Pet insurance pays, partly or in total, for veterinary treatment of the insured person's ill or injured pet. Some policies will pay out when the pet dies, or if the pet is lost or stolen. Many pet owners believe pet insurance is a variation of human health insurance; however, pet insurance is actually a form of property insurance. As such, pet insurance reimburses the owner after the pet has received care and the owner submits a claim to the insurance company. Pet insurance policies primarily cover dogs, cats and horses though more exotic species of animal can obtain coverage.
There are two categories of insurance policies for pets: non-lifetime and lifetime. The first covers buyers for most conditions suffered by their pet during the course of a policy year but, on renewal in a following year, a condition that has been claimed for will be excluded. If that condition needs further treatment the pet owner will have to pay for that him/herself. The second category covers a pet for ongoing conditions throughout the pet’s lifetime so that, if a condition is claimed for in the first year, it will not be excluded in subsequent years.
As veterinary treatment is becoming more technologically advanced, the cost of care increases because of the higher costs associated with the equipment, facilities and training required to provide these higher-quality services. For some, the cost of care can cause some anxiety. Pet insurance can help by offsetting some or most of the costs of diagnosing, treating and managing your pet's illness or injury.
Here are important reasons you need to get pet insurance as soon as possible:
1. Dogs & cats get sick
Just like human children, pet children can also get sick at a moment’s notice. Common symptoms like vomiting and diarrhea can happen often for small reasons or be signs of something more serious. Dogs and cats can also develop chronic illnesses such as allergies, diabetes, and cancer which can end up costing lots of money between the regular vet visits, surgeries, medications, and tests.
2. Dogs & cats get injured and have accidents
Just like your children whether your pet is mischievous, brave, or just unlucky, accidents can happen at any time including broken bones, torn nails, lacerations, or getting hit by a car, just to list a few.
3. It is a general responsibility of a pet parent
We have health insurance, car insurance, and homeowners insurance to protect us financially against the unexpected, and pet insurance is no different. Veterinary care is rising in cost and for good reason; the care available to pets is often on par with human medical care. And when pets are part of the family, people go to extreme lengths to help their pets live long, happy and healthy lives. Pet insurance enables you to afford your veterinarian’s recommended course of treatments for your beloved pet, without wiping you out financially.
4. Vet bills can be huge and come at unexpected times
Life is full of surprises but protecting your finances with pet insurance will ultimately help you protect your pets. When unexpected vet visits arise you can simply pay with your credit card, file a claim, and if approved be reimbursed by the end of the week.
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