Pet insurance  

You’re in a country of pet lovers, but most of you are begrudgingly forking out as much as $50 per month to cater for pet insurance covers, thanks to the ever-rising veterinary bills that have had a knock-on type of effect for insurance companies.

A few years ago, a research carried out by top insurance providers reported that the vets’ fees were escalating at twelve percent per annum, more than 6 times the inflation rate of most countries.

Medical developments and vet’s fees

The research claimed that this inflation-busting rise is attributed to the advances made in medical technology and the development of new drugs – that are now helping many pets to recover from conditions that were considered fatal in the past.

However, some questionable veterinary practices are recommending extra check-ups and treatments-just to extract more cash from insurance companies.

With the escalation of vets’ fees, it seems you’re living in an era where the possibility of paying as much as $1,000 per month.

But is it worth to take a pet cover? Or should you join the bandwagon of millions of pet lovers who have opted to take risk of not getting any cover at all?

Below, is a step-by-step guide that should help you understand fundamental issues.

Pet insurance work: How does it work?

As a pet owner, you can choose from 4 major types of insurance covers. They include:

  1. Accident only

Accident only is a very basic type of pet insurance cover. This cover is intended to cover your pet for any veterinary-related treatment in case of an accident, but it doesn’t cover illness- related costs.

  1. Per condition with a time limit

This is also categorized as a basic cover, which is why it is considered to be one of the cheapest. The cover will only pay fees arising from accidents as well as illnesses, but only for utmost twelve months after the pet in question has been diagnosed.

Most Insurers who offer this type of policy will, in most times, impose a maximum payout. What this means is that if the cost of your pet’s treatment hits the limit, you’ll have to bifurcate the remaining amount of the bill.

  1. Per condition

Per condition cover doesn’t have a time limit. It is a mid-level cover. With per condition cover, you have a cover with a set fee limit, but without an imposed time .With this policy, your insurer will continue covering any treatment provided that the policy is renewed after 12 months. But re-occurring illnesses or injuries won’t be covered by this policy.

  1. Lifetime

As a high-level cover, lifetime policy is for those don’t mind digging deep into their pockets. It is also the most comprehensive type of insurance for pets. Your insurance company will set a higher maximum amount a year – say, $11,000 – but you’ll still be required renew your policy on a yearly basis, and some rogue insurers may refuse to renew it.

The policy sometimes covers some additional, such as dental fees as well as burial expenses.

Caution: Ask your insurance company the waiting period

Before choosing an insurance company, ensure to ask about the time you one wait before the coverage starts. Remember that an injury or illness that occurs before the waiting period is over won’t be covered.