skip to Main Content

What Should Do Before Buy a Pet Insurance

Only 2% of the people in the country have pet insurance. There are many people who are paying a lot of money for their pets. Pet insurance was first started in 1982. There are different types of pet insurance based on the coverage, deductible, premiums and medical conditions based on the age, breed and the health of the pet.

Read the policy

Every pet insurance company has a different type of policy and some policies can be found on their websites. If they are not available, you can ask the representative to provide you a copy of the policy. Read the policy and learn about the coverage, premium, costs, hidden costs, medical conditions and other terms. Ask as many questions as possible. Learn about the payment option, enrollment discount and other money related questions too.

Change in the rate

The rate or the premium would not be the same as ever. As the pet gets older, the rate would increase. If the number of claims increases, the rate would also increase. The rate might also increase annually, due to the increase in the vet care rate in your locality. It is important to learn when the rates would change and how you would be notified by the company.

What if the pet is already sick?

The insurance has to be obtained before the pet gets sick and not after it. No insurance company would accept the proposal, when the pet is sick. The individual has to buy the insurance before any mishap.

Research and shop around

Just like home insurance and car insurance, there are a lot of insurers who provide pet insurances and the elements of the insurance differ. The main elements would include the coverage, premium, change in rates, costs, and other terms and conditions. It is important to compare these elements of more than two different types of insurers to choose the best one. If one of your friends has the same type and breed of pet, you can ask for referrals. Learn about the coverages which are free and those that come with an additional cost.

With the increase in the medical cost, spending thousands of dollars suddenly when your pet gets sick would be tough. Pet insurance should be viewed as an investment where the individual can get a return on investment. Choosing the wrong insurance or the one with inadequate coverage would be equivalent to not having insurance at all. Thus, you should make sure to ask as many questions as possible, before choosing insurance.


Finance Expert, Writer, Entrepreneur

Tammy Richards is a passionate finance expert who is also a writer and business owner. With over 10 years of experience as a finance expert, Tammy wants... read more

Like it? Share it!