Questions to Consider about the Pet Health Insurance Company:
What is the financial stability of the company? – It makes sense to purchase pet health insurance policies from companies who are stable and likely to be able to pay out claims for the length of your pet’s life.
Does another company underwrite the policies? – When a pet insurance company uses another company to underwrite their policies, some portion of your premium must go to the underwriting company. This can result in lower claim payouts.
Questions to Consider about the Pet Health Insurance Policy:
Does the policy have limits on reimbursement? – That is, are there limits per incident (illness or injury)? Are there limits on claim reimbursement per year? How about per the life of the pet?
How does the pet insurance policy compare to other similar policies in premium price?
How long is the claims process? – That is, what is the length of time you should expect to wait after submitting a claim to seeing a payment?
What are the waiting periods for coverage? – After you purchase a pet health insurance policy, how long must you wait before you can submit your first claim?
What causes the monthly premiums to increase? – Some pet insurance companies will increase your monthly premiums based on your pet’s age or prior claim history.
How does the policy handle hereditary and congenital disorders? – If your pet’s breed has a predisposition to contract certain diseases, the pet insurance policy might have limitations on its coverage of claims relating to these diseases.
What is the definition of a pre-existing condition? – Different pet health insurance policies will have different definitions of what a pre-existing condition is. Understanding these rules are important so that you can hold accurate expectations of how the policy will operate.
There are many issues to consider when selecting a pet health insurance policy. Your family veterinarian may have conducted their own research into the available companies and policies and may be able to help you in your search. In addition, there are websites that compare pet insurance policies which can be very helpful in your search.