When it comes to insurance types, many people are familiar with the ones they already use. Health insurance is the insurance perhaps most commonly utilized. But there are other types, like car insurance and home insurance, that are legally mandated, although the policies and amounts of coverage may vary.
With so many insurance types on the market, it can be difficult to determine the benefit of each. But lesser-known ones like travel and pet insurance are also advantageous. These policies can potentially save the insured significant sums of money in the event of an emergency or illness.
Pet insurance, while not as common as health insurance for humans, can help protect both dogs and cats and the owners who love them. In return for a monthly fee to a provider, owners can guarantee that their pet has medical care for a wide range of issues. And they can rest assured knowing that they will have the economic support to get through any accidents or sicknesses.
With that being said, pet insurance doesn’t work like other insurance types. In order to get the most value out of a plan, it helps to know some important information.
If you’re in the market for pet insurance then start by getting a free price quote so you know exactly what to expect.
Important pet insurance facts to know
Want to get the most out of a potential pet insurance plan? Make sure you know these important facts.
You won’t get paid immediately
Pet insurance can help reduce and possibly even eliminate significant medical expenses but it won’t happen immediately and it won’t even happen the day you visit the veterinarian. That’s because pet insurance operates on a reimbursement model.
Accordingly, you’ll have to pay cash or charge your credit card at the time of service. The pet insurance company will reimburse you for any money spent (depending on your policy and coverage). You’ll just need to file a claim and submit it. From there, your insurance provider will process it and send you the funds you spent back. The length it takes for the refund to reach you depends on the provider and policy. Still, a reimbursement is always better than having to pay yourself, especially if the cost was high.
You can easily get a free pet insurance quote in 30 seconds here now.
Pre-existing conditions won’t be covered
Arguably the biggest way pet insurance differs from traditional health insurance is the way providers treat pre-existing conditions. In short: Pet insurance companies won’t cover them. So don’t wait until your pet gets sick to apply for a policy.
“A pre-existing condition is anything that happens before you enroll or during the waiting period,” pet insurer Fetch by The Dodo explains. “Like other providers, we don’t cover pre-existing conditions.”
Spot pet insurance has a similar approach.
“A pre-existing condition is any injury or illness which occurs or shows symptoms before coverage starts or during a waiting period,” they explain on their website. “A condition is considered pre-existing whether or not it’s been officially diagnosed or treated; all that matters is when it occurred or symptoms first displayed.”
But, Spot notes, pets that have these conditions may still be able to secure coverage in the future.
“However, with plans provided by Spot, this doesn’t mean the condition can’t be covered in the future if the condition is curable,” it explains. “An injury or illness that is curable, cured, and free of treatment and symptoms for 180 days will no longer be regarded as pre-existing, with the exception of knee and ligament conditions. If a knee or ligament condition occurs before the coverage effective date or during a waiting period, any future ones won’t be covered.”
Certain breeds cost more to insure than others
Dogs are more expensive to insure than cats and some animal breeds are pricier than others.
That’s because some breeds live long, healthy lives and others are predisposed to nagging medical conditions. That doesn’t mean that the latter group is problematic to insure. You’ll still likely be able to get coverage. You can just expect to pay more for a Newfoundland, for example, than you would for a dog with fewer known health issues.
While you can’t do anything once you have your animal, this information can help better inform your next purchase or adoption. For reference, Newfoundland and Dogue De Bordeaux dogs are some of the most expensive to insure as are Abyssinian and Persian cats.
The bottom line
The benefits of pet insurance are various and significant, for both owners of new pets and for those with aging animals. But if you’re looking to get the most out of a plan it helps to know that providers work via a reimbursement framework, that pre-existing conditions won’t be covered and that certain breeds of cats and dogs are more expensive to insure than others.
With that information handy, you can better build an insurance plan that works for you and your pet. Start by checking prices with pet insurer Lemonade here now.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.