Pet insurance policies have been on the rise in recent years and pet insurance costs have contributed to this increase. Some insurance companies have reduced their pet insurance premiums, while at the same time increased the deductible on their insurance policies. The consumer reports that we have discussed in this article indicate that the consumer is actually paying less for insurance on average than they were a decade ago. Pet insurance policies are designed to provide coverage when your pet needs emergency care, like accidents, emergencies and illnesses and their veterinary costs exceed what your pet’s insurance policy can cover. In some cases, an insurance policy will pay up to 80% of the veterinary costs.
To determine the insurance premiums you will pay and the amount that you can expect to receive in the case of a pet emergency, talk to your vet. Insurance companies base their pet insurance premiums on the projected costs of caring for a dog or cat in the event of their illness or emergency. By calculating these factors into their insurance policies, insurance companies make it easier for owners to manage their insurance costs.
Veterinarians use a veterinary cost estimating software program to determine the estimated cost of various medical services for a dog or cat. In order to get an accurate estimate, you should contact several veterinarians to request an estimate. When you contact the veterinarians, be prepared with as much information about your pet insurance policy as possible. You may also need to provide information about how many dogs or cats you own, how long you have owned your pets, the breed and age of your pet dogs and cats, the number of visits to your veterinarian in the past year, if you keep your pet home all day, and if there are any additional pets in your household.
Most companies’ estimate calculators are very user-friendly. Simply enter the estimated total number of visits to your local veterinarian, your pet’s weight, gender, and whether or not your pet is male or female. The estimated cost will be displayed in two formats: flat and percentage rates. The flat rate will take into account all of your veterinarian’s office visits, procedures and treatment, and administrative fees; while the percentage rate will break down the costs for each procedure, treatment option, and office visit.
You should review the premiums you currently pay each month. If you find that they are too high, perhaps you can apply for a policy with a lower premium. Pets cost more to insure than do many other types of insurance policies, such as life insurance. Because they require more in the way of care and maintenance, insurance for pets may require a higher premium.
The types of pet insurance policies that offer the highest rates are those which require annual memberships. Pet insurance policies that require yearly memberships are usually charged on a “monthly” or “annual” basis. This means that the yearly cost will be nearly double that of the monthly policy. Therefore, it makes little sense to purchase insurance policies that charge large premiums if these annual fees will not be worth it.
Many pet insurance policies offer discounts to organizations and local businesses. Some companies will discount pet insurance if you have more than one dog or cat in your household, or if you own a kennel or boarding facility where your pet is kept. (You can check with your insurance agent about discounts available to you and your pet owners, as well as the veterinary institutions that provide pet insurance to see if you can get discounted rates at any of these institutions.) In order to receive these discounts, however, you will probably have to volunteer to pay an additional fee to your pet insurance company. (This is why many pet owners skip the step of getting insurance altogether.)
Finally, make sure that you don’t forget to investigate how much you’re actually paying for pet insurance. When you review your pet insurance costs, take into account the deductibles, co-pays, and other things that you’ll have to pay out of pocket. By doing this, you’ll be able to see what your actual insurance costs are. Then, you can adjust your expenses downward, saving money that you can use elsewhere.