How To Choose Best Pet Insurance

When shopping for pet insurance policy, there are several factors to consider. Cost must not be the only criterion, as pet insurance is an important purchase and it should be worthwhile. A cheap policy may not always give the best coverage, as it might compromise on some essential elements. You will end up paying for something that is useless. The trick is to balance the co-pay and deductible and ensure all the important elements are covered. Here is a brief account on how to choose the best pet insurance. 

Essential Components

A pet insurance policy covers illness and injuries/accidents. In addition to that, when looking for the best pet policy, please ensure you get the following essential components covered under it. Some companies offer all these elements in one package, some offer them under add-ons and some do not offer all these. The best policy is one that covers all these components.

Cancer: One of the most common and expensive veterinary treatment for dogs is cancer. Most providers cover cancer, but some have a limit on the pay out.

Chronic disease: A long duration illness with slow progression is a chronic disease (e.g. heart disease, liver disease and kidney disease). Generally, such a disease is not curable. Dogs that are middle aged or older are prone to chronic diseases. Therefore, this is an essential coverage in the long run.

Continual treatment for chronic diseases: As chronic diseases are generally not curable, they would need continuous treatments and care. Therefore, you need a policy that covers that. Basic chronic disease coverage would cover the first year when the disease is diagnosed. Mostly, you would need to purchase continual treatment coverage as an add-on.

Congenital and hereditary diseases: Congenital and hereditary diseases can be there at birth or they can develop later on. Some companies cover hereditary diseases that are not pre-existing and do not cover congenital, as they are classified as pre-existing (from birth). However, there is a fine line between hereditary and congenital, and many congenital diseases start manifesting only later in life. Therefore, it is better to get a policy that covers both issues.

Breed or species specific common medical conditions: You can check with your veterinarian and research online to gather the medical issues that are specific to the breed of your dog. You can then use this list while selecting a policy to see if they are all covered under the plan.

Tips on How to Choose the Best Pet Insurance

  • Shop around and do not quit until you get the best coverage at the best price.
  • Get a policy as early as possible (while your pet is still a puppy) to lock in the best rates.
  • Go for a balanced co-pay and deductible (neither high nor low) to benefit the most from your policy.
  • Research about the insurer and understand the policy terms completely.

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