Pet insurance pays, partly or in total, for veterinary treatment of the insured person’s ill or injured pet. Some policies will pay out when your pet passes or is lost or stolen.
Pet insurance companies are beginning to offer pet owners more of an ability to customize coverage. This allows pet owners to control their monthly premium and choose the level of coverage that best suits their needs.
Some of the differences in insurance coverage:
- Whether congenital and hereditary conditions (like hip dysplasia, heart defects, eye cataracts or diabetes) are covered;
- How the reimbursement is calculated (based on the actual vet bill, a benefit schedule or usual and customary rates);
- Whether the deductible is on a per-incident or an annual basis;
- Whether there are any limits or caps applied (per incident, per year, age or over the pet’s lifetime); and
- Whether there is an annual contract that determines anything diagnosed in the previous year of coverage is considered pre-existing the next year.