Vet costs are on the rise, and you’ve been considering pet insurance for your dog or cat. How much does it cost? What do you have to do before you can get started?
There are 5 factors that can help determine pet insurance cost:
Where you live
Location matters when it comes to pet health insurance. That’s because your quote will be based on the average cost of services in your area, which is often higher in bigger cities that have a higher cost of living. Keep this in mind if you are comparing quotes with friends from other parts of the country.
Your pet's age
The younger your pet is, the lower the price you can expect to pay. This doesn’t mean you shouldn’t consider insurance for an older cat or dog. In fact, as your pet ages, insurance will be more important than ever since that’s when many issues develop. You’ll want to do your research and take into account any of your dog or cat’s pre-existing conditions.
Your pet's breed
Genetics are an important part of determining your pet’s health risks. Mixed breeds often cost less to insure than purebred pets. However, if the breed you own has a higher predisposition to developing a health condition, having adequate insurance may be more important than ever.
How much coverage do you need? Are you able to pay costs up front or do you require direct billing? What sort of deductible is manageable for you? Do you want preventive care to be covered? Or do you just need accident and illness coverage? Your answers to these questions will help determine the cost of your insurance plan.
Your insurance company
Not all pet insurance companies are created equal. Make sure to compare pet insurance quotes from as many companies as possible before making your final decision.
Other things you need to know
So, you’ve made your decision. You’ve chosen a company and a plan, and you’re ready to start taking advantage of your new benefits — right? Here are some things to keep in mind.
- All policies have a waiting period that must be satisfied. Depending on the policy and the coverage selected, waiting periods can be up to 30 days. Be sure to review your policy thoroughly to understand your coverage.
- Most plans have an annual deductible, monthly premium and co-insurance. That means, each policy year, any eligible claims submitted must first satisfy the deductible before you receive reimbursement. The amount can be up to $1,000. Once the deductible is satisfied, your co-insurance will be applied to the remaining amount.
- Generally, claims must be submitted or disputed within a certain time period. Procrastinating isn’t something you can do if you want to get reimbursed. However, please be sure to confirm your policy’s details with your provider.
- Not everything is covered. Make sure to read the details of your plan so you understand your pet’s coverage.