Owning a pet is not an easy job. Although 60% of Australians have some pet, but the cost of pet ownership is a big worry for everyone. Along with food, toys and general up keep of pets, regular visits to a vet is a big cost that troubles every pet owner. Therefore, in order to offset some of the cost of vet visits, pet insurance is a very viable option.
Although, some insurance providers bundle limited pet services with home insurance covers, it may always be a good decision to buy individual pet insurance for your favorite pet.
Most insurers cover up to 80% of eligible vet bills, yet this percentage can vary from one provider to another. Generally, you are required to pay the vet bill upfront and get the amount reimbursed from your pet insurance provider after making a claim.
Types of pet insurance covers
Like most insurance policies, pet insurance also comes in many types and variations. Depending on how you compare pet insurance online, you can choose a pet insurance offline as well as online.
Accidental insurance:
This policy covers physical injuries caused to the pet in an accident and includes broken bones, flesh wounds or some even cover snake bites.
Illness insurance:
Provide that your pet is otherwise a healthy animal, sick only insurance covers vet bills for conditions like stomach upset, infections and skin conditions.
Accident and illness insurance:
This is like a comprehensive cover for your pet and includes injuries caused to the pet due to accidents and features covered in illness insurance. Some insurers also offer to cover some extras that are otherwise not covered in other policies, like de- sexing, microchipping, annual vaccinations and non-routine dental procedures.
Exclusions in pet insurance:
Most insurance companies do not provide for pre existing diseases that you pet may have before you take out a pet insurance or during the waiting period.
Some of these are:
- Behavioral problems
- Elective procedures
- Pregnancy
- Grooming
- Food and diet products and services
- Pets younger than 8 weeks and older than seven to nine years
Waiting period in pet insurance
Generally, there is a waiting period of 30 days before you can make a claim on your pet insurance for illness.
Factors effecting price of pet insurance
Some of the factors that affect price of pet insurance are as follows.
Excess:
Some insurance companies offer fixed excess fee, while some offer sliding excess fee. Most companies that offer sliding excess fee charge higher premiums for low excess fee and lower premiums for high excess fee.
Age of pet:
As known most insurance companies do not insure pets below the age of 8 weeks, the cost of insurance is lowest at this age while it increases as the age of pet starts to increase.
Breed of pet:
Breed of your pet affects the cost of pet insurance and also conditions for which you may be insured for. Some hereditary conditions are covered for the pet as long as it does not show any health problems at the time of taking the insurance policy while some are not covered at all.
Number of pets:
One pet attracts standard rate of premium, but with every addition of pet, some insurance companies offer some discounts on the premium.
If you want to know how to compare pet insurance online, you can check out iSelect.
