’t offer, but by checking the long list of benefits you’ll quickly catch on!
How Much Does It Cost
The price of a policy can tell you a lot – what it covers, how much is the deductible, the premium, etc.
Many policies charge a higher rate but if you check everything they offer, this might not come as so surprising. Nevertheless, it doesn’t mean that you can’t find a plan that is both good and at a reasonable price. And of course, that also doesn’t mean that the cheaper one is any less good than the more expensive ones.
Go through the available plans and see if the offers match the price!
