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What is Pet Insurance All About?

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with PetFirst Pet Insurance

Health insurance, car insurance, homeowner’s insurance, travel insurance…  but what about pet insurance? If you have a pet but don’t have pet insurance, don’t worry, you are not alone. While about 68% of U.S. households own a pet, only about 2% of pets have pet insurance. 

There are lots of questions surrounding pet insurance like how does it work? Is it worth it? What does it cover? The good news is, it’s relatively simple and easy to understand and purchasing coverage for your pet is also quite simple. 

What is Pet Insurance? 

In short, pet insurance plans are available for pet parents to purchase so their pets have coverage should they ever get sick or have a serious accident. But to help better understand the benefits and the value of pet insurance, it’s important to first understand first how it works. 

How Does it Work? 

Most pet insurance companies work based on reimbursement model. For example, once you have a pet insurance policy, if your pet becomes sick or injured, you would take them to the vet, receive the needed treatment and then submit claims for your pet’s vet bills and receive reimbursement.  

What is actually Covered? 

Pet insurance is designed to cover unexpected accidents and illnesses that most of the time, cannot be anticipated. Like when your new puppy eats something they shouldn’t, or your cat gets a urinary tract infection. While each pet insurance provider has their own set of coverages and exclusions, it is important to note that no pet insurance company covers pre-existing conditions and that is the number one exclusion you will find. 

What is a Pre-Existing Condition? 

As mentioned above, the number one exclusion for all pet insurance companies is pre-existing conditions. Pre-existing conditions are accidents or illnesses that will be considered a pre-existing condition if signs or symptoms of the accident or illness occurred prior to policy activation. This can include: 

  • Accidents or illnesses occurring prior the coverage effective date and any related conditions 
  • Undiagnosed conditions occurring prior to the coverage effective date and any related conditions. 
  • Chronic conditions observed prior to policy activation and any related conditions. 

Each provider will have specific definitions of pre-existing conditions with regard to their particular policies and coverages, so it’s important to ask questions of your pet insurance provider and understand exactly how they may impact your pet’s situation. 

What about Waiting Periods? 

Waiting periods are various lengths of times that a policyholder must wait for either or both accident and illness claims to have the chance of being processed and/or then being reimbursed or denied.

For example: If you purchase coverage for your cat today, depending on the insurance company and policy you purchase, you may have to wait up to two weeks before claims are eligible for coverage. 

When searching for the pet insurance that best fits you and your pet, be sure to ask what accident and illness wait periods you will encounter once you purchase your pets’ coverage.  PetFirst Pet Insurance has the shortest wait periods in the industry for accidents and illness coverage for both cats and dogs. 

What Can Impact Your Pet Insurance Premium?

There are many factors that impact the cost of your pet’s pet insurance coverage. Some of those factors include:

  • Pets age – younger pets tend to be cheaper, while older pets encounter more illness related issues causing this to impact your premium. 
  • Pet breed – all breeds can have specific breed related illnesses – this can impact your premium. Mixed or purebred pets can also impact your premium. 
  • Pet gender 
  • Location of pet – policyholder’s state and zip code will impact your premium. 

We know that pets are like family and that is why we feel strongly about spreading the word about pet insurance. 

You have insurance for just about everything in your family’s life, so why not have it for your pet? In times when a serious accident or illness impact your pet’s health, the biggest relief for many pet owners is knowing that they have the peace of mind that their pet is covered with pet insurance. 

Thank you to our guest bloggers this week, PetFirst Insurance, for contributing great information for #PetHealthInsuranceMonth. Have some more questions about pet insurance? Give them a call at 855.270.7387