People normally take out pet insurance to cover the bills for serious vet treatment as this can become extremely expensive. In fact so expensive in some cases that the animal has to be put down as the owners cannot afford the treatments. Pet insurance ensures this doesn’t happen as the insurance company will pay the medical expenses, which leaves you time and energy to nurse your pet back to good health.

What Is Pet Insurance?

Pet insurance is a policy that provides cover for your household pets and is usually used for cats and dogs. Most pet insurance will pay for the vet costs if your pet has an accident or is taken ill. Pet insurance can also provide third party protection for any damage your pet cause to other people’s property and cover other expenses such as theft, emergency kenneling costs, travel and even death. Pet insurance also gives you peace of mind, knowing that your pet will always get the best possible medical treatment available.

On average one in every 3 pets need treatment from a vet each year following injury or illness and more than 50% of the visits to the veterinary clinic are unplanned due to an accident or sudden illness. Treatment for hip treatments, broken legs, spinal injuries and internal complaints can quickly run into thousands of dollars, especially if x-rays or medication is required. There are also the unforeseen associated costs that may be incurred like court costs (you are liable if your dog causes an accident) and holiday cancellations. All of these can quickly add up.

Many pet insurance companies only cover cats and dogs as a rule. However, there are some companies that also provide cover for other animals such as exotic birds, horses, reptiles and rodents.

What Types Of Pet Insurance Policies Are There?

Most pet insurance companies offer several policies from the basic through to premium plans that provide cover for every aspect of your pet’s medical care. You need to decide how much care is right for your pet and then choose a policy that closely matches your needs. As with other insurance policies, the higher the premium, the more cover that is provided.

It is important to look out for the following main points to see if they are included in the pet insurance policy:

1. Cover for life or fixed term
2. Vet Fees
3. Death from illness
4. Accidental Damage
5. The policy excess
6. Dental treatment?
7. Third Party Liability & legal expenses
8. Death from accident, theft or straying
9. How much of the vet bills are covered. 70 – 100%
10. Emergency treatments, X-rays, lab fees etc

As with humans, many pet insurance companies require your pet to have a medical exam . This is so the insurer can manage their risk and keep premiums low as they are not providing cover for animals that are on deaths door and having to payout on an animal that are known to be dying. The insurance companies will often put a cap on the total amount they will pay on a policy either in any given year or on any one type of illness. If your pet suffers from a pre-existing medical condition, you may find it hard to get an insurance company that will give you cover.

The best way to save money on your pet insurance is to shop around and compare prices. Check at least 3 different insurance companies to compare pricing and terms to ensure you get the best deal.