Accidents happen, sometimes even to our beloved pets. In catastrophic cases, veterinary care resulting from these injuries can cost thousands of dollars. If you don’t have that kind of cash on hand or an available line of credit to cover these expenses, you face a tough decision.
Either part with your financial stability or your animal friend. By paying for a policy every month, pet insurance makes sure you don’t have to sacrifice one for the other.
Some of the best pet insurance brings pet owners peace of mind during times of crisis. While you still have to pay for claims out of pocket, pet insurance reimburses you on the back end. This comes in handy when your floofer decides to have a brush with death. Whether your pet decides to test gravity with a fall from incredible heights or swallow packing tape, you’ll be able to get both your animal and your checking account back to health in no time.
You’ll get the best rates and value out of your pet insurance policy when you start coverage within the first week of ownership. Rate incentives, spay/neuter procedures and growing pain accidents virtually pay off that first year alone. Early enrollment also ensures you’ll have a wide variety of coverage before a pre-existing condition rears its ugly head. Signing up after an incident occurs leaves you SoL when it comes to coverage surrounding an affected area. Not a single pet insurance provider will cover pre-existing conditions.
Is pet insurance really worth the extra money? Here’s some info to consider if you’re chewing over whether or not to insure your companion.
Should I buy Pet Insurance?
You wouldn’t let a member of your family member go without insurance, so why let your pet? Many pet parents forgo the extra monthly payments of insurance and hope for the best. Unless you have enough cash to cover any accidents out of pocket or you have an older pet, buy the damn insurance. This will alleviate your worries when you’re in an already stressful situation.
When deciding whether or not pet insurance makes sense for your pet, make sure to take your pet’s current age, predisposition to breed-specific health concerns and current state of health into account. Insurance on a pet is a gamble since you can put a few dollars towards a rainy day fund instead. If you never use that fund during the lifetime of your pet you’ll walk away financially ahead. But would you really prefer looking over your shoulder throughout your pets lifetime living in fear of something happening? It’s relieving to know the cost of treatment won’t be as big a consideration.
There are many factors to consider when searching for a good policy. A per year deductible instead of per incident is the best for most people as you won’t be forced to meet criteria for benefits to kick in. You’ll also want a plan with a high yearly benefit maximum. Some plans can take up to one year for full coverage so a quick kick-in time ensures your pet is covered from head to paw. Lastly, you’ll want to aim for a reimbursement rate of at least 80%. Some plans even offer wellness addons that cover regular exams and preventive treatments. It’s up to you to make sure your pet isn’t prone to excluded conditions such as certain congenital issues.
If you find having pet insurance matches your lifestyle, Insurance Market offers a wide range of general insurance products (such as travel insurance, maid insurance, pet insurance and more) online and life insurance through personal advice from our qualified brokers.
Do contact us at [email protected] or +65 69081811 if you have any questions.