Compare pet insurance options to protect your furry friend.

Vets now have more options than ever before to treat illness and injury in our furry friends. But with no Medicare in place for pets, dog and cat owners may find themselves unable to afford the cost of expensive vet bills — pet insurance can cover those costs.

Most vets recommend that owners take out pet insurance as they’ve witnessed first-hand when treatable animals have to be put down because their owners can’t afford the vet bills.

• Comprehensive. This helps pay veterinary, pharmaceutical and other costs related to accidents or illness.
• Accidental Injury. This covers veterinary expenses related to accidental injuries, such as broken bones.
• Wellness coverage. This covers the cost of routine pet care expenses, such as annual exams, spaying and neutering, heartworm prevention, vaccines, teeth cleaning and more.

You can choose policies that combine these three types of coverage:

• I want the most basic level of coverage.
• My pet needs a little bit more protection.
• I want the highest level of coverage available.

Is pet insurance right for me?

Can’t I just put money into a savings account?

With the rising costs of vet care and the unpredictability of accidents, your pet might be in need of serious medical treatment before you have saved up enough money to cover the bill. Should your pet develop an ongoing, chronic illness, looking for an affordable insurance policy at that point would be very difficult. Pet insurance is beneficial for those high-cost ailments.

What extra coverage should I consider?

Like other insurance, pet insurance policies will often let you choose your own extras. Consider each carefully and look for the ones you’ll use most frequently that will benefit your pet the most.

The following are options to consider:

• Routine care. Routine care can be added onto most policies. This covers the cost of everyday care – from vaccinations to teeth cleaning.
• Overseas pet travel insurance. Extends your policy overseas. If you only travel with your pet occasionally, or always get separate travel insurance for your pet when you do, then it might be worth specifically avoiding this option.
• Dental illness. This covers conditions such as gingivitis, abscesses, and the removal of teeth.
• Essential euthanasia. Under this option, if euthanasia is deemed humane and essential course of action for your pet by your veterinarian, your insurance provider will cover the expenses involved in this process.
• Emergency boarding. Some pet insurance policies can cover the cost of boarding for your pet until you’re able to get home again.

What should I compare when shopping for pet insurance?

• Your annual benefit limit. Most pet insurance policies have a limit on the amount they’ll pay out annually. Since most people never reach their annual limit, it’s important to be aware of how much you can claim if the need arises.
• Vet bill costs. Ensure you’re aware of what percentage of eligible vet bills are payable. Some insurance policies can cover up to 90% of your veterinary bills.
• Deductible. Ensure you understand how much you will be paying in the event of a claim. Typically if you have a lower deductible you will have a higher premium.
• Age limits. Unfortunately, finding insurance for your pet after they hit their 13th birthday is difficult.
• Pre-existing conditions. Some insurers will automatically limit the level of coverage available if your pet has a pre-existing condition.
• Guaranteed renewability. Having a policy that is renewable is especially important for older pets. Check that your insurer offers this or your pet could be uninsured as it enters its senior years.
• Waiting periods. Be aware of what waiting periods apply. This will help you understand how long your pet could potentially be without insurance.

What exclusions should I be aware of?

My pet has pre-existing conditions. What should I know?

Pre-existing conditions are those which were present in some form prior to taking out a policy or during the waiting period immediately afterwards. Typically, the following are considered pre-existing conditions:

• Any conditions previously diagnosed
• Any conditions that showed symptoms before you took out a policy
• Any conditions previously treated or in remission

Getting pet insurance early means you’re more likely to be able to claim costs for conditions that develop early in the pet’s life. However, insurers are within their rights to adjust the cost or terms of your policy afterwards to reflect the increased cost.

To ensure continuity of insurance in these circumstances, you can look for a lifetime pet insurance policy, or one that comes with guaranteed insurability.

Pet insurance traps to avoid

Pet insurance policies generally provide a good value, but you need to pay attention to some details:

• Don’t underestimate limits. Limits, combined with deductibles, can considerably reduce the reimbursement percentage of pet insurance. For example, if you claim $2000, your compensation consists of 80% of the medical bills and you have a deductible of $500, you will be reimbursed $1100.
• Paying premiums following pet’s death. Premium payments should end in the event of the pet’s death. Some policies reportedly continued to charge premiums for a full year following the pet’s death.
• Confusing policy information. Make sure you know exactly what you will and won’t be covered for. Also, understand when a claim will and won’t be paid before signing up for insurance.
• Chronic care. You will need to check whether your pet’s chronic and recurring care is covered during older years.

Some common questions about pet insurance

• Can I use my usual vet?

  Most policies will let you use any vet that is licensed to legally practice, but always check that your vet is included as a provider for the insurance company you’re considering.

• Do I have to provide a copy of my pet’s medical history?

  You generally won’t need to provide a full medical history, but you will need to disclose any illnesses or injuries your pet has suffered prior to taking out the policy.

• What if my pet was adopted from a shelter?

  You will need to provide a copy of the documentation provided by the pet shelter.

• Can I get coverage for multiple pets at once?

  Yes. Most companies will let you get insurance for multiple pets, with some offering multi-policy discounts when you do.

• What happens if I can’t remember how old my pet is?

  Most companies will let you provide an estimate of your pet’s age when applying. Some insurers might ask you to consult a vet for a more precise estimate.

• Does pet insurance cover vaccinations?

  Vaccinations are covered under most policies, if not you can add it as an extra.

• Does pet insurance cover spaying and neutering?

  Check with your provider, but most polices will cover the two procedures.

• Is pet insurance tax deductible?

  No.

• Can my pet insurance pay the vet directly?

  Yes, many insurance providers can pay the vet directly. You should check with your vet first as they will need to complete the necessary paperwork.

• How do I renew my coverage?

  Most pet insurance policies will require your pet to be under 14 years old when starting the policy. The policy is then renewed automatically each year provided there are no gaps in coverage.

• Will my pet insurance premiums increase?

  Your pet insurance premiums are likely to increase each year to keep pace with advances in diagnostic, medical and surgical procedures, and the increased chance and cost of claims as your pets get older.