For many, a furry friend is more than just a pet, it’s a part of the family. And that means you’d do anything to keep them safe and healthy. When they get sick 🤒, or injured 🤕, you naturally want to do anything in your power to get them well…even if it comes with a hefty price tag. Pets are expensive enough as it is without having to factor in emergency surgeries, which is why pet insurance exists! If you’re a pet owner and don’t have any coverage, you may want to reconsider.
Pet insurance works similarly to property insurance, so you purchase coverage from an insurance provider, and your plan then reimburses you for certain expenses related to your pets' healthcare. Depending on the insurance provider, you can get between 80-100% of your vet bill paid once your deductible is met (a deductible is what you pay before your insurance starts to share in the cost). This can end up saving you a ton of 💰, depending on the care your pet needs.
So how does it work? 🐾
Just like other types of insurance, you’ll pay a monthly premium to keep your policy active. Once the deductible is met, your insurance provider will pay for your pet’s eligible expenses based on your reimbursement rate up to your policy limit. There are generally three different types of pet insurance coverage:
- Lifetime: you’re in it for the long haul and cover your pet for its lifetime. Typically, premiums do go up as the pet gets older, but this type of cover will take care of any conditions that appear during the insured period.
- Annual: you pay for 12 months worth of cover on a rolling basis. This is the most flexible plan and gives you the option to switch to cheaper policies. It isn’t as comprehensive as lifetime insurance, and it may be difficult to find coverage as your pet ages.
- Accident only: this is the cheapest and most basic coverage, and it normally covers things like if your pet gets hit by a car.
What affects the cost of pet insurance coverage? 🐈⬛
Naturally, the best thing you can do is shop around — don’t just settle for the first provider you find. Every insurance policy is created differently, so you’ll have to figure out what exactly you want it to cover. They calculate your premiums based on:
- size (height and weight)
- breed 🐩
- age (compared to life expectancy)
- location (where you live)
- term/length of the insurance policy
- reimbursement rate
What does pet insurance cover? 🐠
Each policy covers different things. In addition to emergency medical treatment, some of the best pet insurance policies cover things like:
- loss and theft of your pet 😰
- money towards advertising a lost pet, including the reward for recovery
- death by illness or injury (though there is usually an age limit)
- euthanasia for when your pet needs to be put down
- liability cover for dogs — this covers the cost if you’re legally responsible for property or people damaged in an incident involving your 🐕
- cattery and kennel fees if you have to go into 🏥 for more than 4 days in a row
Why should I get pet insurance coverage? 🤔
The main reason to get insurance of ANY kind, is peace of mind. You don’t have to worry about large, unexpected expenses popping up, which helps you avoid a ton of stress. Plus, depending on your pet’s breed, they may be more susceptible to certain problems. Pedigree animals, for example, are not only more likely to have congenital disease and hereditary conditions, they’re also more likely to be stolen…yikes! 🚨
If you’re not sure you can afford pet insurance, don’t stress. Just like life insurance with Bequest, there are plenty of ways to save. By enrolling your pet(s) early, you can save money on the policy. The monthly premiums are guaranteed to be lower than if you were to take out a policy for an older pet. Some pet insurance providers also give discounts if you pay annually versus month to month, or if you insure more than one pet with them. And of course, you can always select a higher deductible — you may have to pay more for smaller issues, but it will come in handy when you’ve got a large vet bill to pay.
At Bequest, we believe that everyone should be covered. From yourself to your pets. While we only do person insurance right now, we’re aware there are plenty more ways to protect your loved ones. Take the first step with our life-admin platform today! 💛