What is pet insurance?
Dog insurance is a service that will help you plan for and manage the cost of maintaining your dog’s health. You usually pay a small amount per month – around a dollar a day – and major illness or injuries are covered up to a certain amount.
More and more today, companies will also pay some portion of ‘regular maintenance’ or preventative type of expenses such as neutering or spaying and vaccinations. This is sometimes called comprehensive care.
Some policies will also pay out when the pet dies, or if he’s lost or stolen.
What kind of coverage do you need?
It’s complicated, depending on the kind of coverage you’re looking for and where you live.
Two categories of insurance
What you’ll want to consider
- Whether genetic and hereditary conditions (like hip dysplasia, heart defects, eye cataracts or diabetes) are covered
- Review any age limits for coverage. Some insurers require the pet to be 8 weeks old, some don’t cover pets over a certain age and some have no age limit
- How the reimbursement is calculated (based on the actual Vet bill, a benefit schedule or a percent?)
- Whether there are any limits or caps applied (per incident, per year or over the pet’s lifetime)
The self-insurance idea
Although this is certainly a viable way to go – you put aside a certain amount, say $30 a month, in a separate account earning even the minimum of interest. Then, when your Morkie has a major medical expense, you withdraw the money.
A couple of flaws with this plan though:
- What happens if your Morkie gets ill early on? Puppies swallow things that need surgery; accidents can happen at any age
- Will your modest savings cover some of the very complex procedures that are available today? As Veterinary care gets more sophisticated, it also gets more expensive
- And finally, will you really do it?
If you think you’ve got the discipline it might be a good idea to put some money aside AND get a low-cost, no frills insurance policy too.
Here’s an easy shortcut:
Pet Insurance Review – found at www.petinsurancereview.com
At this site, you simply:
- Read reviews and opinions from thousands of customers
- Compare rates and coverage from the leading pet insurers
- Get free quotes from multiple pet insurance companies