Why Should I Take Out Pet Insurance
Pet insurance helps to pay for veterinary treatment for your pet so you can concentrate on getting them on the road to recovery.
Horses might need to have a vet called out to them, which will increase costs, and even smaller animals like rabbits can be surprisingly costly to treat.
Its difficult to think about your animals being hurt or unwell, but you need to ask yourself: what would you do if you were faced with a vet bill for hundreds or thousands of pounds a year?
Finding The Right Insurance For A Pet With Pre
Even if your pet has a pre-existing condition, you can still obtain pet insurance and it will cover conditions not related to the pre-existing condition. Here are things to keep in mind.
Be a proactive pet owner. Youll want to take care of the injury or illness as soon as possible, so the matter doesnt worsen, resulting in astronomical vet bills. Taking the proper precautions can help prevent other accidents or illnesses from appearing due to the condition, says Stone.
Keep up to date with your pets vaccinations. The last thing you want is your pet to get sick because you didnt keep them up-to-date with their shots. Many insurers will deny a claim if your pet becomes ill because they werent vaccinated according to your veterinarians guidance.
Compare pet insurance policies Even though pet insurance wont cover incurable pre-existing conditions, you can find suitable coverage to handle other medical expenses. Compare the obvious things like monthly price and deductible, but also look at other factors such as waiting periods and whether coverage is reduced when your pet gets older.
Buy pet insurance early on. Pet owners who have pets with pre-existing conditions should know the financial burden vets bills have. Thus, purchasing a pet insurance policy early on can help minimize the cost associated with the same issue occurring in the future, says Melissa Gutierrez, a spokesperson for Pets Best.
See Forbes Advisors ratings of the best pet insurance.
Why Switch To Us
Alongside the immediate cover youll get by joining us, there are a number of other benefits of being a member.
- Youll be joining a community of over 18,000 pet owners
- Our customers love our cover, our Trustpilot reviews speak for themselves.
- Quick and efficient claims with over 95% of all claims paid last year.
Furthermore, our plans come with a whole host of features.
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Why Do Insurance Companies Refuse To Cover Pre
At first, it might seem as if insurance companies are being unfair to our pets, but let us think about the above situation for a moment. The idea behind insurance is protecting an individual from an unknown event that might happen in the future and result in some form of loss. For example, your car and your home are insured against future events, not on what has already happened, or even what is happening in the process.
Insuring a pet with a pre-existing condition would be unfair to the insurance company and result in some loss. Besides, if all insurance companies would cover pre-existing conditions then people would wait until their pets develop a problem before they bought any insurance.
Since pets do not speak our language, it is very hard for a pet to explain exactly what it is feeling, which is why you should take your pet to the vet for routine check-ups as often as possible. Having your pets medical history will often go a long way in proving that your pet did not have a pre-existing condition before the cover became effective.
Can I Cancel My Pets Policy At Any Time
Yes, there are no restrictions on when you can cancel your pet insurance policy; you are free to do so at any time. However, whether or not you are eligible for a refund will depend on your individual circumstances.
If you cancel during your policys cooling-off period and you have not made any claims, you will be entitled to a full refund.
If you cancel after the cooling-off period, your eligibility for a refund depends on your premium payment schedule and whether or not you have made a claim. If you have paid your annual premium in full and have not made any claims, the portion of the premium that covers the remaining period of insurance will be returned to you. On the other hand, if you have chosen to pay your premium fortnightly or monthly, you may need to continue paying premiums for the remaining period of insurance.
If you cancel your policy having already made a claim, you will typically have to continue paying premiums for the remaining period of insurance, regardless of when you pay them.
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The Cost Of Veterinary Care Is Rising
There are lots of advanced diagnostic tests and treatment options available to help our pets these days. That’s great news, but it comes at a cost. In fact, its estimated that pet parents in the US will spend about $16.62 billion on veterinary care in 2017.*
Complete CoverageSM can help you manage the costs of this care. Plus, you have the freedom to visit any veterinarian, specialist or emergency clinic.
How Youll Be Reimbursed
Pet insurance typically offers one of two types of reimbursement:
Percentage of invoice: Your insurance plan will pay a percentage of your total vet bill. For example, if you have a plan that offers 60% reimbursement and you have a vet bill of $100, the insurance company will pay $60. These plans typically expect you to pay the full vet bill up front. Afterward, youll submit a claim to your insurance company to get reimbursed.
