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Pet insurance policy is something that is facing an ever growing market. This is mainly due to the increases in vet costs as well as the desire by pet owners for better living and health standards of their pets. As the info-graphic from Petpremium on the right shows, just a few pet insurance companies are offering pet insurance but there is still a need for the pet owner to review their options and make sure they choose a pet insurance policy and company that is suitable for their financial standing and the needs of the pet.
Evaluating a Pet Insurance Policy for Coverage
Coverage is important because it is the reason why you are getting the insurance in the first place and as such you find that you need be able to know what the policy does and doesn't cover. Some people just get a policy and then discover a few months later that the policy doesn't cover pre-conditions. This can be a major problem especially when you have been paying your policy!! Here are some key areas you need to focus on to ensure you know what you are covered for:
Waiting Period: This is an important factor in pet insurance policy as it determines when you will be able to claim anything on your policy. Most if not all pet insurance companies have a waiting period which actually begins from the day you enrol a pet with them. On average the waiting period for accidents and any illness as mentioned in the Introduction is 2 weeks. This is a standard across all these pt insurance companies. However the waiting period factor plays an important role in cases of orthopedic issues. What is common in such a cases is a waiting period of about 12 months. It is important to know this waiting period as per your pet insurance policy so that you can forecast your expenses in anticipation of unforeseen circumstances.
Pet Congenital Conditions: These conditions include conditions like that of hip dysplasia, heart defects and so on. You will find that most pet insurance companies don't cover these so it is important to check your pet for such conditions and getting some cover that caters for the above. Finding a pet insurance policy that covers congenital conditions will go a long way in savings on your vet bills. The most common of these are hip dyplasia as well as some ligament tears. With respect to cover check whether they offer bilateral cover which may be a crucial part of the treatment of your pet.
Exclusions: Your desired pet insurance policy may have certain exclusions which may affect what your pet will or can claim on the insurance policy. The good thing about pet insurance companies is that they provide a list of all the exclusions in their policy documents. Make sure that you read and know what is not included in the policy and whether it affects what you might want your policy to cover.
Age limit: Age is actually a limiting factor in insurance terms. Age represents a risk and with old age comes a lot of uncertainties which my outweigh what your policy is covering. As a result pet insurance companies use age to limit who can enrol and what they qualify for on a pet insurance policy. Policies differ from pet insurance company to company but some limit the maximum age for enrolment while others reduce the options. Age limit is a crucial consideration if your pet is old.
Wellness Cover: This is an expensive addition to the pet insurance that aims to provide cover for common expenses you may incur, They range from vaccinations to over the counter drugs. This coverage is expensive due to the fact that you can make claims and benefit immediately.
Before you buy ensure you evaluate the coverage of the pet insurance policy being offered by the pet insurance company you wish to enrol with.
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