by Edwin Ivanauskas | Tags: Personal Finance, Insurance

Pet insurance is becoming increasingly more popular with pet lovers. Medicine and treatment has become more advanced, and animals are living longer and healthier with today's technology. The cost of Pet Insurance is on the rise and with this comes the question of what type and how much pet insurance do you need? Before you sign up with the first pet insurance company that you see listed, here are some questions that you need to ask yourself and the pet insurance company that you speak with.

Do I need pet insurance?

It's a Saturday night and your dog Harley has swallowed another rubber ball left by the children on the floor. He is lethargic and acting funny and for once won't touch his food. What will you do? Your vet is closed, and the animal emergency clinic is expensive and only takes cash. If you had pet insurance then you could have walked in and tended to your pet instead of trying to figure out where you can get the cash to take your pet.

You should insure your pets as soon as you can and the younger the better. The only time that you may not want to insure your pet, is if they have had health problems since they were born. Most pet insurance companies would probably deny the insurance application.

Two types of pet insurance

Non-lifetime pet insurance is insurance that will treat your pet during your policy period. If your pet was treated for Diabetes this year, it will only last for the lifetime of your policy, which may only be a year. Next year when your pet needs help for a complication from the diabetes, it will not be insured for that illness because now it is a pre-existing health problem.

Life time health insurance generally covers the health of your animal for its entire lifetime no matter how many times it has had an illness. Generally a note and physical of good health are required from your doctor to receive this type of pet insurance.

Most pet insurance companies pay upwards of eighty percent of the cost of your pet care. You need to check and verify with the pet insurance company for the amount or percentage that you will have to pay before any deductibles are applied. The policy limits or caps on how much they will pay total is important for the length of your policy as well as the benefits that they will cover.

Pet insurance companies vary when it comes to dental coverage. Most do not generally cover it. If the pet insurance does cover it, the rates may be slightly higher. Many ask if pet insurance covers things such as declawing, ear cropping, etc. and the answer is generally not. The pet insurance companies generally think of this as elective surgery or plastic surgery in our terms.

What do they cover?

When choosing what company you want your pet insurance through, you will want to make sure that they cover things such as Illness, chiropractic, M.R.I., surgeries, cancer, cat scans, x-ray, accident, injury, after hour emergencies, and prescriptions.

You will want to make sure that your pet is up to date on all shots and vaccinations. If they do not receive their shots for let's say parvo, and your dog comes down with the disease, your pet insurance will not cover it because it was preventable if you had taken your pet in for its required shots. Most pet insurance companies do not cover wellness insurance which covers shots, de-worming, etc. Check closely to see if they offer this.

Pet insurance does not cover your pet if they had pre-existing diseases or if it was congenital from birth.

How do I pay?

Check with your pet insurance carriers to see if you have to pay up front and then you are reimbursed. Don't be discouraged, Most are. Make sure that you know if you will have a fast claims process or not. There may also be certain age restrictions on your pet or annual limits. You may have to pre-certify before your animal is treated for the pet insurance to start.

If you have more than one pet, most pet insurance carrier's offer some sort of discount. Take advantage of it. Check with your pet insurance and make sure that you can choose the vet you want, or if you have to go through one they choose. Although most pet insurance companies will reimburse you after you have paid your vet, you can check with your local vet and see if they process your claims for you so that you may not have to provide any out of pocket money initially.

Pet insurance can provide the comfort in knowing that your animals are taken care of when it is needed most.

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