Pet insurance is designed to provide compensation to you in the event your pet gets sick, gets injured, or experiences an unfortunate accident that will require veterinary care. Most pet owners might find insurance unnecessary, but the reality is it is better to be prepared.
Puppies need regular care and attention to grow up happy and healthy, yet their unlimited energy can make them vulnerable to common mishaps and injuries. Fortunately, pet insurance may assist both new and experienced puppy owners in better managing their finances while caring for their pups.
Why is Pet Insurance Important?
Pet insurance, like other types of insurance, operates by shifting the economic risk of paying for your pet’s medical bills in exchange for a premium. Pet insurance should be acquired to mitigate the risk of unexpected and unanticipated medical bills, which may be quite costly.
The insurance policy is a contract that specifies the claims that the insurer is legally bound to pay when the premium is paid. You will pay a higher premium upfront if you choose coverage that transfers risk to cover every little medical bill. As a result, the wise decision is to obtain a policy that protects you for an amount more than your ability or willingness to pay.
When is the Best Time to Purchase Pet Insurance?
When you bring your new family member home, the best time to purchase pet insurance is most dog owners buy pet health insurance within six months of getting their new dog. This is because there are no pet insurance plans that cover pre-existing conditions, getting your pet covered as soon as possible guarantees that your plan will cover any changes in their health.
For example, if you acquire a two-year-old dog, you may believe there is little reason to purchase pet insurance because your new pet is still young and healthy. However, data suggest that 80% of dogs show signs of gum disease before age three. Dental extractions and procedures can cost up to $1,000.
You will be fully responsible for those vet fees if you do not have a pet insurance plan, many of which cover periodontal disease.
It’s also a good idea to consider pet insurance as soon as possible because dangers to your pet’s health arise yearly and become more severe during specific seasons. Your new puppy or kitten may be healthy when you bring them home, but by spring, they may develop seasonal allergies. Similarly, no matter how cautious you are, there is always a risk of dehydration in the summer and hypothermia in the winter, mainly if you spend a lot of time outside.
How to Choose the Right Insurance for Your Puppy?
Numerous pet insurance providers and policies are available, and it can be tough to identify which one best meets your needs. Knowing what coverage is included in your policy and how much of a premium you’re willing or able to pay are critical aspects to consider while making a decision.
- Monthly premiums from pet insurers typically cover common accidents and illnesses and can range from $10 to more than $100. Some insurance companies also provide quarterly or annual payment alternatives. Add-ons for everything from routine care to inherited and congenital disorders may be provided.
- Coverage add-ons and adjustments might make all the difference in getting your puppy off to a good start. Some puppy owners prefer this to save money on routine operations such as immunizations, pest control, spaying/neutering, and microchipping.
- The price is but one aspect of the puzzle. Avoid choosing the policy with the lowest premium at the expense of adequate coverage. Work within your means, but base your choice on your dog’s and your needs.
- Examine plans thoroughly for coverages, restrictions, and exclusions to prevent unexpected fees and costs.
What Kind of Coverage Should You Get for Your Puppy?
A specialized product called pet insurance has grown in popularity over time. Except for your pet, pet insurance functions somewhat similarly to auto and homeowner’s insurance. You pay a monthly premium for a policy that specifies the coverage it will provide, the deductible that will apply, and how the provider will be reimbursed.
There are typically three coverage options available to pet owners: accident and illness, accident-only, and wellness insurance. While accident-only insurance only covers injuries, accident and illness policies also cover the majority of illnesses. Wellness programs often cover the costs of your pet’s preventative care, such as yearly checkups and routine vaccines.
Like humans, you may adjust the deductibles and health coverage levels to suit your pet’s needs. Most pet insurance companies have an annual cap of $10,000, but a few will cover your pet for up to $20,000.
As most policies do not cover pre-existing conditions, experts advise purchasing pet insurance when your pet is still young and healthy.
Additional Benefits That Could be Provided
Third-Party Liability
This insurance covers you if your dog causes bodily harm or property damage for which you may be held legally liable.
Advertising & Reward if Your Pet goes Missing
This benefit covers the cost of local advertising and provides a monetary incentive up to a specified amount.
Loss Caused by Straying or Theft
If your dog is not discovered after a specific period, your policy will reimburse you for the purchase price.
Death
If your dog dies, you can claim the initial purchase price up to a specific amount. Policies typically do not pay if your dog dies due to a pre-existing ailment or an illness that occurs beyond a particular age.
Kennel Boarding Fees
If you are abruptly taken to the hospital, the coverage will cover the cost of kenneling or hiring someone to care for your dog.
Cancellation of a Holiday
Some plans can cover the expense of canceling or shortening your vacation if your dog becomes ill unexpectedly and requires emergency, life-saving care or surgery.
Traveling Abroad
An extension of coverage when your dog is temporarily away from home. Consider the following:
- Your destination must usually be a member of the PETS Travel Scheme.
- Many policies do not extend Third Party Liability cover.
- There will be a maximum number of days or excursions your pet can take out of the country each year.