Benefit schedule: A benefit schedule allows you to pay a discounted rate up front instead of the full cost of service. For example, if your cat needs a procedure that normally costs $1,200 or more, your insurance plan might cap your out-of-pocket expense at $995. The vet charges you the discounted rate negotiated by your insurance company. Your vet will then bill the insurance company to pay the rest.
Most of the time insurance companies only offer one type of reimbursement. Consider both of these options carefully and decide what payment system works best for you.;
People who cant afford to pay the entire vet bill and wait for a check to come later may be better off choosing a benefit schedule plan. Percentage of invoice plans may be more of a hassle, but their pricing structure tends to be easier to understand.
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What Does Pet Insurance Cover
Pet insurance can cover the cost of treating a pet for an accident or illness. Along with actual vet treatment, policies may also be able to offer cover for complementary treatments, behavioural issues or prescription diets.
Most policies include cover for dental treatment for accidents but only the most comprehensive will pay for claims for dental disease or dental referral work recommended by a vet.
Along with standard cover, many pet insurance policies included added services such as vet helplines. This can be a useful service, particularly if they offer video calls so that the vet can see any conditions or injuries youre concerned about. Some pet insurance policies gives pet owners unlimited video calls with a vet so they can speak to an expert 24/7 if theyre concerned about their pet.
You can also get cover for loss, theft and death. Loss and theft cover can often pay for the cost of a reward and advertising to help find a missing pet. If your pet doesnt return, your insurer may cover the value of your pet.
Pre-existing conditions are usually excluded. However, it is possible to get a policy from that offers some cover for recent conditions and a handful of companies can cover conditions that havent needed treatment for at least two years.
Most policies include third-party liability cover and many offer cover for travel with your pet or if your trip is disrupted because of your pet.
How Much Is Your Deductible
Your deductible is the amount you must pay out of pocket before your insurance kicks in. For example, if your pet needs emergency surgery and the cost is $5,000 and your deductible is $1,000, youll pay that first $1,000 and the insurance company will pay the remaining $4,000 .
A higher deductible usually results in a lower monthly premium, while a lower deductible means you will pay more month to month. If you choose a higher deductible, you will need to make sure you always have that money on hand in case your pet needs emergency veterinary care. There are several different types of deductibles in Canada:
- Annual: You pay one deductible for any condition being treated.
- Per-Condition : You have a separate deductible for each condition
- Per Condition : Similar to above, but it resets every year
Our pick for the ideal deductible is an annual deductible, but that is often the most expensive option. If you must choose a per-condition deductible, choose a lifetime one.
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Questions To Ask When Buying Pet Insurance
Pet insurance is a way to help you pay for certain veterinary costs and is coverage that many insurance companies offer. It covers health care costs for pets just like health insurance covers medical costs for people. If you are looking for pet insurance, it can be hard to figure out which plan is best for you and your pet.
Here are the top 10 questions you should ask when buying pet insurance.
How Long Is Bought By Many’s Pet Insurance Waiting Period
As part of our mission to make pet insurance fairer, we’ve removed the industry standard two-week period for customers switching insurers.
New customers who have switched can claim for vet treatment within the first two weeks of starting their new policy, as long as their pet was insured by their previous insurer up to the date this policy starts.
If this is the case, well ask you to give us details of your previous insurance to confirm there was no gap in cover.
Waiting periods do still apply for new customers. In the first 14 days, you can’t submit a claim for any illnesses or behavioural conditions. However, if something develops in those 14 days, you will be covered from the 15th day onwards.
We aren’t able to pay out for any treatment you received during the first 14 days but we will cover the condition going forward. Many other insurers would exclude it as a pre-existing condition.
Bear in mind, though, that we still have a 48-hour waiting period for any claims for accidents.
Bought By Many has also launched a Pre-Existing pet insurance policy. This can cover most conditions that your pet has suffered from in the past before you take out our cover. It does not cover conditions experienced in the three months before your policy starts and then we still have the 14-day waiting period.
We are the only company to offer cover like this for pre-existing conditions.
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How Do Pet Insurance Companies Know About Pre
Some pet insurance companies require a full health examination from your veterinarian before theyll insure your pet. But in most cases, theyll simply ask you if your pet has pre-existing conditions. Be honest in your response, as misleading your insurer could result in the cancellation of your policy.
How Does It Work
If something happens to your pet, you can take them to any veterinarian for treatment, pay for their services as usual, and submit a claim for reimbursement. You can usually submit clams online or by email, fax, or mail. With the ASPCA Pet Health Insurance program, you can submit your claims using the My Pet Insurance App. Just open the app, enter some basic information about the incident, and snap a photo of your invoice. Its a fast and convenient way to submit your claims.
