Ten Things You Should Know Before Buying Pet Insurance

One of the most frustrating things you will find in trying to determine which pet insurance provider to go with is that it is sometimes difficult to get an apples-to-apples comparison. 

1.  What is Covered Under the Policy and What Options are Available?  

Look for pet insurance plans that give you the option of covering:

• Illnesses – Coverage should include treatments for common ailments such as skin allergies and ear infections, as well as chronic diseases such as cancer and diabetes.
• Accidents – Coverage should include treatments for minor accidents such as cuts and removal of swallowed objects, as well as major accidents such as broken legs and hernias.
• Routine Care – Coverage should include common preventative procedures including annual exams, vaccinations, teeth cleaning and diagnostic tests such as blood panels and urine testing. Most pet insurance companies provide routine care coverage as an additional option, not part of the base policy.

2.  Is the Pet Insurance Company Licensed in Your State?  

Look for a pet insurance company that is licensed in your state. Be sure you have coverage when needed by choosing a pet insurance company that is regulated by your state government.

3.  How is Your Reimbursement Payment Calculated when You File a Claim?  

How your reimbursement payment is calculated is one of the most important things to understand when buying pet insurance.

With pet insurance policies there are two basic ways the reimbursement amount is calculated: 

1) as a straight percentage of what your veterinarian charges, or 

2) as a percentage of a fee or benefit schedule established by the pet insurance company.

With these fee and benefit schedules, the actual reimbursement you receive from the pet insurance company can be as low as 30% of the actual costs you’ve paid! Avoid surprises by choosing a plan that pays you in a fair and straightforward manner, such as 80% of your vet bill.

Examples:

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