What is Pet Insurance?

We all love our pets. As with us, pets also need medical care and medicine in case they fall ill or get hurt. These trips to a vet are not cheap, especially when they happen all of a sudden or too frequently. With cost of both consultations and medicine on a rise it is getting tough for a pet owner to make ends meet. But if proper and timely medical treatment is denied, the situation can get worse with serious implications. Thus a pet owner is generally confused what and how to do. There are no payment plans offered by the veterinarians and they expect to receive the complete payment after treating the pet.

This is where pet insurance comes to the rescue.

Pet Insurance Coverage

Pet insurance provides the basic coverage to the insurance holder’s pet in case of illness, injury or accident. Moreover, some insurance policies provide coverage for the death as well as theft of the pet. The basic purpose of pet insurance lies in the mitigation of incurred expenses for treatment of pets during injury or illness. Medical world is developing rapidly and this development has led to the usage of expensive medicinal techniques along with the costly drugs. Moreover, people have become more inclined towards the standard of living as well as the health care of their pets. In short, there is a paradigm shift in the marketplace of pet insurance which makes it compulsory for the pet owners to take pet insurance coverage for their pets.

Benefits of Pet Insurance

There are various insurance companies offering user-oriented insurance policies for their benefits. Pet insurance represents a policy covering the domestic pets until they are healthy. These policies are independent of the pet’s pedigree or breed and all the breeds are covered under these policies. Pet insurance provides coverage to

  • Vet bills
  • Emergency kenneling costs
  • Pet theft
  • Pet travel

When it comes to understand the need to take pet insurance, then people should know that it is required due to uncertainties of pet's life. More than half of the visits to the veterinarian are unexpected due to sudden illness or accident of the pets. On an average, one out of three pets requires medical treatment every year due to accident or injury. The expenses associated with these medical costs are quite expensive and insurance companies provide monetary protection against those expenses.

pet insurance

If pet owners have to spend over 96 hours in the vet hospital, then insurance companies can manage to provide kennel costs for the pets as well. In case of a holiday cancellation due to certain pet emergency surgery, pet insurance policies can also cover the non-recoverable expenses. During pet theft, policies tend to cover advertisement as well as reward costs as well.    

Types of Pet Insurance

Most of the people consider pet insurance as a varying form of human health insurance but on the contrary, it is a type of insurance against property. It follows a basic procedure of reimbursing the incurred pet health expenses after owner claims for the amount from the registered insurance company. All the pet insurance policies can be segmented into two categories namely lifetime and non-lifetime.

Lifetime Pet Insurance Policy  
This policy covers the constant health conditions going throughout the life of a pet. A particular condition would be included in the upcoming year, if that condition has been claimed in the previous year. At the same time, there are three off-limits in the lifetime policies. These three limits represent three dependencies expressed in terms of “per condition”, “per year” and “per condition, per year”. All the limits represent different implications which vary as per the policy guidelines of the insurance companies.

Non-Lifetime Pet Insurance Policy
Non-lifetime insurance policy tends to cover almost all the conditions during the course of a pet’s health but it is different from lifetime insurance policy on the basis of renewal. Whenever there is an expenses claim from the pet owner in a particular year, then that particular claim would be excluded from the upcoming year upon renewal. If there is a recurrence of that particular condition in the future, then pet owners would need to pay the whole amount by themselves.

Major Companies Providing Pet Insurance

There are various high-end players and associations providing customer-oriented pet insurance. These insurance companies include ASPCA Pet Insurance, Embrace Pet Insurance, Hartville Pet Insurance, VPI Pet Insurance, 24Pet Watch Pet Insurance and so on.

ASPCA Pet Insurance

ASPCA represents the oldest and widely acclaimed organizations regarding animal care. This organization has been in the pet insurance business for last 140 years and has an unimpeachable historical record. It allows its licensers to utilize the service of the veterinarian under the insurance coverage in USA as well as Canada. Moreover, they also provide vaccine coverage along with other coverage aspects for feline leukemia, lyme disease, bordatella and other feline infectious peritonitis.

Embrace Pet Insurance

Embrace Pet Insurance has been respected for their famous “Customer Bill of Rights” which helps its customers during an uneasypet insurance situation. With no deductible and no waiting period, Embrace Pet Insurance tends to provide benefits like:-

  • Drug & dental plan: it provides coverage against illness and injuries but do not provide coverage for heartworm medication. Dental plan includes dental x-rays, crowns plus fillings, teeth cleaning and so on. 
  • Wellness reward: Wellness reward tends to cover the heartworm medication along with other treatment procedures like preventive surgery, routine care, prescription diet food, OFA & PennHIP examinations and over-the-counter drugs.
  • Full coverage plan: it covers important aspects like cancer treatment, alternative therapies, ER & specialist care, diagnostic testing & imaging and prescription drug coverage.
  • Breed-specific & genetic conditions: it also provides coverage to breed-specific conditions like Elbow dysplasia, Hip dysplasia, cancer, Interverterbral disc disease, Patellar Luxation and allergies.  
  • Accident plan
  • Catastrophic pet insurance: It provides coverage for catastrophic events like Granulomatous Meningoncephalitis, cat stuck in car engine, cancer, bacterial pneumonia and Lymphadenopathy. 

Hartville Pet Insurance

Hartville Pet Insurance is in partnership with ASPCA and they provide four types of coverage aspects namely wellness, wellness plus, illness and accident. Like ASPCA, they also tend to offer 30 days reimbursement guarantee along with a multi-pet discounts. There offer as low as $100 deductible amount on annual rate. 

VPI Pet Insurance

VPI Pet Insurance has helped various animals including exotic ones since 1982. With great customer service, they put forth a choice between $100 and $1000. Their particular coverage aspects are based upon the benefit schedule and there are no hidden charges upon the customers. There are no supplementary charges for the continuous coverage.

24Pet Watch insurance

24Pet Watch insurance tends to offer the user-specified plan. Apart from unlimited lifetime accident coverage, there is an availability of hereditary conditions coverage and illness coverage up to $72,000 for dogs and $60,000 for cats. There is constancy in the deductible amount irrespective of the pet age. All the aforementioned companies have A+ BBB rating.