What Is Pet Insurance?

Let us help you find the right insurance for your pet.

As with other types of insurance, pet insurance is the transfer of risk to a 3rd party in exchange for paying a premium. In other words, you the pet owner, are paying a premium to the pet insurance company for them to assume the risk for your pet’s covered medical expenses. Neither you nor the insurance company want your pet to be sick or injured, but by you paying the premium, the pet insurance company is assuming the economic risk instead of you.

This is the reason no insurance company can cover pre-existing conditions. Covering a pre-existing condition would not be a transfer of an unknown risk, but a transfer of a known cost. Pet insurance in another way, it acts very to similar to Medical Insurance, but is classified as Property Insurance.

Purpose Of Pet Insurance?

We want to make this clear for you.

Expanding on the above definition, pet insurance should be purchased to transfer the risk of unexpected and unanticipated medical expenses that could be very expensive. If you purchase coverage that transfers risk to contribute or cover every minor medical expense, you will pay more premium up front. Therefore, the smart purchase is to buy a policy that protects you for the amount that is above your ability or willingness to pay.

You can select the premium and amount of coverage by choosing the deductible, the co-insurance and the annual policy limits appropriate for you. We want to make sure we give you the entire selection of companies to choose from so that you make the best decision for your pet.

Choosing A Company To Buy From And The Factors Affecting Premium

There are many factors that go into choosing a company to buy your pet’s insurance. Unlike most other types of insurance that have coverage content standardized by the state (home, car, etc.), pet insurance does not. Pet insurance policies can vary significantly by company. Each company designs their own policies and the resulting premium is determined by actuaries.

With pet insurance, you need to decide what deductible you want on your policy, whether you want an annual deductible or a per-incident deductible, how much co-insurance you want on your policy, what annual limit you want on your policy, what policy exclusions are acceptable to you, what waiting periods are acceptable to you, whether you want Wellness/Preventative Coverage, reputation of the company, etc. Each of these choices will affect the premium.

In addition to the factors above that you have control over, other factors can influence premium; age of your pet, species (dog or cat), breed of your pet and where you live. All companies will exclude pre-existing conditions that your pet has, but it will not lower the premium. This site will help walk you through the factors you can control and help you understand what you are purchasing.

Arguments For Pet Insurance

Having pet insurance prevents huge vet bills.

Healthcare can be very expensive, and the costs can add up quickly. Having pet health insurance gives you the ability to transfer the financial risk to your insurance provider, so you as the pet parent, can make the best healthcare decision for your pet. Not the economical one.

Your pet is protected when they need it most.

Pet insurance gives you the peace of mind to make informed health care decisions in the best interest of your pet. Instead of worrying about how you might pay for this treatment, you can focus on being there for your pet when they need you the most.

Provides an easy way to budget pet care costs.

Your pet insurance policy gives you a quick an easy way to ensure the funds are there if your pet should ever need them. Budgeting a monthly fee, is often much easier to do, than taking out a large sum from your bank account in the event your pet has a costly appointment.

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Arguments Against Pet Insurance

We never seem to be able to use it.

Understanding pet insurance, and making an informed decision about the policy that is right for you, is vital to ensuring there are no surprises. That's where we come in. Our website is designed to give you the information to feel confident about Pet Insurance, and to select a policy that works for you and your pet.

I have a dedicated savings account for veterinary bills.

What if your pet gets sick tomorrow? Or next week? The reality is, we never know when an emergency may arise, and pet insurance gives us the confidence to make the best decision for our pet, from day one.

My pet is always inside.

Unfortunately indoor pets are not immune to accidents, and diseases do not discriminate.

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