Pet Insurance
If you have ever suffered through a pet with a serious ailment or who required surgery, you will realize the value of getting pet insurance. Costs can quickly mount and cause you to have to compromise your budget or your beloved pet – and you know your budget will be what bears the brunt of this situation!
Pet insurance can be purchased to cover your dog, cat, rabbit and horse. There are different pet insurance companies with a range of policies that include various options and levels of coverage based on your needs and the premiums you pay each month. Whichever one you choose, your pet insurance policy should cover the following standard features:
Veterinary Fees
The most common reason people purchase pet insurance is to minimize veterinary fees. According to TESCO Pet Insurance, the cost of veterinary fees has increased by 11 percent each year and vets estimate that 60 percent of pet owners file a claim at least once a year. Additionally, the RSPCA estimates that 40 percent of the cost of owning a cat or dog goes into unforeseen vet fees. While certain veterinary fees may not be covered, having pet insurance will cover those unexpected illnesses and injuries that can run into 3 or 4 figures. Most pet insurance policies cover consultations with a veterinarian, x-rays, surgery and medication while some even cover holistic therapies such as acupuncture.
Boarding Fees
If your pet is hospitalized, your pet insurance policy may cover boarding fees, which can easily mount to 3 figures within a few days.
Transport Costs
Sometimes your pet will need to be referred to another veterinary practice for proper treatment. If this occurs, you pet insurance policy may cover the cost of transporting your pet to the right facility for treatment.
Canceled Holidays
Your pet insurance policy can even cover the cost of a canceled holiday if you dog get ills or injured when you are ready to go on a planned vacation.
Liability and Accidental Damage
Although the incidents are few and far between, even the most mild mannered pets can resemble their wilder ancestors. In today's litigious world, having liability insurance to cover harm your pet may do to someone else or damage they may cause to property can save you thousands of dollars. As long as you take reasonable precautions against your pet causing harm or damage, liability coverage can help you to protect assets such as your home and income if your pet causes an accident.
Lost, Stolen and Reward Money
If you pet is lost or stolen, many pet insurance policies pay to cover expense to find your pet and return him home, including reward money and advertising costs. If your pet is deemed to be missing, certain policies even make a compensation payment toward the purchase price of your pet.
Death Benefit
If you pet dies from an illness before the age of 11, your pet insurance policy may pay a portion of the purchase price of your pet.
Pre-Existing Conditions, Limitations and Exclusions
Read the fine print of the pet insurance policy you choose carefully. Sometimes pre-existing conditions are not covered. Certain pet insurance policies place limits on what they will extend for certain procedures and there may even be exclusions. Other pet insurance policies offer lifelong coverage with few limits. Be aware of what you pet insurance policy will and will not cover from the beginning so you can find ways to obtain the coverage you need. Most pet insurance policies can be customized to suit your unique needs.
Although pet insurance is not compulsory, you can certainly see why it is a necessity. Protect your pet against unexpected tragedy and yourself from liability by investing in a pet insurance policy. As your pet gets older, the cost for insurance becomes more expensive and sometimes insurance is not even available, so there is no time like the present to take action.