Why is pet insurance important to have?

Pet insurance is an ongoing trend that brings peace of mind to pet owners. Many times, dogs and cats suffer through injuries or illness. The unpredictable costs of vet visits can cause a burden on your pockets. In such conditions, pet insurance is the best option at that time to protect your pets from any risk.

Well, the pet-owners figures are very high, but pet insurance is not at the same level. Although according to Roy Morgan’s research, there are 7.3 million pet cat or dog owners in Australia, and there are around 600,000 have opted for pet insurance.

What is the need for pet insurance?

The pet insurance policies are meant for covering the veterinary treatment and medical costs whenever your pet is suffering from illness. Such policies generally vary in price depending on different factors like dental costs, theft of pets, and damage or harm to pets. If someone is unsure about the pet insurance worth, expect that you are going to face unexpected veterinary bills in the future. There are numerous factors that can decide the worth of pet insurance.

• Age of pets

Older pets do visit the veterinary doctors more, and likely the cost to insure is more.

• Type of pets you have

From smaller mammals to bigger ones, insurance is available for all pets. However, animals like lizards, snakes, and parrots don’t come under insurance.

• Risk to your pet

Taking an example, pedigree cats and dogs are more prone to congenital diseases and other hereditary conditions. Hence, they are likely to be stolen. On the other hand, the bigger dogs are likely to suffer joint problems; therefore, you can choose the insurance likewise.

What does pet insurance generally cover?

The available coverage can be broken into different costs depending on vet bills and other items. In certain scenarios, these bills are quite expensive and become the reason behind people not opting for pet insurance. Therefore, it is advisable to choose your policy very carefully. Treatments that are covered under pet insurance are listed as –

• Normal vet costs

This involves types of treatments that happened because of injuries, accidents, and illnesses.

• Congenital and hereditary conditions

 These conditions are usually not the existing or ongoing ones. Just make sure that cover is ‘unrestricted’ in spite of certain conditions.

• Dental care 

The dental issues of pets are covered under pet insurance policies, but not all the problems. It basically includes dental issues that occurred because of illness, injury, and accidents.

• Substitute treatments

Treatments such as acupuncture, homeopathy, and physiotherapy can be covered in pet insurance if recommended by a veterinary doctor.

Other things that are included under pet insurance are:

• Theft or loss of your pets is also covered under your pet insurance. After providing the proof, the insurer might pay you the market value of your pet. 
• Treatments offered for behavioral problems are also involved in a good policy. These treatments are usually carried under the guidance of professionals. 
• When the death of your pet is caused by illness or injury, a qualified vet must be arranged to certify the pets’ death. 
• The insurance covers liabilities, and this applies to dogs only. 
• You can also expect emergency treatment to come under this insurance. 

What are the types of pet insurance available?

In general, there are four kinds of pet insurance listed –

• Lifetime insurances

This kind of insurance is a comprehensive one selected by many pet owners because you have to pay the premiums yearly till your pet’s life. As the pets get older, the amount of premiums also increases.

• Annual insurance

It means the owners have to pay the premiums for 12 months based on a rolling basis. Hence, one can get a choice to switch to an affordable policy each year. Such a policy costs you less but also gives less coverage.

• Policy for accident only

The policy is the cheapest and basic of all pet insurance available. Basically, this kind of policy covers accidents, for example, if your pet met with an accident, but not the illness.

Benefits of taking pet insurance

Like any other health insurance, pet insurance also comes with benefits, especially in case of health problems or accidents. Many people are still in doubt whether they need to opt for pet insurance or not. It has also been seen that veterinary costs also increase because of the advancement in animal healthcare. There are some benefits associated with pet insurance.

• Offer good healthcare to your pet

By taking pet insurance, you get vast options of treatments for different animal diseases like dental problems, fractures, pregnancy complications, cataracts, parasite-borne diseases, and others.

• You don’t have to worry about your savings

Being a pet owner, you must be very careful about your furry friend. But, you can’t prevent them from unwanted accidents, illness, or injuries. In such circumstances, pet insurance will help you in saving the cost of medical treatment.

• Helps in taking expensive treatments

Pets also suffer from major illnesses just like humans and need special treatments. Pet insurance offers you the best option to provide your furry buddy with the best healthcare treatments while saving your money.

• Give flexibility as per your budget

Select from different kinds of policies available based on your budget and requirement of pets. Policies offer the flexibility to select depending on the premium.

• Get an additional coverage

Apart from the illness and accidents, as mentioned earlier, policies also give coverage to the loss or theft of your pets. If taking the pet policy is in your mind, consider it when your pet is young. Always compare the policies based on the requirements of your puppy.

Factors need to be considered while buying pet insurance 

For every pet owner, it is necessary that they should look into certain points before selecting pet insurance.

• The pet’s age

The policy cover for older cats and dogs is sometimes hard to find because they likely need medical treatment. Taking a lifetime pet policy, assure you that your pet is always covered for the lifetime.

• Give the complete medical history

It is very important that you should first tell the pre-existing conditions of your pet. Or else the policy for a claim will be rejected.

• Always be smart

It is a claim amount which you have to pay. There are some insurers who will ask you for a percentage-based fee along with the flat fee. It is called ‘co-insurance excess’ and causes a burden on your pocket. Furthermore, it would be best if you also avoid the policies that cost you more when your pet gets older.

• Look for the maximum cover

It is always advisable to search for the policies that balance your vet bills.

• Is it possible to cut out the pet insurance costs?

Since 2016, it has been legal to microchip your dog. Though, one can save money by microchipping the cat. Sterilizing your pet is a way to minimize the premium and reduce the risk of pregnancy and breeding. If someone has more than one pet, they can opt for multi-pet insurance to get discounts. 

The final words

It is very clear now that pet insurance is a must nowadays for pet owners. Most of the companies give discounts on having multiple pets and on other things as well. There are many advantages of taking pet insurance and becoming the best decision someone can take without getting worried about the vet bills or costs.

Now you can also afford your pet vet bills and keep them healthy and happy.