1. First, what kind of plan are you looking for?
Are you looking for a discount plan or a comprehensive insurance plan? These can differ. With discount fee plans one would pay an annual fee and get discounted veterinarian and related pet services. A pet health insurance plan would look similar to health insurance for people. Both are beneficial plans, in different ways, you just need to make sure you consider what you feel would be best for your pet.
2. Does the company use a network or provider list?
If you would like to stay with your own veterinarian, avoid these companies. Their approved lists of veterinarians may require extra driving time. (Of course, if your veterinarian is listed, you're one step ahead.) Ask all companies to see their policy, before signing. You may have to pay a little bit more to see any veterinarian you want, but who’s to say that a few extra cents is too much for the best care for your pet.
3. What are the waiting periods for the insurance plan?
Like all insurance, there may be a waiting period in order for the policy to take effect and it is important to be aware of exactly when your policy starts and ends. Make sure you know exactly what you are getting in to. Some plans are month to month, while others are per year, make sure cancellation of contracts fits your needs and desires as pet insurance.
4. What are the exclusions for the policy?
Pet insurance exclusions can vary depending on the policy chosen. Common exclusions are pre-existing conditions and hereditary defects. Coverage’s for common exclusions can usually be covered at an additional cost. Other exclusions may include neutering/spaying, vaccinations, heartworm medipetion, dental care, or limitations for certain illnesses of pets not neutered prior to first birthday. Many of these exclusions depend on the type of plan you are purchasing.
5. Are there incident and illness caps?
Usually in pet insurance, there will be variety of "caps" or limits on how much the insurance company will pay for a specific incident. A broken leg may have a different cap than spaying, so be aware of policy limits. Some companies also utilize an annual cap, over which no further coverage is provided.
6. What are the deductibles and/or co-pay?
Just like human insurance, different plans require different deductibles. The deductible is what you pay first before services are rendered so you will want to find a plan that carries a deductible that is affordable to you. Some companies will charge a flat deductible of $50 or more, depending on the age of the pet, for each procedure; others will require a co-pay of 10% to 20% of the veterinarian's fee.
7. Is it a "one size fits all" policy, or is it specific for your pets needs?
Fortunately some companies offer a variety of plans, depending on the needs of your pet. Some companies even provide a policy specifically for senior pets. Another has a plan for accident coverage only. Riders are also available for some plans, for dental, extended cancer coverage, or preventative care, among others.
8. Are there any other benefits and savings for purchasing pet insurance?
Some pet health insurance companies are very creative with additional benefits. Some companies offer coverage for 3rd party property damage liability, holiday cancellation, boarding fees, and advertising for missing pets. Others give a discount for multiple pets enrolled, maybe a free subscription to a pets magazine, or even gift cards for referring new customers.
9. Is the company reputable and providing me with all my answers?
Make sure you feel comfortable with the company you are interested in. Since they will be handling your claims, it is important you are choosing a company that is willing to answer your questions thoroughly, as this will give you insight on how they will handle your future policy.
10. What's the bottom line to remember?
There is no way that anyone can advise you whether or not to buy pet health insurance for your pet. Veterinarian costs are reasonable for a healthy pet, so it comes down to, how are you going to gamble?
