Personal Pet Insurance
A Pet’s Love is Unconditional
If you’re like any other fur parent, you consider your furry buddy as family. Making that decision towards getting a beloved dog or cat the best quality of care is just as important. It’s also great to know that there’s a way to get customized coverage for them, where it doesn’t have to be heavy on the pocket.
About 67% of U.S. households own a pet according to the 2019-2020 American Pet Products Association National Pet Owners Survey. This is equivalent to nearly 85 million homes and is believed to have spent a total of $95.7 million in 2019 in pet care.
Veterinary care was the third-largest category of pet owner’s spending in 2019 totaling $29.3 billion. About more than 2.5 million pets were under pet insurance policies in 2019 in the U.S. alone at a collective cost of $1.56 billion. This is relatively a new industry since the first-ever famed canine Lassie received a pet insurance policy in 1982. Pet insurance only became a formalized option in the early 1980s. According to Rick Faucher, the president of the board of directors of the North American Pet Health Insurance Association, the industry has experienced double-digit increases since 2014.
- Pet insurance acts as property insurance rather than health insurance.
- The policyholder must pay for their pet’s health care directly then this will be reimbursed by your insurance company.
- Pet insurance never covers pre-existing conditions.
- Pet insurance can help you financially in the event of serious health concerns that could cost you a lot of money.
Getting your kitty or doggo enrolled is simple and no-fuss! Here’s what you get:
- Up to 90% reimbursement of eligible charges
- Visit any vet or veterinary specialist
- 10% discount for eligible multiple pets
- Affordable coverage options, including wellness
Coverage at it’s finest!
- Hereditary Conditions
- Behavioral Issues
Although, some things might not be covered like breeding costs, cosmetic procedures, and pre-existing conditions.
Advantages of Pet Insurance
We all know that most people treat their pets as members of their family. However, the insurance industry sees them more as property rather than members of a family. This is why insurance serves us more like property insurance rather than health insurance. This designation actually works in your favor.
Consider the following advantages if you avail insurance for your pets:
- Choice of vet
Pet insurance companies will give you the freedom who will look after your beloved pets as long as they are licensed, veterinarians. There are no out-of-network doctors like your health insurance policy dictates you.
- Simple policies
Most insurance companies have only three choices to choose from. These are accident-only or basic, coverage; accident and illness, or comprehensive, coverage and wellness coverage which is for preventative procedures.
What to watch for:
Kindly note that your insurance policy won’t cover if your pet has pre-existing conditions. For example, if your pet has abdominal pain, some insurance companies will try to limit coverage to any condition that lists abdominal pain as one of its symptoms.
We greatly suggest talking to your insurance agent first and clarify how they decide what constitutes a pre-existing condition. You may not be aware but something in your pet’s medical records that is harmless may turn out to be a huge deal if you file for a claim later on. We also suggest getting your pet checked by a vet before getting insurance coverage if you haven’t seen him or her for more than a year.
Next is the waiting period. You can’t just apply for pet insurance when you just learn that your pet requires an expensive procedure. Insurance companies are aware of this. This is why they have waiting periods. This differs state by state. There will be 24 to 48 hours for accidents and from 14 days for an illness to one year on certain medical conditions depending on the kind.
Third, we suggest inquiring about maximum payouts. These maximum payouts may include maximums per incident, per year, or over the life of your pet insurance policy. In basic terms, the highest level policies have the highest payouts.
Lastly, most pet insurance policies will increase your premium to account for rising expenses and the condition and age of your beloved pets. However, some insurance companies apparently do not. Always inquire about rate increases before you sign for an insurance policy.
For just a bit more per month, you can get a fixed reimbursement amount for preventive care like shots, dental care, and wellness exams. Want to know more? You can get a quick quote below or contact us today for a more detailed discussion of your pupper or kitty’s needs.