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What’s Not Covered By Pet Insurance
We’ve already discussed that all pet insurance companies exclude “pre-existing conditions” from coverage that’s ailments that start before you sign up.
Healthy Paws also doesn’t cover routine care like vaccinations, flea or heartworm prevention, dental cleaning, non-emergency neutering, annual checkups, or examination fees. Healthy Paws doesn’t cover these so they can keep premiums low. That way they can afford to give you generous coverage for more expensive treatments.
In my opinion, this is a good trade-off. You pay the vet for routine, small-ticket stuff, but you pay less for your pet insurance. And the pet insurance pays for the big stuff that you really need help with.
Pet Insurance Do You Need It
Pet insurance exists to protect you against unexpected costs related to your pet, such as vet bills. Find out how pet insurance works, what to look for, how much it might cost and some of the other things to consider if youre thinking about buying a policy.
Whats in this guide
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If Your Pet Has Had Medical Issues Beware Switching To A New Policy As It May Not Be Covered
When you take out a new policy, most insurers won’t cover your pet for pre-existing conditions, both chronic problems that they need regular treatment for, and historic injuries/illnesses.
So if you’re still claiming for a particular treatment on your current insurance policy, and haven’t yet hit the maximum amount or ‘length of time’ payout, or you have a top-end ‘lifetime’ policy which does not have these exclusions, you may be better off staying put.
However, you can still switch to a new insurer as long as you’re prepared to accept your pet won’t be covered for the ailment it’s already been treated for.
For example, say your dog suffers cataracts in both eyes and is cured, with the treatment covered by your existing insurer. The cost of the cataract treatment may well have reached a specified limit but this won’t stop you from switching away to a cheaper policy with the same T&Cs as your existing insurer just be aware that your new insurer will now treat the cataracts as a pre-existing condition, and will exclude it.
You may also decide the cost of the existing policy is now so high, you are prepared to take the risk of switching to a cheaper policy and hoping the old injury or illness does not reoccur.
And remember, its important to declare all pre-existing conditions even if your new insurer is likely to exclude them to avoid the chance of invalidating your policy.
Pet Insurance: How To Get The Best Price And Coverage
Until he suddenly got sick with a life-threatening bacterial infection, Sam, our lovable chihuahua-terrier mix, was as healthy as a horse . Luckily, the emergency veterinarians at the local animal hospital knew what to do and saved Sams life.
My wife and I knew the bill for five days of round-the-clock care was going to be expensive, but we didnt have to worry about that because Sam had health insurance. The total bill came to $10,000, which we had to pay before taking Sam home. Within a week, we had a check for $9,000 from the insurance company.
Just like the human members of the family, our pets can get sick or injured. And when they do, the vet bills can be staggering, even prohibitive. And yet, most pet parents in the U.S. dont have coverage.
Dr. Jason Nicholas, a practicing veterinarian in Portland, Ore. who runs the website PreventiveVet.com, says its not uncommon for people to skip treatment, or in the worst-case situations, have their pet euthanized because of financial limitations.
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Can I Get Cover That Starts Immediately
No, theres usually a waiting period before your pet cover begins. This is to stop people using their new pet insurance policy to cover conditions they already knew their pet had. Cover usually starts around 14 days after the policy start date. Check the terms and conditions of the specific policy to be sure.
What Are The Alternatives To Pet Insurance
The main alternative to pet insurance is to self-insure. By this we mean putting a sum of money into a savings account each month and using this to pay for veterinary costs if your pet needs treatment at any point.
The big drawback to this option is that you may not have enough saved up to cover the bills. According to the Association of British Insurers , the average pet insurance claim is £750, which means many claims are much higher. Treatment for chronic conditions can cost thousands.
Alternatively, if you cant afford pet insurance and your household is in receipt of benefits, you may be able to seek free medical care from veterinary charities such as the PDSA, Blue Cross or RSPCA.
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If You’re On Benefits You May Be Able To Get Free Vet Treatment For Your Pet
Pet insurance, or self-insuring by putting money aside in a savings account, could prove expensive if you’re short on cash. However, charities such as the;PDSA,;Blue Cross;and the;RSPCA;may be able to help.
These charities offer free or subsidised vet care for pets whose owners are on certain means-tested benefits, among other criteria. As charities, though, they rely on donations to continue their work and some, such as Blue Cross, actively ask for a contribution towards costs.