Our pets have now become a member of our families. We now care about our pets just like like we do for our family members. According to American Pet Products Association, there are around 80 million cats and dogs as pets in The United States of America. Heading away from this number, you can imagine how many pets are there in all around the World.
With the increasing number of pets and the stronger bonds between us and our pets, we now want to value them the way we value ourselves and the people around us.
Insurance comes into existence because of the way we have been treating our pets. This demand of the pet owners have led insurance companies start creating new insurance policies for better care of our pets.
What Is Pet Insurance?
Pet insurance is a health care policy for pets. Pet insurance policies are made annually. Which means, pet insurance policies need a renewal every year. Even though we buy the insurance policies yearly, is possible to make monthly payments as well depending on the insurance company.
Just like the health insurance policies we buy for ourselves, pet health insurance policies pay for the medical expenses of our pets. Instead of paying huge amounts out of your pocket for the veterinary costs, you can make monthly or yearly payments of low amounts in order to hedge (cover) your risk of bearing high veterinary costs in case of an important and expensive medical problem.
There are several illnesses that your pets can have. You never know when your pets will get sick. Additively, some of these illnesses requires high amounts of medical costs. So, it is important for you not to take risk about your pet’s health by buying a pet insurance policy that will cover your pet’s medical expenses.
What Is Covered in Pet Insurance?
Insurance policies made by different companies have different coverages. Thus, it is unfortunately not possible to make a certain statement about the coverages of different pet insurance policies sold by different insurance companies.
Eventhough it is not possible to make a certain statement about pet health insurance coverages, we can still make a list of medical issues that are or are not covered by an average pet health insurance policy.
In general, the following medical treatments are covered;
- Chronic conditions
- Hereditary illnesses
- Physical injury
The above list seems like most conditions are covered in an average pet insurance policy but not really. Just check out what is not covered by an average pet insurance policy;
- Teeth-related issues
- Pet wellness tests
- Flea prevention
The issues that are not covered can be found in another type of pet insurance that is named pet wellness insurance. This is whole another topic and I explained it in another blog post. CLICK HERE to read more about pet wellness insurance.
How Are Pet Insurance Premiums Calculated?
So, you have now learned about pet insurance and what are covered or not covered in general. One last thing I want to state is about how your pet insurance premium gets affected by different factors. Thus before getting an insurance quote, you should keep the following points in mind.
In order to see how insurance quotes are calculated and the factors that affect the price, CLICK HERE.
Accordingly, the below issues will cause some differences in your pet health insurance policy premium.
Age of Your Pet
If your pet is old, you are likely to receive a higher insurance premium as your pet has a higher chance of getting sick.
If you are living in a neighbourhood that can cause some problems for your pet, such as crowd, your pet insurance premium is likely to increase.
Your Pet’s Health Record
If your pet has had several health issues in the past, it is inevitable to pay more in order to buy a pet health insurance policy.
Species of Your Pet
Some species may have a higher tendency of getting sick. If you own one of these species, you will unfortunately get a higher insurance premium.
If you are getting a wide insurance coverage, you will pay more for your pet health insurance.