Pet Insurance

Most Commonly Asked Questions About Pet Insurance Plans

Before getting started with a pet insurance plan make sure to familiarize yourself with how pet insurance works and what plan is best for your furry friend. To help you get started, we've compiled a list of some of the most commonly asked questions about pet insurance to help make sure your dog or cat is fully covered and protected.

What is Pet Insurance?

Whether you have a cat or a dog, your pet will more than likely need to see a vet at some point. Seeing a vet is not cheap, and vet bills can add up, sometimes costing you thousands of dollars a year. Rather than paying for medical expenses out of pocket, signing up for a pet insurance plan will help cover the costs of future routine and emergency veterinary bills.

How Does Pet Insurance Work?

Pet insurance works a lot like human health insurance in that plans include payment features like deductibles, co-pays, maximum coverage, premiums, waiting periods, and no coverage for pre-existing conditions. Deductible: Customers pay a small amount before the insurance company covers the remaining costs of the vet bills. Per-incident deductibles incur for each new expense. An annual deductible refers to money the customer must pay each year. Co-pay: Co-pay is the percentage customers pay after the deductible. Then the insurer will pay the remaining amount. For example, if your co-pay is 10%, the insurer will cover 90% of the bill. Maximum coverage: Insurers will limit the amount covered. After that, the pet owner will need to pay the rest. Some insurers have the option of unlimited coverage. Premium: The amount of money the customer pays monthly for pet insurance. Waiting period: The amount of time before your coverage starts. Sometimes pet insurance providers will not cover an illness or injury if it occurs during the waiting period. Pre-existing conditions: Pet insurance providers do not cover pre-existing. This refers to a health condition that exists prior to the insurance coverage.

What does Pet Insurance Cover?

Each pet insurance provider has its own customized insurance policies. The extent of the coverage will depend on the provider and plan that you choose. When choosing a plan, consider whether you want the following types of coverage depending on the needs of your pet Preventative/wellness care Hereditary conditions Dental care Unexpected illness and injuries Diagnostic tests Surgeries Hospitalizations Medication Supplements, or prescription food If your pet is at greater risk for certain medical treatments due to its breed or age, you might want to consider choosing a provider and plan that covers breed-specific and genetic conditions. However, it is important to note that most providers do not provide coverage for pre-existing conditions.

Can Pet Insurance Save You Money?

Medical bills, even for pets, can end up costing a lot of money. Paying out of pocket could cost you thousands of dollars and lead to debt. If you own a pet, paying a little now can save you a lot later on. With our list of the top pet insurance companies, you can shop around for the best option for your pet to ensure you get a good deal for quality coverage. Also, current Safeco policyholders will receive a 10% discount on the pet policy(ies).