When it comes to types of insurance, many people are familiar with the ones they already use. Health insurance, for example, is the most commonly used type of insurance. But there are other kinds, like car insurance and home insurance, which are required by law, although policies and coverage amounts may vary.
With so many types of insurance on the market, it can be difficult to determine the benefits of each. But the lesser known ones like it travel and pet insurance are also beneficial. These policies can potentially save the insured significant amounts of money in the event of an emergency or illness.
Pet insurance, while not as common as human health insurance, can help protect both dogs and cats and the owners who love them. In exchange for a monthly provider fee, owners can ensure that their pet receives medical care for a wide range of issues. And they can rest assured knowing they will have the financial support to see them through any accidents or illnesses.
That being said, pet insurance does not work like other types of insurance. To get the most out of your plan, it’s helpful to know important information.
If you’re looking for pet insurance, start by getting it free price so you know exactly what to expect.
Important facts about pet insurance
Want to get the most out of your potential pet insurance plan? Make sure you know these important facts.
You won’t get paid right away
Pet insurance can help reduce and possibly even eliminate significant medical expenses, but it won’t happen overnight or even on the day you visit the vet. This is because pet insurance is valid for a compensation model.
Accordingly, you will have to pay in cash or charge your credit card at the time of service. The pet insurance company, however, will reimburse you for any money spent (depending on your policy and coverage). You will just need to make a claim and send it. From there, your insurance company will process it and reimburse you. Duration varies by provider and policy. However, compensation is always better than paying yourself, especially if the price tag was high.
You can easily get free pet insurance quote in 30 seconds here.
Pre-existing conditions do not apply
Perhaps the biggest difference between pet insurance and traditional health insurance is how providers treat pre-existing conditions. Long story short: pet insurance companies won’t cover them. So don’t wait until your pet is sick to take out a policy.
“A pre-existing condition is anything that happens before you enroll or during the waiting period” – Pet Insurer Fetch by The Dodo explains. “Like other providers, we do not cover pre-existing conditions.”
Pet insurance takes a similar approach.
“A pre-existing condition is any injury or illness that occurred or shows symptoms before coverage begins or during the waiting period,” they explain on their website. “The disease is considered pre-existing, regardless of whether it has been officially diagnosed or treated; all that matters is when it started or the symptoms first appeared.’
But, Spot notes, pets with these conditions may still be eligible for insurance in the future.
“However, with the plans provided by Spot, this does not mean that the condition cannot be covered in the future if the condition is curable.” they explain. “An injury or illness that is treatable, cured and free of treatment and symptoms for 180 days will no longer be considered pre-existing, except for knee and ligament conditions. If the knee or ligament condition occurs before the cover’s effective date or during the waiting period, any future ones will not be covered.’
Some breeds are more expensive to insure than others
Dogs are more expensive to insure than cats and some other animals breed cost more than others.
This is because some breeds live long and healthy lives, while others are prone to serious illnesses. This does not mean that it is problematic to insure the last group. You will still be able to get coverage. You can simply expect to pay more for a Newfoundland, for example, than for a dog with fewer known health problems.
While there’s nothing you can do if you own an animal, this information can help better inform your next purchase or adoption. For reference, Newfoundland and Dogue de Bordeaux dogs are among the most expensive to insure, as are Abyssinian and Persian cats.
The benefits of pet insurance are different and significant for both new pet owners and for those with aging animals. But if you want to get the most out of your plan, it’s helpful to know that providers operate on a cost-reimbursement basis, that pre-existing conditions won’t be covered, and that some breeds of cats and dogs are more expensive to insure than others.
With this information at hand, you will be better able to come up with an insurance plan that will work for you and your pet. Start by checking the rates at Lemonade Pet Insurer.