When it comes to buying insurance for your pet, most people will tend to opt for the cheapest policy on the market. However, simply looking at price alone for pet insurance is not always the best option and will more than likely not work out too well??in the future.
Pet insurance is not as straight-forward like other types of insurance policies such as auto, life, and homeowners. It is an extremely complicated product where coverage can vary significantly depending on which company and plan you decide to go with.
As a general rule, the cheaper your pet insurance is, the less coverage it will provide for your pet.
Pet insurance differs so much when compared to other insurances such as life and auto. Life and auto insurance are pretty much straight forward, as the cheapest option is most likely the one you will choose as there are no deductibles, exclusions or annual limits to worry about. Whereas pet insurance has so many variables depending on which company you are looking at and what type of coverage you want.
Some companies will pay a certain percentage of your vet bills while others will have a set fee they pay for that particular procedure no matter what your vet charges. This would be like if one auto insurance company paid for 90% of the damage from a crash while another paid you $2,000 regardless of the bill. This is what makes pet insurance so complicated and extremely important when deciding the right policy for you, as cheapest is not always the best option.
Depending on the company you choose, there will be a number of extra benefits that you will either get, or be able to choose from. These can be a range of things including; third party liability; dental cover; cover for life; cover for ongoing illnesses; and complementary treatment cover. Along with these benefits, insurance companies can limit how much they pay out each year for the insured pet or a specific illness/injury, or how much they pay out for the entire life of your pet.
With all these added extras and variables, it can be a massive effort deciding what pet insurance to go with. Don???t let the idea of not spending a lot of money entice you as the fine print will tell you how little that policy will actually cover as well as other exclusions and limits. Always thoroughly read through the fine print; compare policies from different companies; have a price range in mind so you can work within those limitations without getting one that doesn???t suit you; and make sure the coverage suits your pet???s needs.
I spent a considerable amount of time & research when I was looking for pet insurance. Even more than if I was insuring my house or car as they were all so different, however Petplan was the one that stood out for me. I was attracted to the pay the first $100 rather than a percentage of the total bill and the premiums were competitive too. So far in 5 years have had to pay for most of my vet visits but it only takes one illness or an accident to pay off as I will not have to balk at getting xrays and other exploratory procedures. Both price and benefits were important to me when choosing and I have peace of mind that if something happens to my dog I will not be in the position of ” I cant afford to give her the best”.