Understanding Pet Insurance Coverage – Dogs, Cats, and other Animals

Who doesn’t love their pet cat or dog like a member of the family? Well if you do, you need to be asking yourself whether or not you have your pet insured.

Insuring your Pet
Clearly pet insurance is going to have many of the same variables that exist with insuring each and every one of the other members of your family. That said, one significant difference between you and your pet is that, in most cases, and intrinsic monetary value on your pet that you cannot do with the rest of the members of your family.

For example, if you own a pedigree bloodline award wining show dog, the monetary value of that dog is likely going to be much higher than is the case with a mixed blooded hound found in most backyards. This is not to say you love them any less or more, but as value is a significant factor in insurance cost estimates, figure this to play a large part in any pet insurance you wish to take out in the future.

What do I get for my pet insurance?
Aside from the intrinsic monetary value that you may insure your pet for, pet insurance also usually essentially covers vet bills – and, as anyone who owns a pet can tells you, vet bills can actually be a significant expense, usually coming at just the wrong time! Aside from vet bills, certain pet insurance policies do cover theft of the pet – especially if it is in the bracket of high end worth.

How is the insurance premium calculated?
As already mentioned, pet insurance is normally assessed in the same way as human insurance is, but with the additional factor of a monetary value. Once the premium is calculated, this premium can either be paid as a monthly installment amount, or an annual payment, or even as a one off lump sum payment: all options available to humans as well.

What about other animals?
Although pet insurance is generally considered, naturally, for “pets”, if you have other animals, either exotic or valuable, then you should be able to insure these animals in very much the same way as you can pets. The upside to this is that both your animal’s health and value will be insured should anything unexpected happen. The downside is that you are unlikely to be able to get the animal insured as part of a generic pet insurance policy, but will likely need to negotiate some type of specific insurance policy with your insurance provider for the animal in question. Also, you’ll need to weigh the cost of the premium against the potential value of the policy – so make sure you read the policy carefully.

So, if you are the owner of a pet looking to include your pet in all family related benefits, and feel the pinch of a vet’s bill every time your family pet get sick, then why not consider the option and benefits of pet insurance the next time you and your family are sitting down to workout the financial needs of your family.

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