Finding the right pet insurance for your furry friend can be a tough decision, but it’s important to make sure you’re getting the best coverage for your pet.
Pet insurance can be a lifesaver when it comes to covering unexpected medical care and vet bills, so it’s important to consider all the factors that go into making the best decision for you and your pet. From coverage amounts to deductibles, here are 6 things to consider when choosing the best pet insurance for your furry friend.
Coverage amount
The first thing to consider when choosing a pet insurance plan is the coverage amount. This amount is the maximum amount the insurance company will pay out for any given claim.
For example, if your pet requires surgery that costs $3,000, the coverage amount is the most the insurance will pay out in one claim. This amount can vary wildly depending on the policy you choose, so it’s important to find a plan that has an amount that makes sense for your budget.
Deductibles
A deductible is the amount you pay out of pocket for each claim, before the insurance company will begin to cover the remaining costs. For example, if a pet owner has a $500 deductible and their pet requires $1,000 worth of veterinary care, the pet owner would be responsible for paying the first $500, and the insurance provider would cover the remaining $500.
A high deductible means that you’ll have to pay more out of pocket initially, but it also means you’ll pay less in monthly premiums.
Deductibles can vary widely in amount and are often used to help insurance companies keep premiums lower.
Veterinary network
When choosing a pet insurance plan, it’s important to consider the veterinary network. A veterinary network consists of all the veterinarians who have contracted with the insurance company to provide discounted services for pet owners.
By choosing a plan with a large and reputable network of veterinarians, you have more options for where you can take your pet in case of an emergency, It’s also important to see what percentage of the bill the insurance company will pay out to the vet in these cases. A higher percentage means that you’ll be responsible for paying less of the bill, but it will also likely affect your monthly premiums.
Exclusions
Every insurance company has certain exclusions which are conditions and situations that they do not cover. For example, many pet insurance plans do not cover pre existing conditions.
By choosing a plan with few to no exclusions, you can ensure that you’ll receive the full coverage promised in the policy.
Claims process
The claims process is how you actually use the insurance for your pet. For example, if your pet is injured and needs surgery, the claims process is where you notify the insurance company of the incident. This process can vary from company to company, so it’s important to find a company whose claims process suits your needs.
For example, some companies have a very strict claims process where you have to submit a form and wait for a certain amount of time before the insurance kicks in.
It’s important to find a company that has a streamlined claims process that fits your needs.
Cost
Finally, the cost of the policy is something that you should consider when choosing a pet insurance plan. Pet insurance can be very expensive, but there are a few things you can do to keep your monthly payments low.
For example, it can be helpful to find an insurance company that allows you to choose your own deductible. A higher deductible will result in a lower monthly payment, but it also means you’ll have to pay more out of pocket for each claim.
When you consider these 6 things, you’ll be able to find a pet insurance plan that is the best fit for your furry friend, and you.