If you own a pet, you must be equipped with a pet insurance policy. It will help you to manage the expensive veterinary care treatments and ensure good health of your pet. Before you commit to buying pet insurance, it is important to understand how it works. In this article, we are going to share all the information on how pet insurance works and everything you need to be aware of before getting your pet insurance.
What exactly is pet insurance?
Pet insurance is an insurance policy, which covers the illnesses of your pet. You will have to pay a monthly or an annual premium for pet insurance. When your pet is injured or sick, you will be able to submit a claim via the pet insurance policy. Then you can get a reimbursement of the cost of medical treatments.
Depending on the nature of the pet insurance policy you have, you will have to pay a percentage of the policy or a deductible. Therefore it is important to carefully go through terms and conditions and buy your pet insurance.
How does pet insurance work?
Before you obtain your pet insurance policy, you will be asked to do a health checkup of your pet. Then the pet insurance company will assess the health of your pet and provide you with the policy.
Once your pet is injured or sick, you can meet your vet and get appropriate treatments. At the end of the treatments, you will be provided with a bill. You will need to pay this bill out of your pocket. Then you can submit the bills and file a claim against your pet insurance policy.
The insurers at the pet insurance company will carefully evaluate your claim. If the claim is approved, you can expect funds to be deposited into your bank account. It would usually take around two to three business days for the claim to process. However, the time taken can extend if the claim is a complicated one.
Things you need to be aware of as you buy a pet insurance policy
There are three important aspects to keep in mind as you get a claim from the pet insurance policy. Some pet insurance policies will ask you to pay a deductible. This will be the amount of money that you should pay before the policy is activated. You have to pay this annually or at the time of an incident. Then you should understand what the reimbursement level is all about. This is the percentage of the bill that the insurance company will pay. It will range from 50% to 100%.
There is an annual maximum amount that you can claim from the pet insurance policy as well. You can get reimbursements only up to the maximum yearly amount.
Since there are numerous essential things to evaluate when purchasing a pet insurance policy, it is better if you can evaluate the options and buy what you want. This is where we encourage you to visit a pet insurance comparison website. Then you can compare and buy the best insurance policy for your pet.
Gabriel Merchan is a writer and avid traveler. He covers a wide range of topics, including personal finance, pet insurance, and wellness.
Dr. Belinda Hawks earned her Doctor of Veterinary Medicine from Colorado State University in 2006 and has been practicing veterinary medicine since then. Dr. Belinda currently works as a passionate rancher and mixed animal veterinarian in a rural town in South Carolina. When not practicing veterinary medicine or writing, she spends her free time with her lovely husband and three kids (2 boys and a lovely girl) in South Carolina.